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A senior banker – let’s call him Jack — was on a conference call attempting to close out an acquisition. The stakes were high. It was a multibillion-dollar deal and the negotiation of the final price hinged on the measurement of the target’s EBITDA, the Earnings Before Interest, Taxes, Depreciation, and Amortization. Jack argued that the EBITDA was lower; the opposite party asserted it was higher.
