CEM (NASDAQ: CEMX)

Develops, manufactures, sells and services microwave-based instruments for testing, analysis and process control in analytical laboratory and industrial markets.

Engagement Goals

Brookwood was hired by the Special Committee to the Board of Directors to advise the Committee regarding strategic alternatives.

Engagement Process and Outcomes

The Task – Brookwood rendered a fairness opinion and provided valuable advise to the Special Committee of CEM, supplying the committee with negotiating leverage and allowing it to make a more informed decision.

Brookwood’s Role – Brookwood advised the Special Committee regarding CEM’s value, marketed CEM to a targeted list of prospective buyers, received multiple offers that validated engagement team’s advice to the Special Committee, participated in negotiations and issued a fairness opinion that was included in the proxy materials.

The Result – CEM entered into a cash merger agreement with its CEO, who was backed by a financial partner 14 weeks after Brookwood’s engagement. CEM was ultimately sold at a 94% premium to the Company’s pre-announcement stock price and a 32% premium to management’s initial offer.