Invitation to the Winter 2005 CFO Forum Meeting

Wednesday, January 26, 2005, 7:30-10 a.m.
"How do you create value? Buy low and sell high."

- Anonymous

Managers buy and sell assets. And finding the right price separates the winners from the losers. Our next CFO Forum meeting highlights the pitfalls, risks, and rewards of valuation in the purchase or sale of a company. The title is "Valuing and Negotiating Acquisitions."

 * Steve Hooper , the Managing Director of Ignition Partners,will begin our session by discussing his experience in valuing companies and closing deals as CEO and CFO of McCaw Cellular Communications/AT&T Wireless Services, and as a principal at one of the Pacific Northwest's largest venture capital funds.

* Jim Beach, CFO of WRQ, will discuss what it is like to be both an
acquirer and a seller in private company transactions;

* Jarrad Harford, UW Assistant Professor of Finance will discuss current research on mergers and acquisitions activity;

* Gordie Gardiner, Delafield Hambrecht's Head of Investment Banking, will provide an investment banker's perspective on valuation and acquisition deals;

* And CFO Forum participants, as always, contribute perspective, balance, and depth to the discussion.

Issues to be addressed include:

* Is cash flow king? If not, what drives value?
* What's the right discount rate? The right multiple?
* Are synergies real or simply a buzzword?
* In the rush of the hunt, how do you avoid paying too much?
* Are there too many dollars chasing deals right now?
* How is valuation at the IPO stage different from when selling to a single buyer?
* Does valuation differ for private equity investments than for other types of acquisitions?

We invite you to participate in the January CFO Forum meeting, and to use it to learn and share your insights with other financial executives. I look forward to seeing you January 26!

Happy new year, and best regards,

Jonathan M. Karpoff
Norman J. Metcalfe Professor of Finance, and
Faculty Director, CFO Forum
email: karpoff@u.washington.edu
phone: 206-685-4954

RSVP to:

Andy Anderson
email: CFOForum@u.washington.edu
phone: 206-543-4785

**The CFO Forum: Intellectually stimulating and useful dialogue engaging financial executives and researchers.**