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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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Muhammad Yunus, a Real Leadership
Sánchez, M. J.; Alvarez de Mon, SantiagoCase DPO-59-ELeadership and People ManagementThis case tells the story of Muhammad Yunus, founder and president of Grameen Bank, including his childhood and schooldays, his stay in the United States and his early business ventures. It analyzes the personality, plans and motives of the key figure in the creation, development and consolidation of Grameen Bank.Starting at €8.20
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Inma Shara, la dirección armónica
Sánchez, M. J.; Alvarez de Mon, SantiagoCase DPO-104Business Ethics and Corporate Social Responsibility, Leadership and People ManagementLa directora de orquesta Inma Shara comparte reflexiones sobre su profesión y su vida: carrera profesional, preparación de conciertos, gestión de orquestas, dirección de personas, creación de lazos afectivos, creatividad, disciplina, compromiso emocional, éxito, tiempo, equilibrio...Starting at €8.20
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Ram Bhawnani, ¿suerte o talento
Sánchez, M. J.; Alvarez de Mon, SantiagoCase DPO-28Leadership and People ManagementEl caso recoge la trayectoria profesional y vital de Ram Bawhnani, dueño de un bazar en Tenerife, ciudadano hindú, en la actualidad tercer accionista de Bankinter. El caso recorre desde su nacimiento, infancia y primer viaje profesional al Japón, hasta su llegada a Tenerife para gestionar un bazar, negocio donde inicia sus multimillonarias operaciones en Bolsa, fundamentalmente en la banca.Starting at €8.20
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Inma Shara, the Conductor as Manager
Sánchez, M. J.; Alvarez de Mon, SantiagoCase DPO-104-EBusiness Ethics and Corporate Social Responsibility, Leadership and People ManagementOrchestra conductor Inma Shara shares her reflections on her profession and her life: her professional career, preparing concerts, managing orchestras, people management, creating personal bonds, creativity, discipline, emotional commitments, success, time, balance, etc.Starting at €8.20