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1、14of15DOCUMENTSMERGERS,ACQUISITIONS,ANDCORPORATERESTRUCTURINGSMay21,2011FIFTHEDITIONVALUATIONBYLINE:PATRICKA.GAUGHANSECTION:CHAPTER14;Pg.538LENGTH:31364wordsTheimportanceofasystematicvaluationprocessbecamemoreapparentforcorporateAmericaduringthefourthmergerwave,whenmanycompaniesfoundthemsel
2、vesthetargetsoffriendlyorunfriendlyoffers.Evencompaniesthathadnotbeentargetshadtodeterminetheirpropervalueintheeventthatsuchabidmightmaterialize.Toexerciseduediligence,theboardofdirectorsmustfullyandproperlyevaluateanofferandcomparethispricewithitsowninternalvaluationofthefirm.Theneedtoperf
3、ormthisevaluationasdiligentlyaspossiblewasemphasizedinthe1980bidfortheTransUnionCorporationbyJayPritzkerandtheMarmonCorporation.InSeptember1980,JeromeVanGorkom,chairmanandchiefexecutiveofficerofTransUnion,suggestedtoJayPritzkerthatPritzkermakea$55-a-sharemergerbidforTransUnion,whichwouldbem
4、ergedwiththeMarmonGroup,acompanycontrolledbyPritzker.VanGorkomcalledaboardofdirectorsmeetingonSeptember20,1980,onaone-daynotice.Mostofthedirectorshadnotbeenadvisedofthepurposeofthemeeting.Themeetingfeatureda20-minutepresentationonthePritzkerbidandthetermsoftheoffer.TheofferallowedTransUnion
5、toacceptcompetingbidsfor90days.Somedirectorsthoughtthatthe$55offerwouldbeconsideredonlythebeginningoftherangeofthevalueofthecompany.Afteratwo-hourdiscussion,thedirectorsagreedtothetermsoftheofferandamergeragreementwasexecuted.TheTransUniondirectorsweresuedbythestockholders,whoconsideredtheo
6、fferinadequate.ADelawarecourtfoundthatthedecisiontosellthecompanyfor$55wasnotaninformedbusinessjudgment:Thedirectors(1)didnotadequatelyinformthemselvesastoVanGorkom'sroleinforcingthe"sale"oftheCompanyandinthepersharepurchaseprice;(2)wereuninformedastotheintrinsicvalueoftheCompany;and(3)give
7、nthesecircumstances,ataminimum,weregrosslynegligentinapprovingthe"sale"oftheCompanyupontwohoursconsideration,withoutpriornotice,andwithouttheexigencyofacrisisoremergency.Thecourtwasalsoimpressedwithotherdeficienciesintheboardofdirectors'decision-makingpr
