(1) An expert's report must be drawn up on behalf of each of the merging companies.
(2) The report required is a written report on the draft terms to the members of the company.
(3) The court may on the joint application of all the merging companies approve the appointment of a joint expert to draw up a single report on behalf of all those companies.
If no such appointment is made, there must be a separate expert's report to the members of each merging company drawn up by a separate expert appointed on behalf of that company.
(4) The expert must be a person who -
(a) is eligible for appointment as a statutory auditor (see section 1212), and
(b) meets the independence requirement in section 936.
(5) The expert's report must -
(a) indicate the method or methods used to arrive at the share exchange ratio;
(b) give an opinion as to whether the method or methods used are reasonable in all the circumstances of the case, indicate the values arrived at using each such method and (if there is m
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