Mergers & Acquisitions



Evaluations & Economic Analyses

     Our clients often require evaluations or economic analyses of proposed or existing transactions, business, product lines, acquisitions, securities, tangible or intangible assets or alternative courses of action. Situations in which evaluations are sometimes needed:
  • financial reporting
  • potential investment investigations
  • analysis of acquisition offers
  • estate planning/company repurchase plan funding
  • damages and other litigations
  • "fairness" opinions regarding transactions, often involving publicly-held securities
  • assistance to fiduciaries
  • tax purposes (gift, estate, etc.)
  • ESOP transactions/annual evaluations
  • recapitalizations
  • corporate stock repurchases
  • property settlements
  • minority shareholder dealings
  • discount and premiums on blocks of publicly-held securities
  • going private transactions
  • purchase price allocation
     Our staff has extensive experience in numerous types of evaluations, including sophisticated damage analyses in class action lawsuits. We have compiled an excellent record in defending our opinions in litigation situations. Many assignments include expert witness services. The first step in preparing an evaluation or economic analysis is to review the subject of our analysis and the context and use of our work with the client and/or his/her professional advisors. In order to select the proper scope and appropriate evaluation technique or method, or combination of methods, we obtain comprehensive information on the subject and its operating and financial environments. We then prepare our primary analysis, testing the conclusion against all possible alternative methods to ensure reasonableness and defensibility. 
     Our activity in financing and merger/acquisition marketplace keeps us in touch with real market values; we avoid strictly theoretical approaches or results not groumded in reality. Moreover, our experience and considerable work in business plan preparation and review is helpful in evaluating and preparing the underlying operational data on which an evaluation must be based.