Complete the Excel template for the valuation of BNJ based on its peer companies multiples. Are the offer prices reasonable? Should the board accept one of the offers?

BEN & JERRY'S HOMEMADE
Implied share price based on comparable multiples (relative values)
Peer Companies		Comparable firm multiples (from Exhibit 6)			Ben & Jerry's 1999 financials (from Exhibit 1)			Implied share price
		Price/Earnings	Price/book		EPS	BPS
Dreyer's grand
Earnings
Book equity
Eskimo Pie
Earnings
Book equity
TCBY
Earnings
Book equity
Yocream
Earnings
Book equity
Instructions:
Use Exhibit 6 to fill in the data for comparable firm multiples (relative values)
Use Exhibit 1 to fill in the data for earnings per share (EPS) and book equity per share (BPS).
Multiply the relative values by the corresponding financial data to develop a range of price estimates.

900 ngs. EXHIBIT 6 Investor-Value Measures: Ben & Jerry's and Industry Comparables Price/Earnings Price/Book Dreyer's Grand Eskimo Pie TCBY Enterprises Yocream International Ben & Jerry's 47.2 30.7 12.5 9.4 19.8 7.8 1.1 1.2 1.8 1.8 Source: Case writer analysis