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limited to thrifts comparable in size to Peoples. The emphasis
on thrifts, rather than banks, is in accordance with our finding
that Peoples, while legally chartered as a bank, more closely
resembled a thrift in its operations.
As discussed supra, the guideline company data used by Mr.
Fuller was based on publicly traded minority interests; Mr.
Magee, in contrast, used two groups of guideline companies, one
based on mergers and acquisitions of private companies, the other
based on publicly traded minority interests like that used by Mr.
Fuller. Mr. Magee looked at both minority and control
transactions because he conceded that the estate shares had
effective control.
To examine thrift pricing on a control basis, Mr. Magee
selected six thrifts (the control group) meeting the following
criteria: (1) Thrifts that sold in the Midwest, (2) return on
average assets greater than 1 percent, (3) total assets less than
$100 million, and (4) transactions that were pending or completed
between January 1 and December 31, 1992. In order to examine
thrift pricing on a minority basis, Mr. Magee selected 10 thrifts
(the minority group) meeting the following criteria: (1) Thrift
organizations in the United States, (2) total assets less than
$150 million, (3) not subject to announced or rumored
acquisition, and (4) publicly traded securities as evidenced by
listing on a major exchange [or trading market].
3. Comparison of the Experts' Reports
In performing their analyses under the guideline method,
Messrs. Fuller and Magee both focused on the same three ratios:
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