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 the context of public offers.
To this end, various members of APEI met in a working group (the “Working Group”) to discuss their perceptions and experience on the subject, as well as the difficulties encountered when carrying out independent valuation assignments, which are specifically intended to give an opinion on the fairness of a proposed price. In order to flesh out its analysis, the Working Group invited a panel representing certain stakeholders in takeover bids.
This report presents a summary of the Working Group’s reflections, as well as its conclusions expressed in the form of various recommendations.