Take out offers on ex-Rivaud: more points showing all the techniques used to reduce the valuation of Bolloré shares

How to not recognize the full value of a company!

My analysis of the second independent expert’s report continues. There are so many things to say that it acts as a full forensic on valuation and all the different ways which can be used to minimize valuation to justify the price offered by the initiator for the forced take out.

I hope to raise awareness on what is going on. If this goes through and you are a quoted holding in France well then it is in your interest to do take out offers when your share price is low as if this take out goes through it would validate the fact that share price is equal to fair value. And we all know that to determine fair value one can either use book value per share (and this remains extremely conservative) or if one wants to do a thorough analysis one should determine NAV (Net Asset value) by estimating the fair value (using mutliples, comparables) of each asset/holding which are held by the company.