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Abstract

Valuation for M&A and other transactions is peculiar topic. Quite often it's the business valuation translated into compensation that causes the discontent of the leaving shareholders and it is the valuation analysis that is opposed and becomes a subject of litigation at court. The value drivers like earnings, profit margin or discount rate are usually discussed. Another important variable - the valuation date - may stay unchallenged. Even though it may seem rather a technical matter only, the task to choose a proper valuation date is a cornerstone of every valuation analysis. The facts presented in this paper suggests that the choice of the valuation date is not solely formal, legal issue, but it obviously has a material impact to the rights of individuals, i.e. owners of companies, and also to the financial statements of the companies involved. It is therefore not correct to talk about the well known value drives and leave the valuation date in the background. In fact, it's exactly the opposite - the date of valuation determines the value drivers, and also fixes the premises and circumstances, regardless of whether the appraiser decides to use valuation models based on market comparison, DCF or asset-based models.
Procedia Economics and Finance 25 ( 2015 ) 106 – 115
2212-5671 © 2015 The Authors. Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license
(http://creativecommons.org/licenses/by-nc-nd/4.0/).
Peer-review under responsibility of University of Economics, Prague, Faculty of Finance and Accounting
doi: 10.1016/S2212-5671(15)00718-2
ScienceDirect
Available online at www.sciencedirect.com
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© 2015 The Authors. Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license
(http://creativecommons.org/licenses/by-nc-nd/4.0/).
Peer
-review under responsibility of University of Economics, Prague, Faculty of Finance and Accounting
107
Jiří Pospíšil / Procedia Economics and Finance 25 ( 2015 ) 106 – 115
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n or "knowable" as of that time and nothing else.
This is true even if the analyst knows that events that transpired since then would have a material impact on the
value. Even if events that transpired since then have revealed a condition that may have existed before the valuation
date, if the condition was not known or suspected as of the valuation date, then it is not normally taken into
consideration in the valuation. The hypothetical buyer and seller are expected to be reasonably well informed of
prevailing conditions but not clairvoyant." (Reilly - Schweihs; 2000, p.228)
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"The successor company, pursuant to § 150 par. 2 Act on Transformations, is obliged to redeem the shares at a
price commensurate t
o their value stated by an expert opinion. Fulfilling the requirement of adequacy should not
cause difficulties to experts, however, this adequacy required by the law is wrongly appended to the value of shares
in the
successor company. Compensation should, however, be proportionate to the value of the shares of the
acquired company prior to the merger, not to the value of the successor. For example, if the merger results in the
company going private (i.e. listed shares are exchanged for unlisted shares), it is unreasonable to derive the
compensation from the value of unlisted shares which the dissenting shareholder refuses. The value of these unlisted
shares is, by definition, reduced as a result of reduced marketability and thus significantly lower liquidity" (Donné,
2009)
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109
Jiří Pospíšil / Procedia Economics and Finance 25 ( 2015 ) 106 – 115
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110 Jiří Pospíšil / Procedia Economics and Finance 25 ( 2015 ) 106 – 115
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cea
ses. A majority's oppressive conduct should not negate this basic shareholder right to participate in changes in
the company's overall worth. From this perspective, the value of a plaintiff minority's shares is properly affected by
changes in a company's value - even changes that occur after oppressive conduct has transpired- for as long as the
minority remains a shareholder." (Moll, 2004, p. 371-372)
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111
Jiří Pospíšil / Procedia Economics and Finance 25 ( 2015 ) 106 – 115
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"(...) no one will ever know with certainty what would have happened because the majority oppressively denied
the mi
nority an opportunity to participate. Because this uncertainty stems from the majority's conduct, it is
appropriate to resolve the uncertainty against the majority's interests." (Moll, 2004, p. 377)
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hether it be in a dissenters' rights case or an oppressed shareholder
case (or any valuation case), is significant. This is because only those facts known or knowable on the valuation
date should be considered. Simply stated, An investor's required return and the amount of available benefits
usually is estimated at a single point in time. Also, the estimate of value is based solely on the information that is
discernible and predictable at the valuation date." (Reilly - Schweihs; 2000, p.291)
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112 Jiří Pospíšil / Procedia Economics and Finance 25 ( 2015 ) 106 – 115
"In the case of mandatory takeover bid, the valuation dat
e is the day which precedes the day on which a trade
was made. In the case of a public contract proposal valuation date is the day which precedes the day of the
meeting on which it was decided to proceed with the transaction project. (…) This concept is not applicable on
squeeze-out transactions due to the fact that in that case it is the exercising of the right of the majority
shareholder rather that fulfilling the obligation imposed by law. (...) Valuation Date in the case of squeeze-outs
(…) must not significantly precede the date of filing an application for prior approval of the Czech National
Bank. Ideally, the valuation should be done on the day the ownership is transferred to the majority shareholder
which, however, is not feasible because of the requirement of a prior approval of the Czech National Bank and at
the time of application for Czech National Bank’s approval the date of the ownership transfer is not known.
Therefore it is expected that there will be a certain delay between the valuation date and the date of the
ownership transfer – this delay needs to be minimized. In particular, this means to take into account the most
recent financial and operational data for the valuation. Should there be any regular or interim financial
statements published after the valuation day but before the date of submission of the request for approval at the
Czech National Bank, the valuation should be reviewed and the valuation date updated in order to reflect the
most accurate date.ýeská Národní Banka, 2010, p. 9)
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113
Jiří Pospíšil / Procedia Economics and Finance 25 ( 2015 ) 106 – 115
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"Valuation difference on acquired assets
is positive (active) or negative (passive) difference between the
valuation of a business or business division acquired mainly by purchase, investor’s deposit or by merger and the
sum of its net assets (i.e. assets decreased by liabilities) valued at the historical prices coming from the accounting"
(Vyhláška 500/2002 Sb.)
"Goodwill
is positive (active) or negative (passive) difference between the valuation of a business or business
division acquired mainly by purchase, investor’s deposit or by merger and the sum of its net assets (i.e. assets
decreased by liabilities) valued at current prices coming from the up-to-date valuation report." (Vyhláška 500/2002
Sb.)
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"Revaluation differences in transf
ormation of companies
includes differences between the valuation of assets and
liabilities in the accounts of the company being acquired (...) and the value of assets and liabilities valued in the
transformation of a company according to the Act 125/2008 Coll. of the balance sheet date for valuation. For the
purposes of this Act the balance sheet date for valuation means a day on which the final accounts used for the
valuation of assets and liabilities by an expert were prepared." (Vyhláška 500/2002 Sb.)
"Differences of transformation of companies
includes differences arising from balance sheet operations such as
eliminating the reciprocal receivables and payables or any other modifications required by the law, for example,
excluding specific assets and liabilities, which cannot be recognized in the financial statements of the successor
company under the current legislation." (Vyhláška 500/2002 Sb.)
"Differences in valuation for transformation
includes valuation differences related to the increase or decrease in
the assets or liabilities recognized in the financial statements prepared for the project of the transformation in the
period of the balance sheet date and the day when the transformation is registered in the Commercial Register."
(Vyhláška 500/2002 Sb.)
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114 Jiří Pospíšil / Procedia Economics and Finance 25 ( 2015 ) 106 – 115
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... Tahapan ini juga merupakan tahapan dimana pembeli dan penjual menyamakan persepsi mengenai perusahaan target yang akan diakuisisi. Pospisil (2015) mengemukakan bahwa selain pendapatan, margin keuntungan, dan suku bunga diskonto, hal lain yang paling krusial adalah tanggal valuasi. Tanggal valuasi ini menentukan nilai proyeksi dan berhubungan dengan nilai valuasi. ...
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The aim of this research is to study the various valuation methods in merger and acquisition transaction. Valuation is the most important part of a merger and acquisition deal. The seller always expects the highest value, however the buyer will expect to have a reasonable value of the target. It is important both parties agree and understand the basic views. The research will be focused on the most important variables and the valuation process of each method. The research will provide advantages and disadvantages of each method. The research also stated 3 important points in valuation, which are scarcity, regulation and time of valuation.Kata Kunci : Akuisisi, Merger, Nilai Perusahaan, Valuasi JEL Clarification Code : G32, G33, G34
... According to Czech national regulation, the revaluation of net assets may occur in the case of business acquisition (asset deal) or the company transformation if the acquirer uses the net assets acquired to increase its registered capital and issues new shares. These are the only requirements for performing valuation of net assets transferred from one entity to another (Skálová 2015, Pospíšil 2015. Note the use of the word "transferred" instead of "acquired" as these transactions may constitute for example a merger of wholly owned subsidiary to its parent company rather than an actual acquisition between independent parties. ...
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The paper analyses the company transformations which represent a specific group of mergers and acquisitions which took place in the Czech Republic in 2013. Based on the statistical sample containing detail data of 115 transformations, we analyzed important aspects of company transformations (M&A) such as accounting method applied, method of net asset valuation and the ownership structure of the participating companies. The research indicates that current regulation of accounting for company transformations in the Czech Republic (and possibly other Central and Eastern European countries) fails to respond to the fact that majority (96 %) of company transformations (M&A) which took place in 2013 in the Czech Republic were in fact corporate holdings reorganizations rather than business combinations as defined by IFRS 3. The option to increase the equity of the successor company from the excess of fair-value over the historical prices during the transformation leads to severe distortion in faithful representation of the financial position of the successor company. Based on these findings, we identify the main risks for the external users of financial statements and suggest potential ways of revision of Czech regulation for company transformations accounting.
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The aim of this article was to examine the bond of the national regulation of accounting for mergers in the Czech Republic and Poland to the theoretical methods of accounting for business combinations and to compare the national regulations assuming finding potential clashes. Our assumption was that since Poland’s capital market is more advanced than Czech’s capital market, the regulation for mergers and the accounting for this type of transactions will also be more advanced; but at the same time, since both national regulations arose from the same geopolitical background and embodies the same directives of the European Union, therefore, we assumed that the basic concepts of accounting for mergers will be very much alike. Both assumptions proved to be correct. We found that the differences between Czech national regulation and Polish national regulations are many, but the similarities are greater. Both regulations aspire to some extent to the IAS/IFRS regulation of merger accounting as well as to the theoretical concepts of merger accounting and its methods. We found that Czech national regulation is a bit behind with its convergence to the IAS/IFRS which is in our opinion cause by the reluctance of the Czech national legislation to embrace the comprehensive and coherent method-based approach over the strict legal regulation.
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