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1、Megers for example, the right for existing shareholders to buy additional shares at an attractive price if a bidder acquires a large holding.,M&A,Who Usually Benefits from M&A? Shareholders of B Lawyers & Brokers Execs in A Who Usually Losses in M&A? Sharehpolders of A (overhead) Execs in B Employee
2、s,M&A Analysis,Steps for M&A Market Analysis Briefly describe the financial & stretegic history of the company Determine pre-announcement value Describe M&A offer Determine merged value (examine synergies) Compare values, offer, & market prices Predict success of M&A Recommend a strategy for investo
3、rs and shareholders Provide a summary analysis,Disney / Cap Cities Deal,History - News, Annual Report, 10k, etc. (Library & My Web page) (use spreadsheets to present financial facts) (include appendix with actual copies of info) (reference your sources) (present both original & typed summary data) (
4、remember to annualize data),Announcement of Offer Disney offers to acquire Cap Cities/ABC. Disney will exchange each share of Cap Cities for one share of Disney plus $65 cash. Disney will issue $10bil in new debt to finance the deal.,Disney / Cap Cities Deal,Fact Sheet,Forecasted N.E. 14% growth rat
5、e Forecasted N.E. EPSx#New Shares,*DisneyMarket Rd7.25%8.0 % EPS$ 2.50$ 2.33,EPS re - g,Discount Rates,DisneyCC/ABCNew Firm ra22.97%(M&M) rd7.25% (given by market) re24.53%(given by perpetuity formula),Sh Pr =,solve for re,Disney / Cap Cities Deal,rA =rd(1-Tc)(D) + re(E) (V) (V),rd = given,DisneyCC/
6、ABCNew Firm ra22.97%18.92% rd7.25% 7.25% re24.53%19.31%,EPS re - g,Discount Rates,Sh Pr =,solve for re,Disney / Cap Cities Deal,rA =rd(1-Tc)(D) + re(E) (V) (V),rd = given,DisneyCC/ABCNew Firm ra22.97%18.92% rd7.25% 7.25% re24.53%19.31%,EPS re - g,Discount Rates,Sh Pr =,solve for re,Disney / Cap Citi
7、es Deal,rA =rd(1-Tc)(D) + re(E) (V) (V),rd = given,DisneyCC/ABCNew Firm ra22.97%18.92%14.80% rd7.25% 7.25% 8.00% re24.53%19.31%17.97%,MarketTheory DisneyCC/ABCNew Firm New Firm VL32.40 bil15.30 bil52.60 bil NOIU g20%14% rEU VU,Disney / Cap Cities Deal,Derive data for the unlevered firm & Calculate t
8、he Theoretical New Firm Values,GOAL,Value of the Firm (M&M),VL=,NOIu rEU - g,+ (Tax rate)debt,Disney / Cap Cities Deal,NOIu = EPSU x # of shares or NOIu = (EPSL x # of sh) + (debt)(rD)(1-Tax Rate),Solve for rEU,VU,Disney / Cap Cities Deal,NOIu = (EPSL x # of sh) + (debt)(rD)(1-Tax Rate) Disney NOIu
9、= (2.60 x.520) + (2.6)(.0725)(1- .34) = $1.47 bil CC/ABC NOIu = (5.10 x.154) + (.5)(.0725)(1 - .34) = $.81 bil New Firm NOIu = (2.33x.674) + (13.1)(.08)(1 - .34) = $2.26 bil,VL=,NOIu rEU - g,+ (Tax rate)debt,Disney / Cap Cities Deal,Disney,VL=,1.47 rEU - .20,+ (.34) 2.6,Solve for rEU,rEU = 24.68 %,V
10、U=,1.47 .2468 - .20,= $ 31.41 bil,VL=,NOIu rEU - g,+ (Tax rate)debt,Disney / Cap Cities Deal,CC/ABC,VL=,0.81 rEU - .14,+ (.34) 0.5,Solve for rEU,rEU = 19.35 %,VU=,0.81 .1935 - .14,= $ 15.14 bil,VL=,NOIu rEU - g,+ (Tax rate)debt,Disney / Cap Cities Deal,New Firm (market),VL=,2.26 rEU - .1787,+ (.34)
11、13.1,Solve for rEU,rEU = 22.58 %,VU=,2.26 .2258 - .1787,= $ 47.98 bil,MarketTheory DisneyCC/ABCNew Firm New Firm VL32.40 bil15.30 bil52.60 bil NOIU1.47 bil0.81 bil2.26 bil 2.26 bil g20%14%17.87%-Avg based on NOIU rEU 24.68 %19.35 %22.58 % VU31.41 bil15.14 bil47.98 bil,Disney / Cap Cities Deal,New Fi
12、rm (Theory) rEU = Weighted Avg of Disney & CC/ABC rEU rEU = 24.68 x ( 31.41 ) + 19.35 x ( 15.14 ) (31.41+15.14) (31.41+15.14) rEU = 22.92 %,Disney / Cap Cities Deal,New Firm (Theory) rEU = Weighted Avg of Disney & CC/ABC rEU rEU = 24.68 x ( 31.41 ) + 19.35 x ( 15.14 ) (31.41+15.14) (31.41+15.14) rEU
13、 = 22.92 % g = Weighted Avg of Disney & CC/ABC g g = 20 x ( 31.41 ) + 14 x ( 15.14 ) (31.41+15.14) (31.41+15.14) g = 18.02 %,Disney / Cap Cities Deal,MarketTheory DisneyCC/ABCNew Firm New Firm VL32.40 bil15.30 bil52.60 bil NOIU1.47 bil0.81 bil2.26 bil 2.26 bil g20%14%17.87%18.02 % rEU 24.68 %19.35 %
14、22.58 %22.92 % VU31.41 bil15.14 bil47.98 bil,Disney / Cap Cities Deal,New Firm (Theory),Disney / Cap Cities Deal,VL=,NOIu rEU - g,+ (Tax rate)debt,VL=,2.26 .2292 - .1802,+ (.34) 13.1,VU = 46.12 bil,VL= $ 50.58 bil,Disney / Cap Cities Deal,MarketTheory DisneyCC/ABCNew Firm New Firm VL32.40 bil15.30 b
15、il52.60 bil50.58 bil NOIU1.47 bil0.81 bil2.26 bil 2.26 bil g20%14%17.87%18.02 % rEU 24.68 %19.35 %22.58 %22.92 % VU31.41 bil15.14 bil47.98 bil46.12 bil,Disney / Cap Cities Deal,New Firm (Theory),VL = 50.58 Debt Value = 13.1 Equity value = 50.58 - 13.1 = $ 37.48 bil Price per Share = 37.48 / .674 = $
16、55.60,Disney / Cap Cities Deal,Comparative Equity Values ($ bil),DisneyCC/ABCNew Firm Market (pre)$29.8 $14.8 Market (post) M&M (pre) $29.8 $14.8 M&M (post),Disney / Cap Cities Deal,Comparative Equity Values ($ bil),DisneyCC/ABCNew Firm Market (pre)$29.8 $14.8 Market (post)$ 39.51 M&M (pre) $29.8 $14.8 M&M (post)$ 37.48,Disney / Cap Cities Deal,Comparative Equity Values ($ sh pr
