Lawson Lundell LLP 24
8. What were the Target's anticipated transaction costs as % of equity value of the transaction?
(a) Less than 1% (22%)
(b) 1-2% (33%)
(c) 3-4% (11%)
(d) 5%+ (33%)
9. Did the Target get a fairness opinion?
(a) Yes (89%)
(b) No (11%)
10. How long did it take to complete the transaction? (excluding terminated bids - measured from the
time the parties enter into definitive agreement until closing)
(a) Less than 60 days (42%)
(b) 0-70 days (35%)
(c) 70-100 days (8%)
(d) More than 100 days (15%)
11. Did the Target and the Purchaser enter into a letter of intent or other non-binding agreement to
attempt to negotiate a binding transaction agreement?
(a) Yes (84%)
(b) No (16%)
12. If the answer to the prior question was yes and the Target and the Purchaser agreed to an exclusivity
period, how long was that period?
(a) Less than one week (none)
(b) 1-2 weeks (3%)
(c) 2-3 weeks (3%)
(d) 3-4 weeks (14%)
(e) More than 4 weeks (8%)
(f) Not disclosed (72%)
13. Which of these parties were locked up by the Purchaser?
(a) All directors (64%)
(b) All officers (62%)
(c) Other major shareholders (64%)
14. What percentage of the Target's shares were locked up by the Purchaser?
(a) Less than 5% (20%)
(b) 6-49% (46%)
(c) 50%+ (34%)
15. When is the party to the lock-up agreement permitted to terminate the lock-up agreement?
(a) When the acquisition agreement is terminated by either party (26%)
(b) When the acquisition agreement is amended in a manner adverse to the Target (10%)
(c) When the Target changes its recommendation regarding the Purchaser's offer (4%)
(d) Not disclosed (34%)
