One way to find the control premium is to look at the price paid above the unaffected share price Thus we look at historical premiums But there is another way to do this. You can actually find the premium indirectly Instead, you look for historical EV multiples So we look at a deal that happened in the past (let's say 6 months ago) And we look at the EV multiple of the target company on the deal date We then do that for a range of deals Find some kind of median EV multiple and then apply that to our target company I can then come up with the EV for my target company. Go up and over the bridge and imply a share price That share price divided by today's share price minus one would give me an implied premium So we can use the two method to come up with the share price premium Alternatively we could go in the other direction We could start with our historical premiums. Let's say persistent transactions have all been paying back 20% premiums Okay, so let's take that 20% and apply it to my target company share price So we put that up 20%, let's say that makes the equity value 20% higher We then go up and over the bridge and calculate an implied EV for my target company I then come up with an implied EV multiple for my company and now compare that to historical EV multiples for other deals So the two methods can be used to check each other Both of these must be at the time of the deal So the valuation metric is historical in both cases. Therefore it's really important that we get the most recent transactions Therefore those transactions and those premiums will be the most relevant for me If I looked at deals that were 10 years or 15 years old, that's completely different world and there are different drivers for premiums then