When fair value of stock is in dispute, parties’ arguments on value often significantly deviate. In many cases such as appraisal petition procedures by squeezed-out shareholders or shareholders of restricted shares, or private negotiation on transaction of shares among joint-venture partners, valuation experts are retained by parties or court but their valuation opinions are exposed to critique from other side parties or the court on various issues including assumptions, procedures, methodologies, and inputs. This requires experts to establish the robust valuation framework to withstand the criticism while making it easily understandable and persuasive to the court. Our experts have experience of serving as expert for valuing ordinary and class shares, complex derivative products, etc. in number of appraisal dispute and arbitration cases.

Our experts’ case examples

  • Expert reports in various stock purchase price determination procedures under the Company Act, including Intelligence, Tecmo, and Toho Real Estate cases
  • Expert report on fair value of stock of a resort operation company in price determination procedure, retained by the Sapporo High Court
  • Expert consulting work on the fair value of shares invested by a government-owned financial institution in a procedure at the Tokyo District Court
  • Expert advisory to the management of a Japanese machinery manufacturer in its negotiation of share purchase from its overseas joint-venture partner
  • Expert report on the value of class shares issued by an European investment bank in a procedure at the Tokyo District Court
  • Expert advisory work for a government-owned financial institution in its negotiation with the overseas joint-venture partner
  • Expert report on the fair value of a foreign exchange derivative product sold by an European security firm in a litigation at the Tokyo District Court