In this context, we issue an independent fairness opinion in the context of public offers (takeover bids, public exchange offers, public stock buyback offers) covered by the AMF General Regulations (Article 261-1 I and II), and private transactions.
We also act as experts in determining the valuation method for debt securities subscribed by mutual funds, in accordance with article R3332-27 of the French Labor Code.
We are members of the Association Professionnelle des Experts Indépendants (APEI) and members of the Société Française des Évaluateurs (SFEV).
Agnès Piniot, partner and President of Ledouble, is also President of the APEI.
Our expertise allows us to intervene in a wide variety of contexts and in all sectors of activity.
Our technical skills
Fairness opinion for public offers approved by the General Regulations of the AMF (listed companies)
Independent experts for share buyback programmes by unlisted companies (article L225-209-2 of the French Code of Commerce)
Consultancy services to independent members of the board of directors (transactions involving significant assets, internal reorganisations, head office transfers, etc.)
Consultancy services for transactions (divestitures and asset transfers), tax (wealth tax, fair value computation for the needs of exchange ratios) and accounting (stress tests, asset depreciation)
Valuation of intangible assets (brands, patents, know-how, etc.)
Valuation of profit-sharing instruments (preference shares, free shares, BSPCE (business creators’ share options), etc.) as part of management packages and hybrid financial instruments (convertible bonds, bonds redeemable for shares, shares with warrants attached, etc.)
Determination of the method of valuation of debt instruments acquired by company investment funds (article R3332-27 of the French Labour Code)