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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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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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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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Eye Care (E): A Second Assesment
Cebrecos, Enrique; Stein, GuidoCase DPO-205-ELeadership and People ManagementIn February, as usual, Alejandro had his 2009 Global Perfomance and Development meeting with his superior, Tiago de Vasconcelos. His results had been very good: sales growth was 12.5%, reaching 100.3% of budgeted sales, above 98.1% of the business unit. In the new refractive line he had achieved 98%, compared to the average of 87%. Alejandro declared that communication had improved significantly, but even so he was nervous about his meetings with...Starting at €5.74
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Eye Care (E): Una segunda evaluación
Cebrecos, Enrique; Stein, GuidoCase DPO-205Leadership and People ManagementEn Febrero, como era habitual, Alejandro tuvo la reunión de "2009 Global Perfomance and Development" con su superior Tiago de Vasconcelos. Los resultados habían sido muy buenos: un crecimiento de las ventas del 12,5%, alcanzando el 100,3% del presupuesto por encima del 98,1% de la Unidad de Negocio. En la nueva línea de refractiva obtuvo el 98% frente al 87% de media. Alejandro afirmó que la comunicación había mejorado de forma sensible; sin emb...Starting at €5.74
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Eye Care (A, B, C, D y E) - Nota del instructor
Stein, GuidoTeaching Note DPOT-47Leadership and People Management, MarketingAlejandro Lanzagorta es un business manager de la multinacional de productos oftálmicos Eye Care. Lleva catorce años en la compañía y destaca por sus resultados (ha recibido varios premios) y entrega. Aspira a ser el director de su unidad de negocio y los últimos que han ocupado ese puesto han corroborado sus expectativas. Por ello, cuando en el 2006 quedó vacante el puesto, pensó que sería su oportunidad, pero fue ocupada por un veterano direct...Starting at €0.00
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BBVA: una estrategia de comunicación diferente
Plaza, Salvador; Villoch, Ignacio; Pin Arboledas, José Ramón; Stein, GuidoCase M-1272Entrepreneurship, Knowledge and CommunicationEl departamento de comunicación del BBVA, comandado por Gregorio Panadero, decide apostar por el branded content como forma de expandir la imagen de la compañía. Iniciativas como dar nombre a competiciones deportivas (la Liga), patrocinio de competiciones deportivas de talla mundial (la NBA), la producción de una webserie o de una película resultarán ejemplos de lo que se ha hecho hasta ahora. Gregorio Panadero estaba contento con el desarrollo d...Starting at €8.20