Vinoskey reply brief refutes DOL’s stock value and control claims
Argument continues in the contentious Vinoskey ESOP litigation, which is now in the 4th Circuit where the remaining defendant, Adam Vinoskey, has appealed the district court’s liability and damages findings.
BVU News and Trends December 2020
A monthly roundup of key developments of interest to business valuation experts.
DOL appellate brief pushes back in Vinoskey ESOP litigation
Neither side is letting up in the contentious Vinoskey ESOP litigation that has now moved to the 4th Circuit U.S. Court of Appeals.
Get a Sneak Peek at Control Premium Data on Acquired Companies
Every quarter, subscribers to the FactSet Mergerstat/BVR Control Premium Study receive a Control Premium Study publication that includes a thorough analysis of controlling-interest transactions whereby the transaction results in the acquirer obtaining a 50.01% ownership interest or more in the target company. A controlling interest is considered to have greater value than a minority interest because of the purchaser’s ability to effect changes in the overall business structure and to influence business policies.
New Control Premium Study platform makes its debut
BVR subscribers have expressed a great deal of interest in invested capital premiums, which explains why many of them attended the free webinar on enhancements to the FactSet Mergerstat/BVR Control Premium Study.
Take Control of Your Premiums
Join BVR for a first look at the new Control Premium Study platform. In the session we will cover the basics of the control premium study, discuss the enhancements to the platform, and provide a walkthrough of how to best utilize the new platform to retrieve control premiums, minority discounts, and multiples.
ESOPs: good for employees but facing an uncertain future
A recent article in the New York Times extols the virtues of employee ownership through employee stock ownership plans (ESOPs).
Free webinar tomorrow on new Control Premium Study platform
Take a first look at BVR’s new Control Premium Study platform during a free webinar tomorrow, November 5.
BVR enhances implied minority discount offers with FactSet Mergerstat control premium upgrade
The value of control has been trending lower in the UK. Current overall data from the FactSet Mergerstat/BVR Control Premium Study of over 1,300 UK companies show a median increased value of controlling interest shares of only 20.7% (this converts to a median implied minority shareholder discount of about 17%).
Global BVU News and Trends October 2020
Business valuation news from a global perspective.
Free webinar to unveil new Control Premium Study platform
Mark your calendar for November 5 for the very first look at BVR’s new Control Premium Study platform.
Control Discounts and Premiums - What is Old and What is New
Where do they come from? Do they even exist? Should I fear using them? No, this October event doesn’t delve into the supernatural but rather attempts to demystify the methods and resources available to quantify control discounts and/or premiums. Join Jim Ewart and Jim Alerding to learn what is new, what is old, and what matters. Learn the sources, context, and usefulness of control premiums and discounts, and the best practices for determining what they ...
ASA, supporting Vinoskey ESOP appeal, aims to correct BV ‘misstatements’
The ASA recently filed an amicus brief in support of the Vinoskey appeal, in which it claims the district court, in ruling against the ESOP trustee and the owner and selling shareholder, Adam Vinoskey, made numerous valuation-related misstatements that required correction.
Defendant in Vinoskey ESOP case files appeal with 4th Circuit
In the contentious Vinoskey ESOP case, one of the defendants, the owner and selling shareholder, Adam Vinoskey, recently appealed the district court’s finding that he was liable for knowingly participating in the trustee defendant’s ERISA violations and was a co-fiduciary for the trustee’s breaches of fiduciary duties.
What’s control worth in the UK? A current example
Sources such as BVR/FactSet’s Control Premium Study (CPS) often support price premia above 25% as the assumed benefit of a controlling interest.
Fair Value Measurements Amid the Covid-19 Crisis
Reporting entities in recent years generally benefited from a growing economy, which may have allowed auditors to gain comfort with fair value measurements for financial reporting purposes with relatively less documentation. The disruption to global economic activity and financial markets suggest that a business as usual approach may no longer apply to these same fair value measurements. Consequently, reporting entities can expect fair value measurements to receive greater scrutiny from their auditors and a heighted ...
Class-Action Litigation Involving ERISA/ESOP Valuation Issues
Join James F. Joyner and attorney Richard Pearl for unique insight into ESOPs and valuation principles. The general trend in ESOP transactions and valuation has been to acquiesce to fundamental changes because of the threat of litigation, even though ERISA or valuation principles do not require changes. Many defendants have been unable to adequately educate courts on some key issues. Get both the valuation and attorney perspective on how to address these issues.
BVR/FactSet Control Premium Study updated for first quarter
The 1Q 2020 Control Premium Study report is now available, and we have updated the online FactSet Mergerstat/BVR Control Premium Study platform to include the latest analyses.
Global BVU News and Trends January 2020
Business valuation news from a global perspective.
Do alliances and partnerships increase value?
Most business valuation experts accept the fact that business partnerships (for IP or shared revenue opportunities) add to the value of a pool of assets.
BVR/FactSet Control Premium Study updated for 3Q
Buyers continue to pay more for control in the EU and UK than in most of the other major markets.
Acquisition Premiums Amid Added Complexity in Market Transactions
In a fair value setting, while the acquisition premium (known also as a control premium) has been identified as a significant variable, its application and value measurement remain less well understood than the traditional components of acquisition finance.
What is control worth? New update from BVR/FactSet
The median price paid for the benefit of acquiring a controlling interest dropped slightly, to 26.5%, during the second quarter, according to the FactSet/BVR Control Premium Study.
Control Premiums and Deal Flow Analyzed in 2019 Mergerstat Review
This is an M&A year in review, highlighting the trends in multiples and sector analysis through the 12,008 transactions of 2018, the sixth most acquisitive year in history. Includes a discussion of the most notable transaction, a twist on a notable cancellation, analysis on the industrial services sector, and the trend in premiums.
Global BVU News and Trends August 2019
Business valuation news from a global perspective.