BV News and Trends May 2024
A monthly roundup of key developments of interest to business valuation experts.
Preorder alert: FactSet Review 2024
The 2024 edition of the FactSet Review (formerly known as the FactSet Mergerstat Review) is now available for preorder.
BV News and Trends August 2023
A monthly roundup of key developments of interest to business valuation experts.
New name for FactSet Mergerstat Review
FactSet Review is the new name for the FactSet Mergerstat Review, and the 2023 edition is now available in both print and PDF format.
Global BV News: Takeover premiums in Canada increased in the first half of 2022
The median takeover premium of Canadian public companies in the first half of 2022 was 40%, a 7% increase from the prior year, according to “Canadian M&A Insights” (Summer 2022) from Kroll.
BV News and Trends May 2022
A monthly roundup of key developments of interest to business valuation experts.
Preorders being taken for the 2022 FactSet Mergerstat Review
The 2022 edition of the FactSet Mergerstat Review delivers comprehensive rosters and statistics on mergers and acquisitions between US, UK, and global privately held, listed, and cross-border enterprises.
2022 FactSet Mergerstat Review available for preorder
The 2022 edition of the FactSet Mergerstat Review delivers comprehensive rosters and statistics on mergers and acquisitions between US, UK, and global privately held, listed, and cross-border enterprises.
COVID-19 Just a Speed Bump in Hot M&A Market, Say Speakers at Transaction Advisors Forum
Coverage and key takeaways on valuation from the April 30 M&A Strategy Forum that included sessions conducted by corporate development leaders, in-house M&A counsel, board members, and private equity investors.
How to Use New Data on Invested Capital Premiums
To estimate acquisition premiums the use of invested capital premiums is highly encouraged in certain situations. This article presents a case study and step-by-step guide to using these data that are now included in the Factset Mergerstat/BVR Control Premium Study.
BV News and Trends May 2021
A monthly roundup of key developments of interest to business valuation experts.
Court of Chancery adopts deal price, adjusting for synergies and tax savings
In a statutory appraisal action, the Delaware Court of Chancery recently adopted the deal price minus synergies as the best indicator of fair value.
In re Appraisal of Regal Entertainment Group
In a merger action involving a publicly traded company, dissenting shareholders sued for a higher value than the deal consideration. Under the applicable appraisal jurisprudence, the court calculates fair value using the deal price minus synergies and adjusting for the change in value of the target between the signing and closing of the transaction.
In Appraisal Action, Court Determines Fair Value Using Deal Price Minus Synergies and Adjusting for Increase in Value From Signing to Closing of Merger
In a merger action involving a publicly traded company, dissenting shareholders sued for a higher value than the deal consideration. Under the applicable appraisal jurisprudence, the court calculates fair value using the deal price minus synergies and adjusting for the change in value of the target between the signing and closing of the transaction.
SPAC transactions included in 2021 Mergerstat Review
The special purpose acquisition company (SPAC) flourished during 2020, and SPAC transactions are included in the 2021 edition of the Mergerstat Review.
Global BVU News and Trends October 2020
Business valuation news from a global perspective.
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.