Thomas Hachette gave a presentation to members of the DCF Club on the independent valuations carried out in connection with public offers.
In the context of public takeover bids for shares in listed companies, economic and financial analyses are carried out by the lead underwriter and by an independent expert, and these are made public. A great deal of information can be gleaned from these analyses, which help to ensure that all shareholders are well informed so that they can then decide whether or not to tender their shares to the offer, or even to oppose it, sometimes through legal proceedings.
Thomas presented findings from the SORGEM Observatory on fairness reports, available on the SORGEM Evaluation website (https://sorgem.com/observatoire-sorgem-des-attestations-d-equite/).
He outlined the context of independent valuations and the associated obligations, before analysing some notable cases that have sparked debate.
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