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Global BVU News and Trends October 2020

Business valuation news from a global perspective.

Court of Chancery sanctions use of asset approach in complex appraisal case

A low-profile appraisal case in front of the Delaware Court of Chancery raised important valuation questions, including how the court should determine the fair value of a nonoperating entity and how it should deal with the value of claims both parties brought on behalf of the company prior to the contested merger.

In re Happy Child World, Inc.

In an entire-fairness-cum-statutory-appraisal case involving nonoperating day care center whose facility was leased on merger date, court approves use of capitalization of earnings and NAV models and averaging results to determine fair value; business model was uncertain on merger date, court notes.

Uncertain Business Model on Merger Date Justifies Use of Income and NAV Models, Court Says

In an entire-fairness-cum-statutory-appraisal case involving nonoperating day care center whose facility was leased on merger date, court approves use of capitalization of earnings and NAV models and averaging results to determine fair value; business model was uncertain on merger date, court notes.

In a crunch, court adopts company’s DCF model as fair value indicator

In a statutory appraisal action prompted by the 2016 buyout of minority shareholders by the controller of a private company, the Delaware Court of Chancery recently found there was no meaningful market-based evidence of fair value and neither expert opinion, based on standard valuation methods, was “wholly reliable.”

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.

Kruse v. Synapse Wireless, Inc.

In appraisal action arising out of controller’s buyout of minority stockholders, court finds there is no reliable market evidence as to target’s fair value on merger date; none of expert valuations are “wholly reliable,” but one expert’s DCF analysis offers a “proportionately reliable conclusion.”

Lacking Any Wholly Reliable Indicators of Fair Value, Court Adopts Respondent's DCF Model

In appraisal action arising out of controller's buyout of minority stockholders, court finds there is no reliable market evidence as to target's fair value on merger date; none of expert valuations are "wholly reliable," but one expert's DCF analysis offers a "proportionately reliable conclusion."

Fir Tree Value Master Fund v. Jarden Corp., (Jarden III)

High court affirms trial court’s use of unaffected market price as fair value in statutory appraisal involving merger of publicly traded company; high court rejects petitioners’ late argument that, where sale process was flawed and company failed to prove synergies, deal price should act as floor.

No ‘Long-Recognized Principle’ Against Use of Market Price as Fair Value Indicator, High Court Says

High court affirms trial court’s use of unaffected market price as fair value in statutory appraisal involving merger of publicly traded company; high court rejects petitioners’ late argument that, where sale process was flawed and company failed to prove synergies, deal price should act as floor.

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.

BVU News and Trends June 2020

A monthly roundup of key developments of interest to business valuation experts.

New Epsilon Research, FactSet, and DealStats studies offer valuers first indications of the current trajectory in private-company values

Most valuers sense that small and medium-sized enterprises are less marketable, and less valuable, than they were at the beginning of the year.

Meanwhile, business analysts must be ever more cautious in their selection of listed company comparables

Choosing listed company comparables as a proxy for a small-business valuation has always required a leap of faith.

2020 FactSet Mergerstat Review offers many improvements for UK valuers

The 2020 edition of FactSet Mergerstat Review was released last week by BVR and offers comprehensive annual rosters, data, and statistics on M&A transactions, including privately held, listed, and cross-border deals.

Expanded 2020 Edition of Mergerstat Review Builds on Prior Enhancements

Amid the rapid pace of mergers and acquisitions, important changes have been made to the 2020 edition of Mergerstat Review, including the return of the Industry Analysis chapter and new tables of global transaction rankings.

Top transactions featured in the 2020 Mergerstat Review

The 2020 edition of the Mergerstat Review delivers comprehensive rosters and statistics on M&A between U.S., UK, and global privately held, listed, and cross-border enterprises.

Recent Cases from the Delaware Chancery: What Appraisers Need to Know Now

Join Bill Kennedy for a summary of key valuation issues ruled on by the Delaware Chancery and Delaware Supreme Court. Get coverage of recent cases and discover trends seen in the courts. Learn how the courts have treated the different valuation methods in recent cases, as well as factors to consider when applying the methods. No matter where you practice, the takeaways from this session will help valuation professionals deliver a quality, litigation-ready report.

Synergy deduction purely academic in new Delaware appraisal ruling

In a statutory appraisal case that involved the sale of a publicly traded company to a privately held entity, the Delaware Court of Chancery recently decided the deal price was a reliable indicator of fair value and a downward adjustment for synergies was justified.

What’s new in the 2020 Mergerstat Review

New tables of global transaction rankings and the reincorporation of the Industry Analysis feature highlights the 2020 edition of the Mergerstat Review.

FactSet/BVR release their top transactions report for 2020

The new annual FactSet Mergerstat Review delivers comprehensive rosters and statistics on M&A between UK, U.S., and global privately held, listed, and cross-border enterprises.

Great Hill Equity Partners IV, LP v. SIG Growth Equity Fund I, LLP

Court rejects plaintiff’s damages calculation related to sweeping fraud and contract breach allegations where plaintiff submitted expert report before court’s liability rulings and failed to offer revised expert report after liability trial; damages were not sufficiently tied to proven wrongs.

Plaintiff’s Overbroad Damages Calculation Prompts Court Not to Grant Award for Proven Wrongdoing

Court rejects plaintiff’s damages calculation related to sweeping fraud and contract breach allegations where plaintiff submitted expert report before court’s liability rulings and failed to offer revised expert report after liability trial; damages were not sufficiently tied to proven wrongs.

BVU News and Trends January 2020

A monthly roundup of key developments of interest to business valuation experts.

In re Panera Bread Company

In appraisal action involving sale of public company, court says sale process had “objective indicia of reliability,” justifying use of deal price for fair value determination; synergy deduction is appropriate to account for value from anticipated cost and tax-related savings due to merger.

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