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Our Cases

Valuation of a minority interest

Engagement

To provide a second opinion on a third party valuation of the firm and its subsidiary, acting for and on behalf of two shareholders of an engineering firm active in energy-related projects and challenges.

Background

The firm has three shareholders, with one shareholder having a dispute with the other two. The one shareholder has meanwhile ceased to work for the firm and wishes to sell his one third of outstanding shares to the other two (remaining) shareholders.

Customer's dilemma

The shareholders could not agree on the price of these shares and went to court. The court appointed three professional appraisers (one appointed by each party and one independent) to establish the price of the shares in accordance with the articles of association of the firm.

Our contribution

We acted on behalf of the two (remaining) shareholders and provided a second opinion on the valuation prepared by the court-appointed appraisers.

The result

We managed to reduce the valuation, leading to a lower purchase price for our clients, mainly on the basis of arguments relating to required future investments to be made by the firm.