Companies
planning acquisitions must
realistically estimate the value of their target companies, in order to avoid the "winner's curse":
financial loss
associated with
overstated valuations. Increasingly,
acquiring companies are turning away from expensive merger and acquisition advisory services provided by investment bankers and public accounting firms, and are bringing this activity in-house. Other companies, while still using outside services, are evaluating those services far more rigorously. This book presents specific techniques and solutions that address the key challenges of valuation, helping any financial professional make more accurate valuations. The authors introduce and illustrate both traditional and alternative valuation models, reviewing key accounting dilemmas in valuation analysis. They present detailed coverage of financial reporting and tax considerations, and walk through several case studies, including Eli Lilly, Quaker Oats, and Air Products and Chemicals. Many key points are illuminated with actual data from recent Nokia acquisitions..
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