Table 36 Implied Minority Interest Discount Transactions in the Mergerstat Industry Analysis reflect both financial and strategic acquisitions. Strategic acquisitions include a synergistic premium for such things as elimination of competition, economies of scale, reduction of expenses and purchasing power. In considering the comparison of this information to the subject company, it would be appropriate to eliminate the premiums associated with synergistic transactions that are naturally inflating the overall premium. There is a significant amount of information available on discounts for lack of control via case law and includes such cases as Estate of Kelley v. Commissioner, TC. Memo 2005‐235, Estate of Josephine Thompson, TC. Memo 2004‐174, Maggos v. Commissioner, TC. Memo 2000‐129, and others. The discounts for lack of control cited in these cases ranges from 12% to 25%.
