Premium paid above the target's unaffected share price for control: Premium = (Offer Price - Unaffected Price)/(Unaffected Price). Typical range for U.S. public targets: 25-40%. Higher in competitive auctions, strategic deals with material synergies, and strong markets; lower in negotiated sales, sponsor (LBO) deals, and distressed situations. The premium economically funds (a) the present value of synergies the acquirer expects, plus (b) the control rights the target's shareholders are surrendering.