Both M&A premiums analysis and precedent transactions involve looking at previous M&A transactions. What’s the difference in how we select them?

• All the sellers in the M&A premiums analysis must be public.

• Usually we use a broader set of transactions for M&A premiums – we might use fewer than 10 precedent transactions but we might have dozens of M&A premiums. The industry and financial screens are usually less stringent.

• Aside from those, the screening criteria is similar – financial, industry, geography, and date.