Which of the banks does most of the target Valuation in an M&A deal?
There are bank(s) advising the acquirer and bank(s) advising the target. Does the bank advising the target sometimes carry out valuation for the target ALONE (such as when a clear likely acquirer is not yet known)?
Both do value work. Buyside bank gives advice on how much they should pay for it, and sell-side values to give selling board/management goalposts for value, i.e., what they should negotiate towards, set floor expectations etc.
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