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Ivey Business School (Canada)
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Singapore Airlines: A Rights Issue during the COVID-19 Crisis
Emir HrnjićCase IVEY-W24460-EFinanceIn early 2020, Singapore Airlines Limited (Singapore Airlines) faced severe liquidity issues as the global pandemic halted its flights and uncertainty loomed. Erstwhile massive cash reserves were quickly running out, and the airline’s executives pondered how to save the company from insolvency. Singapore Airlines’ majority shareholder, Temasek Holdings Limited, agreed to subscribe to a massive capital-raising exercise of up to S$15 billion via a ...Starting at €8.20
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White Gold In Benin: Chinese Investment In Cotton
Zhangfeng Fei; Xiaokang Zhao; Kejing Zhang; Alex BeamishCase IVEY-9B18M003-EStrategyIn mid-June 2011, the Chinese president of the China–Benin joint venture Benin Textile Company (Compagnie Béninoise des Textiles, or CBT) was deeply worried about the supply of cotton in Benin. Since 2009, CBT had faced significant challenges in obtaining a reliable cotton supply. In 2010, the company had already placed its cotton orders, but local Beninese cotton producers were unwilling to deliver cotton at the earlier agreed-on price due to th...Starting at €8.20
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Suit Wars: Men's Wearhouse versus Jos. A. Bank
Emir HrnjićCase IVEY-9B15N001-EFinanceOn October 9, 2013, Jos. A. Bank Clothiers Inc., a large U.S. retailer of men's tailored and casual clothing, footwear and accessories, made a hostile offer to buy its larger rival Men’s Wearhouse. The latter made a counter-offer on January 6, 2014 in what is known as a Pac-man defence — the prey turned predator. Jos. A. Bank responded by adopting a poison pill, announcing the planned acquisition of Eddie Bauer, an outdoor apparel retailer. What ...Starting at €8.20
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Shanda Games: A Buyout of a Chinese Family Firm
Emir HrnjićCase IVEY-9B15N002-EFinance, StrategyA controlling shareholder of the NYSE-listed Chinese online gaming company Shanda Games has offered a buyout at USD6.90 per American Depository Share (ADS); each ADS consists of two ordinary shares. The offer provides a premium of 22 per cent to the stock’s Friday close. Throughout the previous year, Shanda Games’ ADS had typically traded in the range of USD2.74 to 6.45.As Shanda Games’ independent directors attempt to evaluate the offer, they wo...Starting at €8.20
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Aspop's Recruitment Predicament
Xiaokang Zhao; Paul W. BeamishCase IVEY-9B17C043-EEntrepreneurship, Leadership and People Management, StrategyIn early 2013, the founder of Shandong Aspop Clothing Apparel Group Co. Ltd. faced the annual “post-holiday recruitment dilemma.” His challenge was typical of the growth challenges that many labour-intensive original equipment manufacturer clothing enterprises in China encountered. Facing rising domestic labour costs, a change in attitudes among workers, the gradual shift of labour preferences from manufacturing industries to service industries, ...Starting at €8.20
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Singapore Airlines Limited: Dividends
Emir Hrnjić; David ReebCase IVEY-9B18N018-EFinance, StrategyA new analyst has been asked to forecast the upcoming dividends for Singapore Airlines Limited. However, unlike most dividend-paying firms, which typically maintain stable, transparent, and simple dividend policies, Singapore Airlines maintained an opaque, complex, and irregular pattern of dividends. Further, the company did not respond to requests for information about expected dividends or the company's dividend policy. The analyst decided to g...Starting at €8.20
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The $85.4 Billion Merger of AT&T and Time Warner: Valuation Analysis
Xiaokang Zhao; Zhichuan (Frank) LiCase IVEY-9B19N022-EFinanceOn October 22, 2016, U.S. telecom operator AT&T Inc. and television media giant Time Warner Group announced that AT&T Inc. would acquire Time Warner Group for $107.50 per share, using half cash and half stock, to a total equity value of $85.4 billion. Although the chief executive officers from both companies were very confident about the future prospects for their shareholders once the transaction was approved and completed, there was much contro...Starting at €8.20
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Aramco’s Privatization and IPO Dilemma: Timing and Valuation - Teaching Note
Emir HrnjićTeaching Note IVEY-8B20N031-EFinanceTeaching note for product 9B20N031.Starting at €0.00
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OCBC Versus Elliott Management: Acquisition of Wing Hang Bank
Emir HrnjićCase IVEY-9B15N010-EFinance, StrategyA Singapore-based financial services company, the second largest lender in Southeast Asia, offered to acquire a Hong Kong bank, the eighth largest lender in the country, for a premium price per share. Three months later, a multi-billion hedge fund firm based in the United States had accumulated close to 8 per cent of the Hong Kong bank’s shares. According to Hong Kong’s securities law, the Singapore-based financial institution would have to acqui...Starting at €8.20
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Suntech Power: Competition and Financing in China's Solar Industry
Emir HrnjićCase IVEY-9B15N019-EFinance, StrategyIn 2011, Suntech Power, the world’s largest solar panel manufacturer, found itself in a highly problematic position. Recent developments in the Chinese solar power industry had negatively impacted the company’s operations. As the industry had matured, the demand for Suntech Power’s products had become highly volatile. Changing policy regulations, the ambiguous financial structure of the firm and a shift in consumers’ perceptions of the product we...Starting at €8.20