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(1) A value for the shares of dissenting shareholders in determining their appraisal rights. The Companies Act (71 of 2008) allows minority shareholders the right to have their shares bought back by the company in the event that they disagree with a fundamental transaction such as a merger or acquisition particularly where they might be required to give up their shares. Dissenting shareholders can apply to the court or an arbitrator to decide the fair value of their shares.
(2) The theoretical prices generated by an option pricing model (i.e. the Black-Scholes option pricing model).