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Evaluating M&A Deals--Equity Consideration
Baldwin, Carliss Y.Case HBS-208077-EFinanceWhat the acquiring company pays for a target in a merger or acquisition is called "consideration." Consideration can be in the form of cash, shares, or a combination of the two. Lays out the basic mechanics of equity consideration. Derives formulas for thStarting at €8.20
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AéroTec Systèmes and the Space Tourism Race
Rocha e Oliveira, Paulo; Capizzani, Mario; Valentí Vidal, Albert; Reutskaja Pastushkova, ElenaCase M-1395-EMarketing, Service and Operations ManagementA group of engineers at AéroTec has finalized the design of a space vehicle called the Navigateur and they must now devise a marketing plan for this innovative new experience. The Navigateur differs from currently available offerings in commercial space travel in that it provides a highly superior visual experience, greater comfort, and lower training and physical fitness requirements. AéroTec, a business-to-business firm with no experience in co...Starting at €8.20
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Evaluating M&A Deals: How Poison Pills Work
Baldwin, Carliss Y.Case HBS-208061-EFinanceThe poison pill defense against hostile takeovers was invented in 1982 by Martin Lipton, of Wachtell, Lipton, Rosen and Katz. Pills are considered the most effective of all the normal defenses against a hostile bidder. Describes the two basic types of poison pills (flip-ins and flip-overs), and explains how the form of a tender offer changes the impact of a pill on the bidder. Also describes how bidders can set up tender offers to avoid poison pi...Starting at €8.20
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Evaluating M&A Deals: Introduction to the Deal NPV
Baldwin, Carliss Y.Case HBS-208060-EFinanceIntroduces a framework for evaluating mergers and acquisitions. Assumes that the criterion of a good deal is that it creates value for shareholders; i.e., has a positive deal NPV. Looks at the deal NPV from both the buyer's and seller's point of view. ExpStarting at €8.20
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Macsa: la venta de proyectos
García Pont, Carlos; Rocha e Oliveira, PauloCase M-1287MarketingLa fuerza de ventas de MACSA ha sido exitosa en la venta de impresoras, lásers y máquinas de etiquetado durante décadas. La reciente incorporación de proyectos en la oferta de la empresa requiere una nueva estrategia de ventas. Este caso trata los desafíos a que se enfrentan los directivos de la empresa en la elaboración e implementación de esta nueva estrategia.Starting at €8.20
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Evaluating M&A Deals: Floors, Caps, and Collars
Baldwin, Carliss Y.Case HBS-209138-EFinanceAs equity consideration has become more popular in acquisitions, so has the use of the "pricing-protection" mechanisms, such as floors, caps and collars. These contractual devices provide insurance to the shareholders of the target, and may protect the buyer as well. The purpose of this note is to define the main categories of price protection, and explain their impact on the payoffs and value of the deal to the target's shareholders.Starting at €8.20
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Evaluating M&A Deals: Accretion vs. Dilution of Earnings-per-share
Baldwin, Carliss Y.Case HBS-208059-EFinanceWhen discussing the pros and cons of an acquisition, practitioners often talk about the impact of the deal on the buyer's earnings-per-share (eps). An acquisition is said to be "accretive" if the buyer's eps goes up post-deal; it is "dilutive" if the buyeStarting at €8.20
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Evaluating M&A Deals--Announcement Effects, Risk Arbitrage and Event Risk
Baldwin, Carliss Y.Case HBS-208103-EFinanceThe announcement of merger or acquisition conveys new information to the capital markets. This note describes how the stock prices of a Buyer and Target behave after the announcement of a deal. First, for an all-stock deal that is certain to go through, the note defines accouchement effects and describes the fundamental arbitrage relationship between Target and Buyer stock prices. It shows how post-announcement prices may be used to infer the mar...Starting at €8.20
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AéroTec Systèmes y la carrera del turismo espacial
Rocha e Oliveira, Paulo; Capizzani, Mario; Valentí Vidal, Albert; Reutskaja Pastushkova, ElenaCase M-1395Marketing, Service and Operations ManagementUn grupo de ingenieros de AéroTec ha terminado de diseñar un vehículo espacial llamado Navigateur y ahora tienen que elaborar un plan de marketing para esta nueva experiencia innovadora. El Navigateur se diferencia de las ofertas que existen en la actualidad para realizar viajes espaciales comerciales en que ofrece una experiencia visual muy superior, mayor comodidad y menos necesidad de entrenamiento y de aptitudes físicas. AéroTec, una empresa ...Starting at €8.20
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Magazine Luiza: Expanding Horizons: The role of ecommerce in the post-IPO growth strategy
Rocha e Oliveira, Paulo; Bullara, Cesar; Sauerbronn Jacinto, RodrigoCase M-1275-ELeadership and People Management, Marketing, Service and Operations ManagementIn May 2011, Brazilian retailer Magazine Luiza successfully raised R$926 million (¿400 million) from its initial public offering (IPO) on the São Paulo stock exchange. The firm was immediately confronted with the challenge of accelerating growth beyond its already remarkable growth rate. The case is centered on the role e-commerce should play in the company's future. On the one hand, the market potential seems to be very interesting and the compa...Starting at €8.20