Private Firm Valuation and M&A (PDF)

A comprehensive guide to the changing face of valuation in
private firm M&A transactions

Based on the author's extensive professional experience as well
as her rigorous academic research, this book describes a more
sensible approach to using discounts in private company valuations
and provides readers with a deeper appreciation for the need to
weigh a much broader range of influences on value in the M&A
process. Does the idiosyncrasy of family-owned business influence
transaction multiples? What of regional market differences and
differing market environments over time? How do you estimate the
influence of the subprime on the transaction process? With the help
of fascinating case studies drawn from an eclectic array of M&A
transactions, including a beauty contest, author Kerstin Dodel
answers those and other central questions about the M&A
process. Among other things, she vividly demonstrates that the
ultimate price paid in such a transaction reflects not only a
target company's unique characteristics, but the varying
motivations and expectations of each of the participants within the
context of a competitive M&A process.

* Dodel has an extensive background in the profession and her
research draws upon rigorous scholarship and her years of working
at Credit Suisse First Boston, Deutsche Bank, and other leading
global financial institutions

* Emphasis is given to the post credit crunch environment, and
responding to regulators' increasing rejection of over-simplified
procedures for firm valuation