Mergers and Acquisitions in the Connector Industry

SUMMARY

Bishop and Associates has just released a research report that chronicles theconnector industry' s acquisitions from the 1980s to the present.

Since 1990, there have 196 acquisitions with the peak activity coming in 2000with 28 acquisitions. This report provides details on each acquisition,identifying the buyer and seller, and specifics of the agreement when available.

The fast growing years of 1998, 1999, and 2000 produced 70 acquisitions, or35% of all acquisitions during the past (13) thirteen years. Compared to the 28twenty-eight acquisitions in 2000, there were only (23) twenty-threeacquisitions in 2001 and 2002 combined.

This report provides a financial analysis on (8) eight acquisitions with atotal value of $20.6 billion.

1. AMP acquired M/A-Com - June 1995

2. Thomas & Betts acquired Augat - December 1996

3. KKR acquired Amphenol - January 1997

4. FCI acquired Berg - October 1998

5. Tyco acquired AMP - November 1998

6. Tyco acquired Raychem - August 1999

7. Tyco acquired Thomas & Betts'  connector business - May 2000

8. 3M acquired Robinson Nugent - October 2000

The analysis on each of the eight acquisitions results in measuring thepurchase price to:

• Annual Sales
• Free Cash Flow
• Book Value
• Return on Assets
• EBITDA
• Return on Equity
• EBIT
• Premium Paid Over Market Value

The report then consolidates the eight acquisitions, identifying the high,low and average price ratio on each of the above financial benchmarks. Theresult is a clear understanding of what buyers have paid for connectorcompanies.

This report lists each acquisition first by acquiring company in date orderfrom the oldest to the most recent acquisition. Acquisitions are also recordedby year in which the deal occurred.

TABLE OF CONTENTS

Chapter 1 Overview of Mergers & Acquisitions in the ConnectorIndustry

Graph: M&A by Year (1990-2002)

Graph: Public Connector Company Sales

Chapter 2 Financial Analysis of Past Acquisitions

2.1 Methods to Evaluate Purchase Price

2.1.1 Discounted Cash Flow (DCF)

2.1.2 Free Cash Flow (FCF)

2.1.3 Book Value

2.1.4 EBITDA

2.1.5 EBIT

2.1.6 Price Earnings (PE) Ratio

2.1.7 Return on Equity (ROE)

2.1.8 Return on Assets (ROA)

2.2 Companies Acquired

2.3 AMP Acquires M/A-Com

2.3.1 Specifics of the Deal

2.3.2 How Much Did AMP Pay?

2.4 Thomas & Betts Acquires Augat

2.4.1 Specifics of the Augat Deal

2.4.2 How Much Did T&B Pay?

2.5 KKR Purchases Amphenol Corporation

2.5.1 Specifics of the Deal

2.5.2 How Much Did KKR Pay?

2.6 FCI Purchases Berg Electronics

2.6.1 Specifics of the Deal

2.6.2 How Much Did FCI Pay?

2.7 Tyco International Purchases AMP, Inc.

2.7.1 Specifics of the Deal

2.7.2 How Much Did Tyco Pay?

2.8 Tyco International Purchases Raychem

2.8.1 Specifics of the Raychem Deal

2.8.2 How Much Did Tyco Pay for Raychem?

2.9 Tyco International Purchases T&B' s Connector Business

2.9.1 Specifics of the T&B Deal

2.9.2 How Much Did Tyco Pay for T&B

2.10 3M Electronics Acquires Robinson Nugent

2.10.1 Specifics of the Deal

2.10.2 How Much Did 3M Pay for Robinson Nugent?

Chapter 3 Analysis of Purchase Price to Key Valuation Measurements

3.0 Analysis of Purchase Price to Key Valuation Measurements

3.1 Price to Sales

Table: Purchase Price to Annual Sales

3.2 Prices to Book Value

3.3 Prices to EBITDA

3.4 Price to EBIT

3.5 Prices to Free Cash Flow

3.6 Market Premium

3.7 Summary of Ratios to Price

3.8 What' s a Connector Company Worth?

Chapter 4 History of Acquisitions by Acquirer

Chapter 5 History of Acquisitions by Year