- 56 -
$5,871.32 per share ($830,000,000/141,365.029 shares), or a
$947,871.32 value per class A voting share.26 (Dr. Spiro noted that
the value per vote he determined is very large because the voting
block rights are allocated among an extremely small number of class
A voting shares; thus, in his view, traditional valuation concepts,
as used by petitioner's experts, are not applicable to the
calculation of voting rights premium in this case.)
26 Dr. Spiro used the following calculation to arrive at
the $947,871.32 value:
Aggregate value of J.R. Simplot Co. -
freely traded, minority-interest basis $830,000,000
Aggregate value of J.R. Simplot Co. -
freely traded, minority interest basis
(excluding Micron Technology interest) 720,000,000
Value of voting rights associated with
23.55 percent interest in class A shares
Pro rata value of 23.55 percent
equity interest 169,560,000
Voting rights premium associated
with 23.55 percent voting block
interest 10%
Value of voting rights associated with
23.55 percent voting interest 16,956,000
Total number of class A shares at issue 18
Additional value per share of voting
rights associated with 23.55 percent
voting block interest 942,000.00
Total class A and class B common shares
outstanding 141,365.029
Pro rata value of class A and class B
shares (ignoring voting rights)
5,871.32
Value per class A share held in 23.55 percent
voting interest 947,871.32
Page: Previous 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 NextLast modified: May 25, 2011