The Department of Labor's enforcement arm, EBSA, ensures that ESOP transactions occur at fair market value, in accordance with ERISA. In ESOP transactions, The ESOP trustee reviews the independent appraiser’s derivation of value. The trustee, therefore, cannot cause the ESOP to pay more than (or sell for less than) “adequate consideration” for the stock. ERISA regulations tend to support that the ESOP pay the lowest price, or the fair market value.
Unlike ESOP's, worker co-ops and EOT's are not regulated in terms of a mandated requirement for the sale to occur at fair market value.