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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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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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Leaders Drive Initiatives: How to Accelerate Strategic Execution Through Active Support and Coaching
Davis, Jocelyn R.; Frechette, Henry M.; Boswell, Edwin H.Book Chapter HBS-6018BC-ESuccess in business is all about creating the most value faster than the competition. Yet research shows that only 30% of strategic initiatives fully succeed on time, even with streamlined processes in place, detailed metrics to chart the course, and plenty of resources on hand to get the job done. How can you improve the odds? The authors-all executives at The Forum, a global consulting firm-argue that three often overlooked "people factors" are...Starting at €8.20
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Leaders Affirm Strategies: How Clearly Communicating Your Strategy Speeds Execution of Large-Scale Initiatives
Davis, Jocelyn R.; Frechette, Henry M.; Boswell, Edwin H.Book Chapter HBS-6012BC-ESuccess in business is all about creating the most value faster than the competition. Yet research shows that only 30% of strategic initiatives fully succeed on time, even with streamlined processes in place, detailed metrics to chart the course, and plenty of resources on hand to get the job done. Why? Because an exclusive focus on pace and process often leads to superficial results: lots of activity, but little forward motion. In this chapter, ...Starting at €8.20
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Leaders Cultivate Experience: Creating Strategic Speed by Harnessing the Experience of Your Workforce
Davis, Jocelyn R.; Frechette, Henry M.; Boswell, Edwin H.Book Chapter HBS-6019BC-EJust as a leader's ability to create a workplace climate in which employees feel competent, engaged, and appreciated can accelerate strategic results, so too can a leader's ability to "cultivate experience"-to bring individuals' and teams' experience into view, make it significant, share it, and harness it-increase strategic speed. In this chapter, the authors describe four competencies leaders need in order to capture the experience and wisdom l...Starting at €8.20