A history of buyouts may suggest that either the restriction period will be short because the interest-holder can simply ask to be bought out, or past buyouts may have been made under conditions that mean the seller of the subject interest might have an alternative to selling to an outsider. As with so many other such matters, this is heavily fact dependent. Past transactions are not often arm’s length and are made for reasons that are inconsistent with the definition of value; there can easily be unspecified conditions or intangible benefits involved. It should also be understood that one transaction does not constitute a market. Such buyouts should be analyzed independently from PVX. If such transactions are used as evidence of value, their discount indications should be reconciled with the above conclusion developed by PVX. Read more about handling historic transactions here.