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Private Firm Valuation and M&A: Calculating Value and Estimating Discounts in the New Market Environment
A comprehensive guide to the changing face of valuation inprivate firm M&A transactions
Based on the author's extensive professional experience as wellas her rigorous academic research, this book describes a moresensible approach to using discounts in private company valuationsand provides readers with a deeper appreciation for the need toweigh a much broader range of influences on value in the M&Aprocess. Does the idiosyncrasy of family-owned business influencetransaction multiples? What of regional market differences anddiffering market environments over time? How do you estimate theinfluence of the subprime on the transaction process? With the helpof fascinating case studies drawn from an eclectic array of M&Atransactions, including a beauty contest, author Kerstin Dodelanswers those and other central questions about the M&Aprocess. Among other things, she vividly demonstrates that theultimate price paid in such a transaction reflects not only atarget company's unique characteristics, but the varyingmotivations and expectations of each of the participants within thecontext of a competitive M&A process.
Dodel has an extensive background in the profession and herresearch draws upon rigorous scholarship and her years of workingat Credit Suisse First Boston, Deutsche Bank, and other leadingglobal financial institutions
Emphasis is given to the post credit crunch environment, andresponding to regulators' increasing rejection of over-simplifiedprocedures for firm valuation