tailieunhanh - Principles of Private Firm Valuation phần 4

Ví dụ, nếu giá trị của cha mẹ trước khi off-spin là $ 100, và giá trị của sự phân chia tách là $ 10, thì giá trị sau spin-off của phụ huynh là $ 110. Vốn chủ sở hữu một khắc ra là bán một cổ phần trong một công ty con của công ty một. Một pháp nhân mới được tạo ra mà cổ đông không được sở hữu vốn cổ phần trong công ty của cha mẹ tung. | 44 PRINCIPLES OF PRIVATE FIRM VALUATION engaged a consulting firm to determine whether a larger firm would have some interest in purchasing a restructured Frier. Frier s financials had not only shown marked improvement since the acquisition of the HP subsidiary but the firm s cash flow was far more certain. In short the valuation-creation strategy employed by Frier set the stage for the ultimate liquidity event that the board and the other owners were hoping for when Fox was appointed CEO. The size of the control gap depends on three critical factors. The first is the nature of the buyer as noted earlier in this chapter. The second is the competitive atmosphere of the buyout market. The third is the amount of liquidity available in the marketplace. During the mid-1980s and for most of the 1990s each of the factors contributed to a thriving mergers and acquisitions M A market. At the turn of the twenty-first century these factors were not nearly as positive as both a weak domestic economy and a high-risk global economic and political environment reduced the willingness of investors particularly angel investors private equity groups and venture capitalists from committing capital. This unwillingness spilled over to the established private business transaction market and influenced both the demand and the timing of the interest in Frier. However in late 2002 several European firms expressed an interest in acquiring Frier. They each wanted a larger share of the . market and while several had a . presence they were not leading competitors to Frier in the . market. After indepth discussions with several potential acquirers the consulting team suggested that Frier request all interested parties to submit closed bids by a fixed date. Frier would then negotiate with the winning bidder. The winner was willing to pay Frier a 30 percent premium above its fair market value. In large measure this premium reflected the obvious synergies between the acquirer and Frier. .