Accretion/dilution analysis is the assessment of the transaction’s impact on the earnings per share of a private company. As a first step, one must project the financial statements of the parent private company prior to the restructuring and then post restructuring. The results of earnings per share pre and post transactions will then be compared. If earnings per share have increased, the transaction is accretive while if the earnings per share have decreased after the transaction, the transaction is dilutive. The restructuring transaction must be viewed from the standpoint of shareholder value.