valuation for Bel Vino and Starshine (use the excel spreadsheet models provided by the simulation and input your assumptions) 2) Enter a Reservation Price for each company (which is not seen by the other roles). Reservation Price: If you are a bidder, the highest price you would be willing to pay to acquire a target company is called your "reservation price". It also is sometimes called a "walkaway price." To calculate a reservation price you need to consider all available information about the target, your own company, and possibly other bidders and targets. Using all available information, and assuming the acquisition is completed, estimate the value of the target. If you pay more than this value the NPV of the deal will be negative; if you pay less it is positive. In this sense, the reservation price is the "zero-NPV," or breakeven price. Conversely, if you are the target, your reservation price is the lowest price at which you would be willing to be acquired. Reservation prices are used as reference values by the players during the course of their negotiations and as points of discussion/evaluation in the