| 1 | 11/1/2005 | BVResearch |
Financial Adviser Procedures to Help Clients Avoid Overpaying in Mergers and Acquisitions
Both a corporation's board of directors (or management) and a corporation's financial adviser should be interested that an acquirer does not pay more than a fair market value price in a merger and acquisition (M&A) transac-tion. This concern is appropri...
Robert P Schweihs
Willamette Insights (4,514 words)
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| 2 | 2/1/2001 | BVResearch |
Valuation and Financing Feasibility of Qualifying Targets
Once an acquiring company has identified a potential acquisition target, it must determine: (1) a reasonable purchase price (or range of prices); (2) the terms of payment related to the potential acquisition (i.e., will the acquiring company offer cash...
Eric A Thornton
Willamette Insights (3,006 words)
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| 3 | 2/1/2001 | BVResearch |
Preparation of an Offering Memorandum
An offering memorandum (ômemorandumö) is a valuable instrument often relied upon to facilitate the restructuring, refinancing, or sale of a company. The objective of a memo-randum is simple: to provide a realistic portrait of the histori-cal and prospec...
Charles Wilhoite, Bobbie Jenkins
Willamette Insights (7,521 words)
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| 4 | 7/15/2003 | BVResearch |
Placing a Value on Synergies and Strategic Advantage
Post-acquisition synergies and "strategic advantage" form an important component of the price paid in many open market transactions. However, following a transaction, many purchasers have found that the anticipated benefits were not realized to the extent...
Howard E Johnson
CICBV Publications (12,281 words)
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| 5 | 5/1/2004 | BVResearch |
Corporate Acquirer Procedures to Avoid Overpricing M&A Transactions
Corporate acquirers often pay too much in merger and acquisition (M&A) transactions. For purposes of this discussion, we will define ôpay too muchö as: 1. pay a total consideration in excess of the target company fair market value, 2. pay a to...
Robert F Reilly, Robert P Schweihs
Willamette Insights (4,408 words)
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| 6 | 11/1/2009 | BVResearch |
HEALTH CARE SYSTEM ACQUISITIONS OF MEDICAL PRACTICES
Acquisitions of medical practices by health care systems, particularly tax-exempt health care systems, appear to be on the rise currently. This is because health care systems throughout the country are continuing their strategic efforts to position themse...
Willamette Insights (5,327 words)
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| 7 | 2/28/2003 | BVUpdate |
We have provided a copy of our study to many practitioners recently, and in some cases even discussed the study via e-mail or on the telephone. Mr. Alerding contacted us and we exchanged sev...
Merle Erickson, Shiing-wu Wang
Guest Article (3,618 words)
Business Valuation Update, February 2003
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| 8 | 5/1/2003 | BVResearch |
Current Issues in the Valuation of Purchased IPR&D
The valuation of in-process research and development (IPR&D) purchased in a business combination remains a complicated analysis. There are fewer acquisitions of technology companies (including hardware/software, internet, and dot-com compa¡nies) today t...
Dennis Mandell, Robert F Reilly
Willamette Insights (7,153 words)
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| 9 | 11/13/2006 | BVResearch |
Control Premia
July 27, 2006 Teleconference Transcript; Panel: Aswath Damodaran (Moderator), Kenneth Woo and Anna Berthelius...
Aswath Damodaran, Kenneth Woo, Anna Berthelius
Teleconference Transcripts (16,366 words)
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| 9 | 2/1/2006 | BVResearch |
The Use and Misuse of M&A Transactions in Closely Held Business/Stock Valuations for Estate Planning/Estate Tax Purposes
There are numerous reasons to value closely held and fami-ly-owned businesses and business interests within an estate planning context. When asked to estimate the fair market value of a closely held business interest, analysts often rely on the market a...
Charles Wilhoite
Willamette Insights (4,586 words)
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| 11 | 7/28/2007 | BVUpdate |
Is the current M&A market in need of an intervention? With Private Equity funds (and their executives) reporting billions of dollars of income and "mega-deals" making the daily news, at least one independent (and respected) authority is calling for a sob...
Special Report (1,685 words)
Business Valuation Update, July 2007
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| 12 | 2/1/2003 | BVResearch |
C Corporations with Appreciated Assets: Valuation Discount for Built-In Capital Gains
The valuation of a C corporation is a common valuation assign-ment. Experienced analysts routinely value 100 percent of the stock of a C corporation for such purposes as: merger and acquisition pricing; estate and gift tax planning and compli-REVIEW OF...
Jacob Roosma
Willamette Insights (4,630 words)
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| 13 | 10/25/2001 | BVResearch |
Valuation Issues Across U.S./Canadian Lines
Click here to download the PDF(1.7Mb) of the presentation.
Richard M Wise
Presentations
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| 14 | 6/30/2010 | BVResearch |
Control Premiums: Applications & Analysis
Control Premiums: Applications & Analysis Teleconference Handbook April 29, 2010 Presenters: Brad Pursel, CPA/ABV, CFA, ASA Mark J. Edwards, CPA/ABV, CFA Andrew S. Fargason, CFA Please note: This Handbook does not qualify for self study CPE credit...
Teleconference Transcripts (22,052 words)
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| 15 | 2/1/2006 | BVResearch |
S Corporation ESOPs Create Investment, Acquisition, and Exit Strategy Opportunities for Private Equity Groups
Leveraged ESOPs are now being used by venture capital and private equity firms (collectively, ôprivate equity groupsö) as an investment platform and as an exit strat¡egy. A number of private equity groupsùand the manage¡ment teams within their portfol...
William W Merten
Willamette Insights (4,035 words)
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| 15 | 8/6/2004 | BVLaw |
Honeywell International Inc., et al. v. Air Products & Chemicals, Inc.
The Delaware Court of Chancery calculated lost profits arising from the breach of a contract. In doing so, it accepted testimony from an accounting expert that calculated the incremental profit using a line-by-line analysis of the costs rather than an ec...
Court of Chancery Delaware US, Action: Contract
Full Text of Court Cases (23,967 words)
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| 15 | 10/1/2002 | BVLaw |
Pure Resources, Inc. v. Shareholders Litigation
The Delaware Court of Chancery found that the underlying analyses thta formed the basis for an investment banker's fairness opinion should have been disclosed to the shareholders, and that such information was material to a shareholder's decision to tende...
Court of Chancery Delaware US, Action: Dissenting Shareholder
Full Text of Court Cases (17,153 words)
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| 18 | 5/28/2006 | BVUpdate |
Corporate buyers frequently pay other than fair market value in merger and acquisition (M&A) transactions—and when they do, the market approach may not provide meaningful conclusions for business stock valuations prepared for estate planning and estat...
Data and Publications Update, Article (519 words)
Business Valuation Update, May 2006
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| 19 | 3/28/2010 | BVUpdate |
Most valuation specialists would agree that the selection of a control premium requires significant "appraiser’s judgment." This would be true whether valuing a controlling interest or calculating the inverse of a control premium to value a noncontrollin...
Brad Pursel
Guest Article (4,479 words)
Business Valuation Update, March 2010
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| 19 | 6/29/2007 | BVResearch |
THE BUYER’S ACQUISITION STRATEGY & TACTICS
OVERVIEW Most industry buyers have an acquisition strategy that principally focuses on synergistic targets relative to their products and services. Financial buyers such as private equity groups (PEGs) usually consider themselves opportunistic and new id...
Articles (1,290 words)
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