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KEMET Electronics (KEM) signed a merger agreement to be bought for 6.5x-7x 2020 EBITDA, which I don’t think is enough. Other competitors trade at 6.6x without taking into account the control premium. Also, there is another merger in the same sector, which was valued at 10x. In February, shareholders will have to accept the deal. They should know this information. Besides, the amount of potential bidders contacted was low. Finally, the buyer’s termination fee is larger than the seller’s termination fees. Taking into account these facts, I would not buy shares. In my