Exhibit 99(c)(7)
Share Premium Analysis
Acquisition of Minority Interests In Small, Illiquid Companies by Majority Shareholder
(Dollars in millions)
Search Criteria: Closed transactions between 1/1/00 and 2/18/05; Market Capitalization less than $50 million; Percent sought between 5% — 25%; 5-day Premium of 0% — 100%.
Percent | Target | Target LTM | LTM | Price per | 1 Day | 5 Day | 30 Day | |||||||||||||||||||||||||||||||||||
Date Closed | Seller | Buyer | Deal Size | Sought | Market Cap | Revenue | EBITDA | Share | Premium | Premium | Premium | |||||||||||||||||||||||||||||||
$0 - $50 million Market Cap | ||||||||||||||||||||||||||||||||||||||||||
1 | 10-Jul-02 | Electric Lightwave Inc | Citizens Communications Co. | $ | 5.4 | 15.0 | % | $ | 35.9 | $ | 17.4 | n/a | $ | 0.70 | 105.9 | % | 79.5 | % | 55.6% | (a) | ||||||||||||||||||||||
2 | 15-Oct-01 | Lincoln Snacks Co. | Brynwood Partners III LP | 3.1 | 10.2 | % | 30.1 | 35.9 | 2.9 | 3.50 | 12.9 | % | 16.7 | % | 27.3% | |||||||||||||||||||||||||||
3 | 14-Jan-02 | Organic, Inc. | Seneca Investments LLC | 5.6 | 19.1 | % | 29.3 | 66.9 | (40.9) | 0.33 | 13.8 | % | 17.9 | % | 37.5% | |||||||||||||||||||||||||||
4 | 19-Mar-03 | Income Opp. Realty Investors, Inc. | Basic Capital Management, Inc. | 4.9 | 17.9 | % | 27.4 | 21.3 | 9.1 | 19.00 | 28.7 | % | 26.7 | % | 65.1% | |||||||||||||||||||||||||||
5 | 3-Jan-02 | Enex Resources Corp | 3TEC Energy Corp. | 3.8 | 20.0 | % | 18.8 | 19.3 | 2.9 | 14.00 | -2.4 | % | 0.0 | % | -6.4% | (a) | ||||||||||||||||||||||||||
6 | 12-Dec-00 | Quiznos Corp. | Quiznos Corp. / Management | 3.4 | 18.1 | % | 18.8 | 15.8 | 5.5 | 8.00 | 18.5 | % | 18.5 | % | 28.0% | |||||||||||||||||||||||||||
7 | 27-Sep-04 | United Pacific Industries Ltd. | GSB Holdings, Inc. | 2.1 | 11.7 | % | 17.8 | 17.3 | 2.4 | 0.03 | 3.2 | % | 3.2 | % | 6.7% | |||||||||||||||||||||||||||
8 | 6-May-04 | Reeds Jewelers, Inc. | Sparkle LLC | 2.2 | 12.5 | % | 17.4 | 9.3 | 1.7 | 2.05 | 88.1 | % | 94.3 | % | 95.2% | (a) | ||||||||||||||||||||||||||
9 | 31-Mar-04 | Ecogen Inc | ECGN Acquisition, Inc. | 1.7 | 10.0 | % | 16.8 | 7.4 | (0.5) | 0.25 | 127.3 | % | 61.3 | % | 78.6% | |||||||||||||||||||||||||||
High | $ | 5.6 | 20.0 | % | $ | 35.9 | $ | 66.9 | $9.1 | $ | 19.00 | 127.3 | % | 61.3 | % | 78.6% | ||||||||||||||||||||||||||
Median | 3.4 | 15.0 | % | 18.8 | 17.4 | 2.7 | $ | 2.05 | 16.2 | % | 18.2 | % | 32.8% | |||||||||||||||||||||||||||||
Mean | 3.6 | 14.9 | % | 23.6 | 23.4 | (2.1) | $ | 5.32 | 34.1 | % | 24.0 | % | 40.5% | |||||||||||||||||||||||||||||
Low | 1.7 | 10.0 | % | 16.8 | 7.4 | (40.9) | $ | 0.03 | 3.2 | % | 3.2 | % | 6.7% | |||||||||||||||||||||||||||||
(a) Excluded from the range of premiums as outliers.
Source: Factset Mergerstat, LLC.