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	<title>Transactions Blog &#187; SPA</title>
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	<description>Our experts'comments on Mergers and Acquisitions</description>
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		<title>The Locked Box: a completion mechanism that can drive certainty and value</title>
		<link>http://www.pwcblogs.be/transactions/2009/10/the-locked-box-a-completion-mechanism-that-can-drive-certainty-and-value/</link>
		<comments>http://www.pwcblogs.be/transactions/2009/10/the-locked-box-a-completion-mechanism-that-can-drive-certainty-and-value/#comments</comments>
		<pubDate>Mon, 26 Oct 2009 17:08:44 +0000</pubDate>
		<dc:creator>Lieven Adams</dc:creator>
				<category><![CDATA[News]]></category>
		<category><![CDATA[deal valuation]]></category>
		<category><![CDATA[equity value]]></category>
		<category><![CDATA[Locked Box]]></category>
		<category><![CDATA[SPA]]></category>
		<category><![CDATA[Transaction price mechanism]]></category>

		<guid isPermaLink="false">http://www.pwcblogs.be/transactions/?p=412</guid>
		<description><![CDATA[In deals, Buyers will in a lot of cases drive their target business valuation off a maintainable level of EBITDA.  As the term suggests, EBITDA is calculated ‘before any cost related to the financial structuring of the target business’.
Therefore any debt and/or cash freely available in the business results in an adjustment of the Buyer’s [...]]]></description>
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		<title>Vendor due diligence as instrument for a maximised sales price and a smooth sales process</title>
		<link>http://www.pwcblogs.be/transactions/2009/04/vendor-due-diligence-as-instrument-for-a-maximised-sales-price-and-a-smooth-sales-process/</link>
		<comments>http://www.pwcblogs.be/transactions/2009/04/vendor-due-diligence-as-instrument-for-a-maximised-sales-price-and-a-smooth-sales-process/#comments</comments>
		<pubDate>Fri, 24 Apr 2009 12:08:15 +0000</pubDate>
		<dc:creator>Christophe Rapoye</dc:creator>
				<category><![CDATA[News]]></category>
		<category><![CDATA[auction process]]></category>
		<category><![CDATA[disposal]]></category>
		<category><![CDATA[M&A]]></category>
		<category><![CDATA[SPA]]></category>
		<category><![CDATA[vendor due diligence]]></category>

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		<description><![CDATA[In case of business disposals, vendors want to maximise the sales price, while at the same time keeping the sales process as efficient as possible.  Experience has shown, however, that lack of preparation, insufficient regard for business performance during the disposal process and poor process management are among the factors in a divestment process that [...]]]></description>
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