How do acquirer P/E and acquisition P/E differ in sector comparisons: industrials rules of thumb?

Acquirer P/E is the buyer's market trading multiple. Acquisition P/E is the offer value divided by target earnings, including premium. In mature industrials, public acquirers may trade at mid-teens to low-20s P/E depending on growth and quality, while acquisition P/E often includes a control premium. A high-quality buyer can use a strong multiple as currency, but only if the target earnings are durable.