To calculate your control premium, you need to come up with a universe of president transactions Or companies that you think are going to be useful to compare to your company We do need to look at the qualitative aspects of these deals in order to work out if they're actually going to useful when looking at our deal Thus every deal is different, so the qualitative aspects are extremely important Let's look at some different characteristics Firstly, how much competitive tension was there in a president transaction? If it was very high i.e there was lots of bidders Then you're going to have a higher premium Is that also the case in your deal? Maybe, there aren't very many bidders, so there's going to be a low premium We need to be careful, maybe that president transaction isn't as useful to you What about the scarcity of assets? Maybe you're looking at a deal that involve very scarce assets such as Rare earth minerals? Maybe they've got an extremely strong brand that no one can compete with? Maybe intellectual property The scarcer those assets, the higher premium has to be paid And lastly, what about the value of synergies? If the value of synergies is very high, then a high premium will be paid Therefore o be careful when looking at this president transactions and coming up with your control premium Are they relevant for your deal