Buy rafters or pearls?
If the acquisition of listed companies, especially those that need to be reorganized, is generally poor or even negative in net assets quality, then its value is mainly the value of shell resources.
How to determine the value of shell resources? Tell you, you need to use the replacement cost method and the future cash inflow method to calculate. Namely: the cost of setting up a new company and successfully listing+how much money can be circled in the future.
Of course, there are other factors, such as enhancing corporate image, standardizing management, and expanding financing capacity, but these are not easy to quantify.
You don't need to buy books, look at the past cases of A shares, or you can find a reorganized listed company to attend the shareholders' meeting and go through the whole process.