When determining value for a company based on transaction rather than trading comps, one of the key differences that will affect the value is:

• Lack of a comparable universe
• Premium paid for control of the business
• Unavailable historical information
• Target was never public

Why is Offer Value / EBITDA not an appropriate multiple to use in Transaction Comparables Analyses?

• Because Offer Value ignores the Valuation from other Public Market investors
• Because Offer Value does not include a Control Premium into the Valuation
• Because Offer Value is an Equity Value metric, while EBITDA is an Enterprise Value metric
• Because Offer Value is equivalent to Enterprise Value, and should not be divided by EBITDA

A company provided the following GAAP to non-GAAP reconciliation:

Non-GAAP Operating profit
($ in millions)	2019A
GAAP Operating profit	56
Amortization of purchased intangible assets	6
Stock based compensation	51
Restructuring expenses	184
non-GAAP operating profit	297
Cash flow statement
($ in millions)	2019A
GAAP net income	346
Depreciation and amortization	108
Stock based compensation	51
Changes in working capital	8
Other	9
Cash from operations	522

The company above defines Adjusted EBITDA as operating profit before depreciation and amortization and excluding non-GAAP items. Based on the information provided, what is the value of Adjusted EBITDA for this company?

• $414 million
• $411 million
• $405 million
• $399 million