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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.

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.

BVU News and Trends January 2020

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

Using Industry Benchmarks to Establish Secure Negotiating Positions for M&A Purposes

M&A parties are often at odds with the valuation, causing many deals to ultimately fall apart. One solution to this dilemma is to select a multiple based on how the subject company compares to industry benchmarks. The authors include a discussion of a new resource: The Valuation Benchmarking Platform.

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.

By popular demand, Mergerstat Review analysis feature returns

Based on feedback from users, a supplement to the 2019 Mergerstat Review has been created that contains analysis originally featured in all editions prior to 2018.

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.

Court of Chancery favors unaffected market price over other fair value indicators (Part 2)

When the Delaware Court of Chancery recently decided to rely on the unaffected market price for fair value, in a major statutory appraisal case, it provided an in-depth critique of the experts’ traditional valuation analyses, which valuators want to be familiar with.

Court of Chancery favors unaffected market price over other fair value indicators (Part 1)

In a freshly minted ruling, the Delaware Court of Chancery said the unaffected market price was the most reliable indicator of fair value in a big statutory fair value case.

Acquisitions of private firms up 12% in 2018

The number of announced acquisitions of privately owned companies increased from 7,793 in 2017 to 8,761 in 2018 (a 12% increase), reveals the soon-to-be-released 2019 Mergerstat Review.

Major Changes Enhance the 2018 Edition of Mergerstat Review of M&A Activity

The recently released 2018 edition of Mergerstat Review has a number of important changes, including updates to historical data, new tables that show premiums paid over the targets’ enterprise values, and more.

Delaware Chancery Says Reasonably Sound Sales Process Delivered Fair Value

In an appraisal proceeding, the Chancery finds the deal price minus synergies provides the best evidence of fair value; court says there was an efficient market and the sales process, though not perfect, was able to deliver the value generated in an arm’s-length transaction.

In re Appraisal Solera Holdings, Inc.

In an appraisal proceeding, the Chancery finds the deal price minus synergies provides the best evidence of fair value; court says there was an efficient market and the sales process, though not perfect, was able to deliver the value generated in an arm’s-length transaction.

Flawed Sales Process Has Chancery Revert to DCF to Determine Fair Value

Chancery rejects deal price as indicator of fair value, citing problematic sales process, and rejects use of unaffected trading price, citing company’s lack of trading history; court instead relies on its own DCF analysis, drawing on the most credible aspects of each expert’s analysis.

Blueblade Capital Opportunities LLC v. Norcraft Cos.

Chancery rejects deal price as indicator of fair value, citing problematic sales process, and rejects use of unaffected trading price, citing company’s lack of trading history; court instead relies on its own DCF analysis, drawing on the most credible aspects of each expert’s analysis.

BVU News and Trends June 2018

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

New edition of book on valuation for M&A

Now in its 3rd edition, Valuation for M&A: Building and Measuring Private Company Value lays out the steps for measuring and managing value creation in non-publicly traded entities.

New Mergerstat edition includes premiums over EV

Users of the 2018 Mergerstat Review will be happy to see that four new tables focus on premiums paid over the targets’ enterprise values.

Dell, Inc. v. Magnetar Global Event Driven Master Fund Ltd. (II)

High Court rejects Chancery’s decision to disregard deal price entirely in favor of court’s DCF analysis; record belies Chancery’s finding that deal price undervalued company stock, High Court says, urging adoption of deal price as fair value on remand.

Delaware Supreme Court Rebukes Chancery for Disregarding Deal Price

High Court rejects Chancery’s decision to disregard deal price entirely in favor of court’s DCF analysis; record belies Chancery’s finding that deal price undervalued company stock, High Court says, urging adoption of deal price as fair value on remand.

High Court Finds Chancery’s Weighting of Values Unexplained and Inexplicable

State Supreme Court declines to create presumption for appraisal actions that deal price is best indicator of value when merger was arm’s-length transaction, but court finds Chancery’s valuation approach lacked support in record and requires revaluation.

DCF Projections Failed to Reflect Target’s Operative Reality, Chancery Says

In joint fiduciary-appraisal action centering on Sprint’s acquisition of minority interest in related entity, Chancery says merger was entirely fair and adopts respondent expert’s DCF analysis; huge value gap is 90% due to experts’ choice of projections.

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