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1、Megers Acquisitions ThreeAreasofStudy1 DeterminingifaMergercreatesvalue thendevelopinganofferprice 2 EvaluatingM Aoffersinthemarketplace yourcaseanalysisassignment 3 M AStrategies biggestareaof talk Megers Acquisitions ThreeAreasofStudy1 DeterminingifaMergercreatesvalue thendevelopinganofferprice 2
2、EvaluatingM Aoffersinthemarketplace yourcaseanalysisassignment 3 M AStrategies biggestareaof talk Today CoverbothPart1 3vialecturePart2viaexample 1997and1998Mergers SensibleReasonsforMergers EconomiesofScaleAlargerfirmmaybeabletoreduceitsperunitcostbyusingexcesscapacityorspreadingfixedcostsacrossmor
3、eunits Reducescosts SensibleReasonsforMergers EconomiesofVerticalIntegrationControloversuppliers may reducecosts Overintegrationcancausetheoppositeeffect SensibleReasonsforMergers EconomiesofVerticalIntegrationControloversuppliers may reducecosts Overintegrationcancausetheoppositeeffect Pre integrat
4、ion lessefficient Company S S S S S S S SensibleReasonsforMergers EconomiesofVerticalIntegrationControloversuppliers may reducecosts Overintegrationcancausetheoppositeeffect Pre integration lessefficient Company S S S S S S S Post integration moreefficient Company S SensibleReasonsforMergers Combini
5、ngComplementaryResourcesMergingmayresultsineachfirmfillinginthe missingpieces oftheirfirmwithpiecesfromtheotherfirm FirmA FirmB SensibleReasonsforMergers CombiningComplementaryResourcesMergingmayresultsineachfirmfillinginthe missingpieces oftheirfirmwithpiecesfromtheotherfirm FirmA FirmB SensibleRea
6、sonsforMergers MergersasaUseforSurplusFundsIfyourfirmisinamatureindustrywithfew ifany positiveNPVprojectsavailable acquisitionmaybethebestuseofyourfunds DubiousReasonsforMergers DiversificationInvestorsshouldnotpayapremiumfordiversificationsincetheycandoitthemselves M A Q DoesM AcreateValue A ifPVAB
7、 PVA PVBQ IfM Acreatesvalue Why A Synergies Admin Dupservices lowerCOC M A Q DoesM AcreateValue A ifPVAB PVA PVBQ IfM Acreatesvalue Why A SynergiesTricks Admin excusetochangeD E Dupservices diversification lowerCOC M A Q HowMuchShouldAFirmPayinaM A M A Q HowMuchShouldAFirmPayinaM A A TheoryGain PVAB
8、 PVA PVB AmustpayBpartofthegain M A Q HowMuchShouldAFirmPayinaM A A TheoryGain PVAB PVA PVB AmustpayBpartofthegainA RealityAusuallypaysBallofthegain plusmore Why M A Q HowMuchShouldAFirmPayinaM A A TheoryGain PVAB PVA PVB AmustpayBpartofthegainA RealityAusuallypaysBallofthegain plusmore Why PremiumP
9、aidbyA Cash MVB MVB PVB M A TypeofTakeoversHostileFriendlyLBOGoingPrivateGreenmailWhiteKnight TakeoverDefenses WhiteKnight Friendlypotentialacquirersoughtbyatargetcompanythreatenedbyanunwelcomesuitor SharkRepellent Amendmentstoacompanychartermadetoforestalltakeoverattempts PoisonPill Measuretakenbya
10、targetfirmtoavoidacquisition forexample therightforexistingshareholderstobuyadditionalsharesatanattractivepriceifabidderacquiresalargeholding M A WhoUsuallyBenefitsfromM A ShareholdersofBLawyers BrokersExecsinAWhoUsuallyLossesinM A SharehpoldersofA overhead ExecsinBEmployees M AAnalysis StepsforM AM
11、arketAnalysisBrieflydescribethefinancial stretegichistoryofthecompanyDeterminepre announcementvalueDescribeM AofferDeterminemergedvalue examinesynergies Comparevalues offer marketpricesPredictsuccessofM ARecommendastrategyforinvestorsandshareholdersProvideasummaryanalysis Disney CapCitiesDeal Histor
12、y News AnnualReport 10k etc Library MyWebpage usespreadsheetstopresentfinancialfacts includeappendixwithactualcopiesofinfo referenceyoursources presentbothoriginal typedsummarydata remembertoannualizedata AnnouncementofOfferDisneyofferstoacquireCapCities ABC DisneywillexchangeeachshareofCapCitiesfor
13、oneshareofDisneyplus 65cash Disneywillissue 10bilinnewdebttofinancethedeal Disney CapCitiesDeal FactSheet ForecastedN E 14 growthrateForecastedN E EPSx NewShares DisneyMarketRd7 25 8 0 EPS 2 50 2 33 EPSre g DiscountRates DisneyCC ABCNewFirmra22 97 M M rd7 25 givenbymarket re24 53 givenbyperpetuityfo
14、rmula ShPr solveforre Disney CapCitiesDeal rA rd 1 Tc D re E V V rd given DisneyCC ABCNewFirmra22 97 18 92 rd7 25 7 25 re24 53 19 31 EPSre g DiscountRates ShPr solveforre Disney CapCitiesDeal rA rd 1 Tc D re E V V rd given DisneyCC ABCNewFirmra22 97 18 92 rd7 25 7 25 re24 53 19 31 EPSre g DiscountRa
15、tes ShPr solveforre Disney CapCitiesDeal rA rd 1 Tc D re E V V rd given DisneyCC ABCNewFirmra22 97 18 92 14 80 rd7 25 7 25 8 00 re24 53 19 31 17 97 MarketTheoryDisneyCC ABCNewFirmNewFirmVL32 40bil15 30bil52 60bilNOIUg20 14 rEUVU Disney CapCitiesDeal Derivedatafortheunleveredfirm CalculatetheTheoreti
16、calNewFirmValues GOAL ValueoftheFirm M M VL NOIurEU g Taxrate debt Disney CapCitiesDeal NOIu EPSUx ofsharesorNOIu EPSLx ofsh debt rD 1 TaxRate SolveforrEU VU Disney CapCitiesDeal NOIu EPSLx ofsh debt rD 1 TaxRate DisneyNOIu 2 60 x 520 2 6 0725 1 34 1 47bilCC ABCNOIu 5 10 x 154 5 0725 1 34 81bilNewFirmNOIu 2 33x 674 13 1 08 1 34 2 26bil VL NOIurEU g Taxrate debt Disney CapCitiesDeal Disney VL 1 47rEU 20 34 2 6 SolveforrEU rEU 24 68 VU 1 47 2468 20 31 41bil VL NOIurEU g Taxrate debt Disney CapCiti
