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MWJOSB
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Shares outstanding (mm)47.828.0MW share price
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Unaffected price (8-Oct-2013)$35.24$41.66
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Current price$51.80$56.00at about 1pmSynergies
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JOSB offer price$48.00N/A$0$100$125$150
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MW offer priceN/A$55.005.5$22.22$33.73$36.60$39.48
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6.0$26.59$39.14$42.28$45.42
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$mmDebt & preferred1306.5$30.97$44.56$47.96$51.36
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Cash32333EBITDA7.0$35.34$49.98$53.64$57.30
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Net debt(20)(333)multiple7.5$39.71$55.40$59.32$63.25
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8.0$44.08$60.82$65.00$69.19
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Unaffected equity market cap1,6841,1668.5$48.45$66.24$70.68$75.13
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Unaffected enterprise value1,6658339.0$52.83$71.66$76.36$81.07
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Current equity market cap2,4761,568
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Current enterprise value2,4561,235
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premium
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MW deal equity value1,54032%374
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MW deal enterprise value1,20745%
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(JOSB deal equity value)2,29436%610
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(JOSB deal enterprise value)2,27437%
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LTM EBITDA285133source: slide 8
http://www.sec.gov/Archives/edgar/data/884217/000110465913087033/a13-25099_1ex99d1.htm
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Unaffected EV/EBITDA5.846.27
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Current EV/EBITDA8.629.28
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Combined company
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(JOSB version)
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Pro forma EBITDA (no synergies)418418
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Synergies125125slide 10, (100-150)
http://www.sec.gov/Archives/edgar/data/884217/000110465913087033/a13-25099_1ex99d1.htm
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Pro forma EBITDA with synergies543543
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Deal fees5050wild guessEBITDA
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New debt1,5902,044equity check + feesstart5.5
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Pro forma net debt1,2371,691step0.5
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EBITDA multiple6.846.84JOSB dealEBITDAs418.00$518$543$568
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Enterprise value3,7133,713New equity ($mm)250net debt1,236.87
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Equity market cap2,4762,022(shares)6.00shares47.80
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Shares outstanding47.834.0
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Value per share$51.80$59.46
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Capitalized value of synergies855
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Amount to MW37444%
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Amount to JOSB48156%
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MWJOSBNew Company
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EBITDA (1)285133543$125mm of synergies
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EBITDA multiple (2)8.69.36.8
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Enterprise value (3)2,4561,2353,713Note MW + JOSB =3,691
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Net debt (4)(20)(333)1,237Deal costs + fees =1,590
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Equity value2,4761,5682,476
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Shares outstanding482848
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Price per share$51.80$56.00$51.80
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(1) New company assumes $125mm of synergies (midpoint of $100-$150mm range)
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(2) Newco multiple solves for current MW stock price. Unaffected multiples: MW 5.8x, JOSB 6.3x.
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(3) Newco EV = multiple times midpoint EBITDA. Note that MW EV + JOSB EV = $3,691mm
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(4) Assumes new debt equal to deal equity price ($1,540mm) plus wild guess at fees, etc. ($50mm)
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