Comparative Transactions Report (Firm Value Ratios)
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Date Bidder Target Targ Deal Deal Deal Firm Sales EBITDA EBIT FValue/ Fvalue/ Fvalue/
Announced Name Name Ctry Type Stat Attitude Value £m £m £m £m Sales EBITDA EBIT
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1994/12/19 TRAFALGAR HOUSE PLC NORTHERN ELECTRIC PLC UKE Public F Hostile 1201.63 1030.50 138.40 114.70 1.17 8.68 10.48
1995/07/13 SOUTHERN COMPANY, THE SOUTH WESTERN ELECTRICITY UKE Public C Hostile/Fr 1133.72 797.80 149.30 118.20 1.42 7.59 9.59
1995/07/24 SCOTTISHPOWER PLC MANWEB PLC UKE Public C Hostile 1170.74 878.60 135.50 102.10 1.33 8.64 11.47
1995/07/31 HANSON PLC EASTERN GROUP PLC UKE Public C Friendly 2804.31 2061.10 300.00 244.30 1.36 9.35 11.48
1995/09/08 NORTH WEST WATER GROUP PL NORWEB PLC UKE Public C Neutral 1967.92 1510.60 237.50 198.40 1.30 8.29 9.92
1995/09/18 POWERGEN PLC MIDLANDS ELECTRICITY PLC UKE Public F Friendly 1973.87 1456.90 225.20 187.50 1.35 8.76 10.53
1995/09/28 HOUSTON INDUSTRIES INC. / NORWEB PLC UKE Public F Wht.Knight 1866.48 1510.60 237.50 198.40 1.24 7.86 9.41
1995/10/02 NATIONAL POWER PLC SOUTHERN ELECTRIC PLC UKE Public F Friendly 2299.14 1680.40 280.40 231.00 1.37 8.20 9.95
1995/11/06 CENTRAL AND SOUTH WEST CO SEEBOARD PLC UKE Public C Friendly 1472.39 1195.60 171.00 138.60 1.23 8.61 10.62
1995/12/04 WELSH WATER PLC SOUTH WALES ELECTRICITY P UKE Public C Friendly 925.82 641.90 146.70 121.00 1.44 6.31 7.65
1996/04/22 NATIONAL POWER PLC SOUTHERN ELECTRIC PLC (SE UKE Public F Friendly 2463.98 1680.40 280.40 231.00 1.47 8.79 10.67
1996/05/07 GENERAL PUBLIC UTILITIES MIDLANDS ELECTRICITY PLC UKE Public C Friendly 1967.46 1438.30 219.70 178.00 1.37 8.96 11.05
1996/10/28 CALENERGY COMPANY INC. / NORTHERN ELECTRIC PLC UKE Public C Hostile 918.74 902.20 147.60 117.00 1.02 6.22 7.85
1996/11/13 DOMINION RESOURCES INC EAST MIDLANDS ELECTRICITY UKE Public C Friendly 1557.96 1299.80 237.50 192.70 1.20 6.56 8.08
1996/12/18 ENTERGY CORPORATION LONDON ELECTRICITY PLC UKE Public C Friendly 1472.72 1278.60 209.10 168.00 1.15 7.04 8.77
1997/02/24 AMERICAN ELECTRIC POWER C YORKSHIRE ELECTRICITY GRO UKE Public C Friendly 1673.54 1426.00 253.80 212.90 1.17 6.59 7.86
1997/06/13 PACIFICORP GROUP ENERGY GROUP PLC, THE UKE Public F Friendly 4891.92 4460.00 0.00 500.00 1.10 0.00 9.78
1998/02/03 PACIFICORP GROUP ENERGY GROUP PLC (THE) UKE Public F Friendly 6133.03 4460.00 0.00 500.00 1.38 0.00 12.27
1998/03/02 TEXAS UTILITIES COMPANY ENERGY GROUP PLC (THE) UKE Public C Friendly 6237.21 4460.00 0.00 500.00 1.40 0.00 12.47
1998/09/01 SCOTTISH HYDRO-ELECTRIC P SOUTHERN ELECTRIC PLC UKE Merger C Friendly 2884.45 1773.80 0.00 290.10 1.63 0.00 9.94
2001/04/09 E.ON AG POWERGEN PLC UKE Public P Friendly 10572.58 5697.00 0.00 956.00 1.86 0.00 11.06
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High 1.86 9.35 12.47
Low 1.02 6.22 7.65
Average 1.33 7.90 10.04
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Total Matches 21
Firm Value Ratio
Calculations are always based on the cash terms of an offer if there is a full
cash offer available
Copyright © M&A Monitor Ltd. UK 2001
