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Evaluating M&A Deals--Equity Consideration
Baldwin, Carliss Y.Caso HBS-208077-EFinanzasWhat 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 thDesde 8,20 €
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Evaluating M&A Deals: How Poison Pills Work
Baldwin, Carliss Y.Caso HBS-208061-EFinanzasThe 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...Desde 8,20 €
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Evaluating M&A Deals: Introduction to the Deal NPV
Baldwin, Carliss Y.Caso HBS-208060-EFinanzasIntroduces 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. ExpDesde 8,20 €
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Evaluating M&A Deals: Floors, Caps, and Collars
Baldwin, Carliss Y.Caso HBS-209138-EFinanzasAs 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.Desde 8,20 €
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Evaluating M&A Deals: Accretion vs. Dilution of Earnings-per-share
Baldwin, Carliss Y.Caso HBS-208059-EFinanzasWhen 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 buyeDesde 8,20 €
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Evaluating M&A Deals--Announcement Effects, Risk Arbitrage and Event Risk
Baldwin, Carliss Y.Caso HBS-208103-EFinanzasThe 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...Desde 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, RaviCaso HBS-212081-EFinanzasQuick 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 bDesde 8,20 €
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Framedia (A) (Abridged)
Baldwin, Carliss Y.; Jin, Li; Liao, LiCaso HBS-208048-EFinanzasExamines an acquisition in the highly competitive outdoor media advertising industry in China in late 2005. The transaction leads to eventual consolidation of the whole industry and positive stock reactions. Discusses equity consideration in the context of an M&A transaction, and the role of private equity and venture capital in the development and the eventual consolidation of the industry in emerging markets. Provides a context in which to disc...Desde 8,20 €