{"title": "Uniogen, a Life Science Merger in Turku | Liina-Johanna Leeve, Jarkko Ruohola and Henrik Sora | Negotiator 127", "titleOriginal": "Uniogen | Liina-Johanna Leeve Jarkko Ruohola Henrik Sora | Neuvottelija 127", "episodeNumber": "127", "guest": "Liina-Johanna Leeve, Jarkko Ruohola, Henrik Sora", "publishedAt": "2022-03-26", "duration": "32:40", "durationIso": "PT32M40S", "youtube": "https://www.youtube.com/watch?v=LWOgSxgLRa4", "fiCanonical": "https://www.neuvottelija.fi/fi/episodes/167-uniogen-liina-johanna-leeve-jarkko-ruohola-henrik-sora-neuvo", "originalLanguage": "fi", "format": "full", "topics": ["ma_exits", "negotiation"], "description": "Project Lakka combined three Turku life science companies — Labrox, Kaivogen and Abacus Diagnostica — into the new Uniogen, and the host goes through the transaction with the people who did it. The guests are the lawyer Jarkko Ruohola, Labrox's former chief executive Henrik Sora, and Translink's Liina-Johanna Leeve, who sets out three valuation methods. The core of the episode is why an exchange ratio between three companies is a problem of a different order from one between two, and why a share exchange behaves nothing like a cash deal. Ruohola explains how Abacus's more than four hundred small shareholders had to be brought along voluntarily.", "chapters": [], "sourceTranscriptType": "none", "subtitleMethod": "none", "provenance": "Owner page assembled from YouTube metadata and the neuvottelija.fi episode record. No chapter marks are published here: the publisher's list holds two marks, the first of which is an untitled placeholder at 0:00 and the second a closing aside about a sailing foundation at 29:08 — that is not a chapter list, so republishing it would assert timestamps that do not hold. No transcript is published either — the channel has no English caption track for this episode and the Finnish one is YouTube's automatic track. Disclosure: one guest works for Translink Corporate Finance and the host is a partner in the same firm, which advised on the transaction being described; the other two guests were principals in it. Nothing in the episode is investment or legal advice.", "coreTheses": ["Three-way exchange ratios are not an extension of two-way ones: every valuation moves two ratios at once, so the negotiation has no bilateral solution.", "In a share exchange nobody is paid out, so every party keeps arguing about the others' value after signing — which is why the process differs from a cash deal throughout.", "Four hundred small shareholders had to be persuaded rather than squeezed out, and that constraint shaped the structure more than the valuation did.", "Three valuation methods are used not to triangulate a number but to give each party a frame in which its own contribution looks fairly counted."], "slug": "ep127-uniogen-leeve-ruohola-sora", "guestsCanonical": ["Liina-Johanna Leeve", "Jarkko Ruohola", "Henrik Sora"], "guestPages": ["https://www.neuvottelija.com/podcast/guests/liina-johanna-leeve/", "https://www.neuvottelija.com/podcast/guests/jarkko-ruohola/", "https://www.neuvottelija.com/podcast/guests/henrik-sora/"], "page": "https://www.neuvottelija.com/podcast/episodes/ep127-uniogen-leeve-ruohola-sora/", "markdown": "https://www.neuvottelija.com/podcast/episodes/ep127-uniogen-leeve-ruohola-sora/index.md", "captions": null, "transcript": null, "videoId": "LWOgSxgLRa4", "dbId": null, "qaCoveragePct": 0.0, "qaSemanticVerdict": "metadata_only", "aiArticleEn": "https://www.neuvottelija.com/ai/ep127-uniogen-leeve-ruohola-sora/", "aiArticleFi": "https://www.neuvottelija.fi/economy/ep127-uniogen-leeve-ruohola-sora/"}