TechniqueValuationLetter located
A sum of the parts shows what a take-private bid is paying nothing for
Value each part a bidder is acquiring; what the bid leaves at zero is the argument against it.
Take-private analysis, fairness opinions, conglomerate valuation and any activist defence of a holding.
From Southeastern Asset Management's letter to the Dell board (February 2013) · Mason Hawkins and Staley Cates