摘要：Unexpected takeover premiums could be due to the limitations of
traditional discounted cash flow models that do not take into account the
synergetic potential of the valued assets, which should be
acquired by another firm. The author offers a method to value a firm taking
into account potential value sitting outside the firm due to synergetic
potential. The magnitude of this value depends on the scale of potential
synergies, on the willingness of third parties to acquire the firm and the
post-acquisition use of the assets.
关键词：Financial Analysis; Asset Valuation Theory; Mathematical Finance; Synergies; Net Present Value; Probabilistic Model
