I conducted a program on Controversial Case Studiess in Valuation for the ICAI Program on Valuation. I took the participants through the various issues in valuation and where controversies may arise. I took examples like the Airtel-Zain buy out, TATA’s acquisition of Jaguar Land Rover, Reliance Media Works Vs. INOX and also the purchase by ICICI Bank of Rajasthan.
The audience analyzed the issues and we summed up our learning on a powerPoint.
I tried to bring out issues like having a price bandwidth rather than a single value. We also arrived at the conclusion that beyond the tangible and intangible assets being acquired, every “deal” has an Opportunity value that is sometimes perceived by others but is always seen by the buyer. That is why prices can and do differ within an extreme range.
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