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白泽 · 2024年05月03日

解决法律问题一般也是controlling股东考虑的吧?我觉得也会有控股溢价

NO.PZ2023032701000123

问题如下:

Ulrich Schwalke, a new analyst at a private equity firm, specializes in buying and restructuring private companies to be taken public within five years. Previously experienced in valuing public firms, Schwalke consults a former classmate, who works as an associate focused on private company valuations in order to resolve legal disputes. During the meeting, they discuss how their approaches to private company valuation vary given the different uses of their analysis. Which of the following best characterizes how Schwalke’s approach differs from that of his former classmate?

选项:

A.

Schwalke usually incorporates a DLOM

B.

Schwalke usually adjusts the investment value as a minority interest

C.

Schwalke’s approach usually considers a synergistic control premium

解释:

C is Correct. As Schwalke’s firm specializes in buying and restructuring private companies to be taken public, as a strategic buyer it will consider a control premium. Choices A and B are inconsistent with his firm’s strategy of controlling and restructuring companies over a five-year period.

No.PZ2023032701000123 (选择题)

来源: 经典题

Ulrich Schwalke, a new analyst at a private equity firm, specializes in buying and restructuring private companies to be taken public within five years. Previously experienced in valuing public firms, Schwalke consults a former classmate, who works as an associate focused on private company valuations in order to resolve legal disputes. During the meeting, they discuss how their approaches to private company valuation vary given the different uses of their analysis. Which of the following best characterizes how Schwalke’s approach differs from that of his former classmate?

您的回答A, 正确答案是: C

A

不正确Schwalke usually incorporates a DLOM

B

Schwalke usually adjusts the investment value as a minority interest

C

Schwalke’s approach usually considers a synergistic control premium


解决法律问题一般也是controlling股东考虑的吧?我觉得也会有控股溢价

1 个答案
已采纳答案

王园圆_品职助教 · 2024年05月03日

同学你好,你认为律师解决法律问题是控股股东才考虑的,这个认为的来源是哪里来的呢?小股东就不关心公司的法律问题了吗?

助教从来没有见到讲义有给过类似的结论呢

本题是老师上课讲过的原题,请看以下基础班讲义截图对应的知识点和题目

题目问的是Ulrich这个专注于买入非上市公司并购重组并在5年内上市的同学;和,他以前的同学——也是专注于非上市公司估值从而解决法律问题;两个人估值角度的不同点是什么

既然都是针对非上市公式的,那都会考虑DLOM,A就不是两者的差异了,肯定不能选A

只有C,既然Ulrich是专注于买入并帮公司上市以及重组,那就会肯定会深度参与公司经营(都重组了,肯定参与公司经营并会持续帮助公司做大做强了;但是律师总没有义务帮公司做大做强做上市吧?)就需要考虑strategic control premium了。

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