Performance of Valuation Methods in Financial Transactions. Группа авторов

      117  110

      118  111

      119  112

      120  113

      121  114

      122  115

      123  116

      124  117

      125  118

      126  119

      127  120

      128  121

      129  122

      130  123

      131  124

      132  125

      133  126

      134  127

      135  128

      136  129

      137  130

      138  131

      139  132

      140  133

      141  134

      142  135

      143  136

      144  137

      145  138

      146  139

      147  140

      148 141

      149  142

      150  143

      151  144

      152  145

      153  146

      154  147

      155  148

      156  149

      157  150

      158  151

      159  152

      160  153

      161  154

      162  155

      163  156

      164  157

      165  158

      166  159

      167  160

      168  161

      169  162

      170  163

      171  164

      172  165

      173  166

      174  167

      175  169

      176  170

      177  171

      178 172

      179 173

      180 174

      181 175

      182 176

      183 177

      184  179

      185 180

      186  181

      187  182

      188  183

      189  184

      190  185

      191  186

      192  187

      193  188

      194  189

      195  190

      196  191

      197  192

      198  193

      199  194

      200  195

Modern Finance, Management Innovation and Economic Growth Set

      coordinated by

      Faten Ben Bouheni

      Volume 4

      Performance of Valuation Methods in Financial Transactions

      David Heller

First published 2021 in Great Britain and the United States by ISTE Ltd and John Wiley & Sons, Inc.

      Apart from any fair dealing for the purposes of research or private study, or criticism or review, as permitted under the Copyright, Designs and Patents Act 1988, this publication may only be reproduced, stored or transmitted, in any form or by any means, with the prior permission in writing of the publishers, or in the case of reprographic reproduction in accordance with the terms and licenses issued by the CLA. Enquiries concerning reproduction outside these terms should be sent to the publishers at the undermentioned address:

      ISTE Ltd

      27-37 St George’s Road

      London SW19 4EU

      UK

       www.iste.co.uk

      John Wiley & Sons, Inc

      111 River Street

      Hoboken, NJ 07030

      USA

       www.wiley.com

      © ISTE Ltd 2021

      The rights of David Heller to be identified as the author of this work have been asserted by him in accordance with the Copyright, Designs and Patents Act 1988.

      Library of Congress Control Number: 2020951018

      British Library Cataloguing-in-Publication Data

      A CIP record for this book is available from the British Library

      ISBN 978-1-78630-636-4

      Introduction

      In France, public tender offers, public exchange offers and combined offers are all processes of acquisition. The governing regulations of the Autorité des marchés financiers (AMF) guide how these public offers are carried out. Before they are launched, the initiator, with the help of their advisory bank, undertakes a process of analysis, with the main objective of determining the financial capacity of the business, in order to reach an offer price that will be proposed to the security holders of the company under evaluation. As underlined by Bellalah (1998), the shareholder will only divest their shares to the initiator of the offer if they consider the price proposed to be satisfactory. Therefore, the market capitalization of the target company is not enough to constitute