Cross holding of shares

How the valuation process should be carried out if both the parties are holding some portion of shares of each other?
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Quick Summary
This discussion explores the complexities of valuing shares when two parties hold stakes in each other's companies. It questions whether intrinsic value is the appropriate method and whether this approach differs for unlisted shares. The conversation seeks to identify the key variables for calculating valuations in such cross-holding situations.

Based on intrinsic value
Will the same be applicable to unlisted shares or some different approach has to be adopted? And if not, then on what variable will it be calculated?

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