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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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The Case Method: The Instructor as "Choreographer"
Ortíz E.; Vázquez- Dodero, Juan CarlosTechnical Note ASNN-6-EDecision Analysis, Knowledge and CommunicationThe case method is an extremely valuable pedagogical tool but it is difficult to use well. The suitability of the case method will depend on the subject matter to be taught, the maturity of the instructor, the materials available and the audience to be addressed. This note discusses the relevance of the above four variables for the development of a teaching faculty and for individual career planning.Starting at €8.20
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A Glossary of Technical Terms Related to Bankruptcy in the U.S.
Baldwin, Carliss Y.; Sharpe, James M.; Mehta, RaviCase HBS-212081-EFinanceQuick reference guide of various terms related to the United States Bankruptcy Code. Outline of some of the important technical terms related to the bankruptcy process in the United States. Covers both Chapter 7 and Chapter 11 with a brief definition of bStarting at €8.20
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Voyages Eurotours (B)
Toledo E.; Vázquez- Dodero, Juan CarlosCase ASN-17Decision Analysis, StrategyEl director general de Voyages Eurotours trata de explicar los adversos resultados del último período y prevé una apreciable mejora en el futuro próximo. De todas formas, como no está muy tranquilo... pide un informe económico y financiero a su controller.Starting at €5.74
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Método del caso: el instructor como "Coreógrafo"
Ortíz E.; Vázquez- Dodero, Juan CarlosTechnical Note ASNN-6Decision Analysis, Knowledge and CommunicationEl método del caso es un instrumento pedagógico de primera magnitud pero de difícil uso. La adaptación de un docente al método del caso depende de la materia objeto de la docencia, la madurez del docente, el material disponible y el foro o auditorio al que se dirija. Se considera la relevancia de las cuatro variables para el desarrollo de un Claustro de profesores y para el autodiseño de carrera docente.Starting at €8.20