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Modern Finance, Management Innovation and Economic Growth Set
coordinated by
Faten Ben Bouheni
Volume 4
Performance of Valuation Methods in Financial Transactions
David Heller
First published 2021 in Great Britain and the United States by ISTE Ltd and John Wiley & Sons, Inc.
Apart from any fair dealing for the purposes of research or private study, or criticism or review, as permitted under the Copyright, Designs and Patents Act 1988, this publication may only be reproduced, stored or transmitted, in any form or by any means, with the prior permission in writing of the publishers, or in the case of reprographic reproduction in accordance with the terms and licenses issued by the CLA. Enquiries concerning reproduction outside these terms should be sent to the publishers at the undermentioned address:
ISTE Ltd
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UK
John Wiley & Sons, Inc
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© ISTE Ltd 2021
The rights of David Heller to be identified as the author of this work have been asserted by him in accordance with the Copyright, Designs and Patents Act 1988.
Library of Congress Control Number: 2020951018
British Library Cataloguing-in-Publication Data
A CIP record for this book is available from the British Library
ISBN 978-1-78630-636-4
Introduction
In France, public tender offers, public exchange offers and combined offers are all processes of acquisition. The governing regulations of the Autorité des marchés financiers (AMF) guide how these public offers are carried out. Before they are launched, the initiator, with the help of their advisory bank, undertakes a process of analysis, with the main objective of determining the financial capacity of the business, in order to reach an offer price that will be proposed to the security holders of the company under evaluation. As underlined by Bellalah (1998), the shareholder will only divest their shares to the initiator of the offer if they consider the price proposed to be satisfactory. Therefore, the market capitalization of the target company is not enough to constitute