Publications

APEI News

Valuations conducted in connection with fairness opinions issued in connection with public offerings in accordance with the AMF’s General Guidelines and the APEI’s best practices, in light of the international standards issued by the IVSC (“IVS 100 to 106”)

APEI member experts are involved in particular in valuation assignments related to financial transactions such as public offerings (OPA, OPAS, OPE, OPRO). As such, they are subject to the provisions…

APEI News

Collection of APEI publications on independent expertise

Update – May 2023 This compendium is the fruit of a decade of reflection on the mission of the independent expert, in which many members of our association have participated…

APEI News

APEI Annual General Meeting and 2021 Activity Report

APEI’s Annual General Meeting was held on 7 September 2022 in Paris. Read APEI’s 2021 activity report

Publications

Reflections on the fair price in the context of public offers

As part of its mission to promote the exchange of experience and the sharing of knowledge between its members, APEI wanted to look at the concept of fair price in…

Publications

The Naulot report: 10 years on

The report by the working group chaired by Jean-Michel Naulot, entitled ” Strengthening independent financial assessments in the context of takeover bids and mergers of listed companies ” (the “Naulot…

Publications

Business Plan” working group

This document is not a mandatory standard, but APEI’s opinion on good practice. According to the 2003 Naulot report, the Discounted Cash Flow (DCF) method represents a major advance in…

Publications

Working group: stock market comparables

Along with the DCF method, the market comparison method is the most widely applied method by independent valuers and appraisers in the context of takeover bids, but also generally in…

Publications

Interview with the Chairman of APEI – The Naulot Report

Interview with the President of APEI – Le Rapport Naulot : 10 ans après – Agefi, 24 July 2017 “Independent expertise is invaluable in securing regulated agreements”. Maurice Nussenbaum, Chairman…

Publications

The usefulness of the letter of representation for the independent expert: good practice, questions and answers and suggestions

Objectives of the note The Working Group has set itself the following objectives: Redefine in practical terms the principles and content of the letters of representation to APEI members for…

Publications

Invitations to tender for the selection of the independent expert

“Although there are various ways of choosing the independent expert to carry out assignments governed by the AMF General Regulation, selection by tender has long been one of the possible…

Publications

Checklist” end-of-assignment questionnaire

The end-of-assignment questionnaire is divided into several stages in the form of checkpoints: – Acceptance of the assignment – Preparing the work – File documentation – Finalising the works –…

Publications

Reflections on agreements and related operations

“(..)This memorandum was prompted by the observation that, in the structuring of takeover bids, agreements and, where they are in place, so-called “related transactions” are relatively frequent and have –…

Publications

The main criteria discarded in the context of public tenders

Valuations carried out as part of takeover bids are based on a multi-criteria approach, which means that only criteria deemed irrelevant to the case in question or redundant methods are…