What buyers paid over the share price
A takeover premium is how far the offer price sat above the target's last closing share price before the offer was announced. Each figure here comes from a completed takeover of a listed company, as the deal's own document states it.
The United States comes first. Other markets follow as each market's deals are read against their own documents.
United States
United States, 2010 to 2026: buyers paid a median 33% over the last closing price before the offer, across 600+ completed takeovers.
The middle half of those deals paid between 22% and 52%.
By year of announcement
| Announced | Median premium (%) | Middle half (%) | Deals |
|---|---|---|---|
| 2010 to 2014 | 33 | 25 to 45 | 100+ |
| 2015 to 2019 | 28 | 19 to 48 | 200+ |
| 2020 to 2026 | 39 | 24 to 66 | 200+ |
By what the buyer paid with
| Paid in | Median premium (%) | Middle half (%) | Deals |
|---|---|---|---|
| Cash | 39 | 26 to 59 | 300+ |
| Shares | 17 | 11 to 29 | 50+ |
| Cash and shares | 30 | 22 to 41 | 100+ |
The middle half runs from the deal a quarter of the way up the list to the deal three quarters of the way up. Deal counts show as bands.
What each figure measures
Each deal counts once, at its final offer. The figure is the premium over the last closing share price before the offer was announced, as the deal's own document states it. Offers that lapsed or were withdrawn are left out, and so are partial offers.
Source: takeover documents and announcements for each deal, read by onestepright.
Each premium is the figure the deal's document states, checked against that document. No deal is named.
Takeovers announced 2010 to 2026. The figures change as more deals are read and more markets are added.
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