Those requirements generate a share-price premium over other markets (albeit one that has fallen a bit).

ECONOMIST: America's capital markets

At the time of Mr Dell's offer, the company's board pointed out that it represented a 25% premium over Dell's share price in mid-January when rumours of the deal first broke.

BBC: Dell shareholder rejects bid by founder Michael Dell

Costain said it had proposed making an all-share offer for Mouchel at a 87% premium to Mouchel's closing share price on 3 December.

BBC: Costain says Mouchel rejected bid approach

It so happens that markets already provide this information, in the form of the premium of a call option on the company's share-price.

ECONOMIST: Corporate finance

He secured a 42% premium to FleetBoston's current share price (the mark-up is usually 20-30%), and this for a bank that has had to recover from a string of strategic mistakes: FleetBoston is now focusing on consumer finance after losing a packet in more exotic businesses, such as Latin American debt and dotcom venture capital.

ECONOMIST: A Titan or a Titanic price? | The

The other FEBTC shareholders, which include Japan's Sakura Bank with a 25% stake, will get 0.6992 of a BPI share for every FEBTC share - that's a 27% premium over FEBTC's average past-month stock price.

CNN: Here's to the New No. 1

But as we tried to demonstrate with price-to-sales per share, the market has already baked in quite a growth premium.

FORBES: Illuminating Thought: Cree Is Not Terribly Expensive