Valuation Reference Date

In a mid-market deal the valuation date is often the planned closing, or the last audited year-end. It matters because the bridge from enterprise value to equity value (Enterprise Value to Equity Value via Net Debt) is always struck on that day's books. A live process usually takes the last audited year-end as the basis for the indication and draws closing accounts at completion; any gap between the two dates feeds the purchase-price adjustment. Here the date is the most recently closed financial year. A formal opinion would set the date for the case.