Q on Control Premium: Strategic vs. Financial Buyers

Would a control premium only be added for strategic buyers? I thought for both but saw a Schweser Q where they said “since it’s a strategic buyer, add a control premium.”

makes sense since if they want to realize the synergies they need to gain control and would be almost forced to pay the premium

The control premium is used depending which method you used as the benchmark. I think the guide line transaction method is used for companies acquiring a controlling share. So if you are buying a small portion of the company you would need to add a Discount for Lack of Control when using a benchmark that is for controlling shares. If you were to buy a controlling share should would not need to add a premium because it is already included in the multiple. Another method a minority purchase as a benchmark. If you were to use this benchmark for a controlling share then you would ass a control premium to the multiple.