Baird Investment Banking Pitch Book
3 MERGER CONSIDERATION ANALYSIS (CONT.)
Implied value of merger consideration relative to implied value of an AM Common Unit
(1)
$60.00
$50.00
$40.00
$30.00
$20.00
$10.00
Reference AM Common Unit Median Valuation: $35.75
$40.56
$30.58
Discounted Cash
Flow Analysis
$40.36
$31.48
Discounted
Distribution Analysis
Implied Consideration Range (¹): $34.60 - $46.43
$35.10
$24.45
Confidential
Selected Public
Comparables Analysis
Represents proposed equity exchange ratio of 1.602 3x applied to the range of values derived for an AMGP Common Share (using overall median of the low observations - $19.72,
and overall median of the high observations- $27.11, as depicted on page 49), plus $3.00 in cash consideration.
$43.40
$29.36
Selected Precedent
Transactions Analysis
BAIRD
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