Aswath Damodaran, Professor of Finance at Stern School of Business, New York University
Kenneth Woo, Regional Research Manager, FactSet Mergerstat
Anna Berthelius, European Mergers and Acquisitions Research Analyst, FactSet Mergerstat
Telephone Dial-In Audio Conference
Thursday, August 24, 2006
10:00am-11:40am PDT/11:00am-12:40pm MDT/12:00pm-1:40pm CDT/1:00pm-2:40pm EDT
Presented by Business Valuation Resources, LLC
Earn TWO INTERACTIVE CPE credits for participating in this conference
PRICE: $249.00 for a single dial-in connection. Use your conference room and the whole office can listen in. Two CPE credits are available for each additional listener sharing the same phone connection - only $49.00 per person.
Why Should you Attend?
Aswath Damodaran, a nationally recognized expert on Control Premia, shares his insight into determining the value of control. His seminal work in this area has helped dispel the notion of the “20-30% control premium” rule of thumb. During this teleconference, Professor Damodaran will present key aspects of his research and work with Wall Street Firms.
Kenneth Woo and Anna Berthelius will provide an overview of the Mergerstat Control Premium Study (CPS) and present answers to seven common questions concerning CPS' scope of capabilities. As always, this interactive session offers listeners the chance to ask questions directly to the panel of experts.
- Understand the most critical factors that affect Control Premia analyses
- Learn different methods that are used to determine Control Premia
- Understand the most relevant aspects of the Mergerstat Control Premium Study
- Learn how to most effectively use the Control Premium Study in your valuation work
Slide Presentation by Aswath Damodaran on The Value of Control: Some General Propositions
- Why Control Matters
- What is the Value of Control
- The Value of Gaining Control
- Proposition 1: The Value of Control is not 20%
- Proposition 2: To Make the Control Premium Real, You Have to Act
- Proposition 3: Whether You Add a Control Premium to a Valuation Will Depend on How the Valuation is Done
- Proposition 4: The Premium Paid in Public Acquisitions is Not a Control Premium
- Computing the Premium Can Be Tricky
- Attributing Motive to Premiums is Difficult to Do
- Acquirers are Not a Random Sample
Kenneth Woo and Anna Berthelius discuss Mergerstat's Control Premium Study's capabilities and applications and give answers to seven common questions concerning CPS, such as:
- Describe the proper use of the Mergerstat Control Premium—how should it be selected for a given engagement?
- It seems the unaffected price plays a very large role in calculating the control premium—can you elaborate on how it is determined and is there a methodology anyone can replicate?
- How does Mergerstat determine the four transaction types?
- What is the source of the information in the Control Premium Study?
Audience Q & A Session
Aswath Damodaran is Professor of Finance at Stern School of Business, New York University. Before coming to Stern, he also lectured in Finance at the University of California, Berkeley.
Recently promoted to the role of Regional Research Manager, Kenneth is responsible for leading the North American research group in their work displaying trends and financial information relating to transactions in the M&A marketplace. His background began as a Research Analyst at FactSet Mergerstat where he focused on transactions in the U.S. region. He was shortly promoted to the role of Senior Research Analyst, at which he served in a supervisory role in the creation and standardization of global M&A research in 2003. In addition, Kenneth conducted a study which illustrated control premiums paid for public companies across leading industries. In 2005, Kenneth took an active role in the development of content focusing on transactions in the private equity marketplace.
Kenneth Woo received his B.A. in Business Administration with an emphasis in the field of finance from Loyola Marymount University, graduating with honors.
Anna Berthelius has worked as a European Mergers and Acquisitions Research Analyst at FactSet Mergerstat since 2003. She specializes in analyzing mergers and acquisitions in Sweden, Denmark, Norway, Finland, and Greece. In addition, she provides quantitative trend analysis on the European M&A market for FactSet Mergerstat's publication Flashwire Monthly, which reaches a wide audience of investment bankers, management consultants, M&A lawyers, and business valuations professionals in the U.S. and abroad.
Since December 2004, Anna has been in charge of producing the quantitative research reports contained in the quarterly FactSet Mergerstat Control Premium publication.
Anna received a Bachelor of Science in Business Administration at the University of San Francisco's McLaren School of Business and Management in 2003.
CPE Credit Information:
2 Interactive CPE Credits (Consulting Services)
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Please note: To receive CPE credit, you must fill out the post conference survey. The survey link is e-mailed to participants along with the dial-in number and registration code, normally sent two or more days prior to the conference. CPE credit only registrants will be sent the survey link via e-mail.
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