Yesterday, Mizuho entered into a definitive agreement to acquire Greenhill for $15 per share in an all-cash transaction, representing an enterprise value of approximately $550 million. Following the deal's completion, Greenhill will operate as Mizuho's M&A and Restructuring Advisory business.
The transaction is expected to close by year-end upon approval by Greenhill stockholders and regulatory bodies.
Ryan sees the deal price as fair and believes the probability of acquisition completion is relatively high.
The analyst estimates revenues of $293.9 million and EPS of $0.45 in 2023 and $355.5 million and $2.15 in 2024, respectively.
Also, earlier this month, GHL reported Q1 2023 revenues of $49.7 million, missing the consensus of $52.2 million, and reported an EPS loss of $(1.27), worse than the consensus loss of $(0.48).
Price Action: GHL shares are trading higher by 0.27% at $14.70 on the last check Tuesday.