The percentage premium paid is another useful valuation methodology that you can get from your transaction comps Why particularly is it useful? Well it's useful when the market is in flux So for instance, if we go back to a recessionary period Share prices have dropped through the floor, no one is going to pay the same multiple of profits If you did pay that same multiple on a very low share price, then you would be getting premiums paid of 100s of percent It's just not going to be done! So premiums paid can help you with reality, what are people actually willing to pay right now in excess of the stand alone share price So we start with the unaffected share price of Tumi I can get that from the Tumi 1 tab Closing price 19.8 and I'll lock that, copy it to the right What I now need to do, is I now need to find my percentage premium We go to our transaction comps tab And I'm going to look at two in particular, I'm going to look at Essilor buying Costa and PVH buying Warnaco If we go, we can have a look at the one month premiums there And it ranged from 24% to 34%. We won't be including the top one because that's Samsonite actually buying Tumi So with the benefit of hindsight, we can see what happened in the Tumi deal So PVH are actually paying 24% to 34% in excess of stand alone valuations 24% and 24%. That enabled me to come up with another implied share price I take the 19.8, multiply it by the one plus the 24% and that gets me implied share prices between 24.55 and 26.53