 

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   

              
          

            
           

           

              

            
             
           
            
            
   
            

           
              
            
     

    

         
            
            

         
               
              
           

      

                
              
            
                
          
       

       

            

           
             
            
           
           
             
        
             
              
         
           
             
           
     
        
           
           
          
            
            
            

          
              
                
            
            
         
              
    
         
         
            
            
            
             
           
              
  
             
         
           
             
      
       

  

              
                
             
            
        
          
           
             
           
           
             
          
            
            
             
     
           
          
          
           
        
           
            
             
         
            
            
              
             
      

 
              
             

              

             
            

            
             
           
           

               
       

             
           
             
              
    
             
          
           
             
          
     
          
         
          
          
     
        
               
            
           
     
              
               
           
               
             
              
               
               
               
          
         

                   
           
       

               
  


  
        
    
   
       
   
   
 
 
 
 
    
     
   
     
 
     
  
  

   

  
    
    
  
  
     
   
    
       
  
  
  
  
     

                     
                 
       

             
  


 
 
      

       

          
        
       
        
         
       
        
        
       
        
         

       

          
        
       
        
          
        
       

           

     


  
     
   
       
    
   
     
    
     
  
     
   
      
    
 
     
     
  

   

     
     
    
      
        
     
   
    
    
       
  
       
  
  
  
  
     

              
                
                   
  
               
       
                  
      
       

           

  

    

      
        
      
        
         
      
      
     
       

              
      

 
     

      

         
       
         
        
       
       
       

      

       
        

        

          
     

             
              
       

           

   


   

     

       

      

      
      

       

       
       
       

         

         
         
         

         

          
       

           


 
   
     

 
        
 
   
         
 
     
    
     
 
   
        
 
      
      
 
    
    
     
 
  
      
 
      
      
       

   

   
       
EXHIBIT 8 | Information on Selected Recent Mergers

Effective Date Acquirer Business Target Business

5/25/2006 Armor Holdings Inc Law enforcement equip Stewart & Stevenson Turbine-driven products
6/26/2006 Bouygues SA Construction Alstom SA Power generation equip
9/20/2006 Boeing Co Aircraft Aviall Inc Vehicle parts
11/10/2006 Daikin Industries Ltd Air conditioning sys OYL Industries Bhd Airconditioners
12/8/2006 Oshkosh Truck Corp Heavy duty trucks JLG Industries Inc Excavators/telehandlers
4/11/2007 Rank Group Ltd Investment holding co SIG Holding AG Packaging/plastics machinery
6/22/2007 Meggitt PLC Aerospace/defense system K&F Industries Holdings Aircraft braking systems
7/31/2007 BAE Systems Inc Electronic systems Armor Holdings Inc Law enforcement equip
1Z/3/2007 Carlyle Group LLC Private equity firm Sequa Corp Aircraft engine component
1Z/20/2007 ITT Corp Pumps/valves EDO Corp Electn system products
2/6/2008 London Acquisition BV Investment holding co Stork NV Components
6/5/2008 Ingersoll-Rand Co Ltd Industrial machinery/equip Trane Inc Air conditioners

Equity Enterprise Enterprise Premium

Target Net Value/ Enterprise Value/ Value/ 4 Weeks
Sales Last Target Value/ Target Target Prior to
Transaction 12 Months Net Target Operating Cash Announce-
Acquirer Target Size ($mm) ($mm) Income Net Sales Income Flow ment Date
(%)
Armor Holdings Inc Stewart & Stevenson 1,123 726 65.3 1.12 33.1 23.7 40.6
Bouygues SA Alstom SA 2,467 17,679 nmf 1.48 77.9 22.5 —1.2
Boeing Co Aviall Inc 2,057 1,371 28.9 1.53 18.7 14.9 27.2
Daikin Industries Ltd OYL Industries Bhd 1,152 1,581 27.6 1.41 21.5 16.8 19.4
Oshkosh Truck Corp JLG Industries Inc 3,252 2,289 20.5 1.30 11.9 10.7 52.3
Rank Group Ltd SIG Holding AG 2,314 1,418 38.6 1.56 64.8 14.2 19.3
Meggitt PLC K&F Industries Holdings 1,802 424 20.3 4.26 13.1 10.8 13.5
BAE Systems Inc Armor Holdings Inc 4,328 2,805 30.5 1.71 17.1 14.3 29.3
Carlyle Group LLC Sequa Corp 2,007 2,181 34.4 1.25 20.6 12.5 63.3
ITT Corp EDO Corp 1,678 945 86.8 1.99 34.0 23.9 40.5
London Acquisition BV Stork NV 2,347 2,153 17.1 0.02 na na 35.2
Ingersoll-Rand Co Ltd Trane Inc 9,751 8,328 21.2 1.39 14.9 11.6 na

na = not available.
Data Source: Thomson Financial’s SDG Platinum.
           
          
  

   

    

    

   

   
   
   

     

    

   

   
        
  
  

     

              
     

 
     

      

         
       
      
        
        
      
            
            
       
        

  