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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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sita murt/
Nueno, José Luis; Rodríguez, SilviaCase M-1261Entrepreneurship, Innovation and Change, MarketingEl caso describe la transformación que Sita Murt y los propietarios de la cuarta generación han llevado a cabo en la empresa familiar, posibilitando pasar de una empresa de producto a una de diseñadora y, posteriormente, a una marca de prestigio. Para ello, se ha externalizado, primero y deslocalizado después la fabricación, convirtiendo a Sita Murt en una empresa centrada en competencias de diseño y comercialización, conformando una red de tiend...Starting at €8.20
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Avinent
Nueno, José Luis; Rodríguez, Silvia; Llano, Miguel AngelCase M-1262Entrepreneurship, Innovation and Change, StrategyAlbert Giralt, Director General del Grup Vilardell Purtí, repasaba el borrador del plan estratégico 2011-2013 de AVINENT Implant System, la división biomédica del Grupo. En poco más de tres años, habían desarrollado un producto propio, el sistema de implantes AVINENT, en el seno de una industria tradicional del sector metalmecánico. Muchos y muy rápidos habían sido los logros, pero aún quedaba mucho camino por recorrer. Había que consolidar posi...Starting at €8.20
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Embutidos Salgot S.A.
Rodríguez, Silvia; Nueno, José Luis; Llano, Miguel AngelCase M-1263-EInnovation and Change, Marketing, StrategyThe case describes the change of strategy carried out by Embutidos Salgot S.A., positioning its products in the premium segment and taking the final step with the launch of Eco Salgot, its range of organic products. This launch reinforced the sales of Reserva Salgot and Salgot, the other two product lines. However, the investment was significant (nearly 2 million euros), the crisis did not favor the consumption of premium products (a price strugg...Starting at €8.20
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Aje: vendiendo refrescos a la base de la pirámide
Nueno, José Luis; Bazán, Miguel; Rodríguez, SilviaCase M-1254MarketingEl caso describe el proceso de internacionalización del Grupo AJE. Se analiza la entrada en el mercado asiático, el perfil del consumidor de esta región en contraposición con el mercado natural de la empresa: Sudamérica. Se plantean los desafíos de una empresa familiar convertida en grupo multinacional: gestión de recursos humanos, gestión financiera, aspectos culturales, etc.Starting at €8.20