问题如下:
4. Taking into account the mean takeover premium on recent comparable takeovers, what would be the estimate of the fair acquisition price of High Tech based on the comparable company approach?
选项:
A.$35.22.
B.$40.83.
C.$41.29.
解释:
C is correct.
The price is $41.29.
The takeover premiums on three recent comparable takeovers are:
(28.00 – 24.90)/24.90 = 12.45%
(52.00 – 43.20)/43.20 = 20.37%
(34.50 – 29.00)/29.00 = 18.97%
Mean takeover premium = 17.26%
Using the comparable company approach, the stock price of High Tech if it is traded at the mean of the comparable company valuations is $35.21.
Considering the mean takeover premium, the estimated fair acquisition price for High Tech is 35.21 × 1.1726 = $41.29.
既然题目提供了标的公司的市场交易价格,理论上这就是当前公允价值,难道不比用比较法计算的价格准确?为什么不用当前市价,而要用估算的价格?我理解老师上课讲先估计标的的市价,是因为实际并购中,标的大部分是非上市公司,没有交易价格,只能用估计的价格。如果标的公司股票有交易价格,应该优先于估计价格使用。不知道是我哪里理解错了,还是这个题目就不应该给个当前股价。