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Alibaba's Bonds Dilemma: Location, Timing, and Pricing
Emir HrnjićCaso IVEY-9B17N001-EDirección estratégica, FinanzasIn 2014, Alibaba—the Chinese e-commerce giant who, in September 2014, completed the largest initial public offering (IPO) in New York Stock Exchange (NYSE) history—was preparing itself for an additional round of capital fundraising. This time, Alibaba focused its efforts on a new, large bond issue. Its chief executive officer would lead Alibaba’s finance team in meetings with investors in Hong Kong, Singapore, and London to gather information abo...Desde 8,20 €
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Shanda Games: A Buyout of a Chinese Family Firm
Emir HrnjićCaso IVEY-9B15N002-EDirección estratégica, FinanzasA controlling shareholder of the NYSE-listed Chinese online gaming company Shanda Games has offered a buyout at USD6.90 per American Depository Share (ADS); each ADS consists of two ordinary shares. The offer provides a premium of 22 per cent to the stock’s Friday close. Throughout the previous year, Shanda Games’ ADS had typically traded in the range of USD2.74 to 6.45.As Shanda Games’ independent directors attempt to evaluate the offer, they wo...Desde 8,20 €
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Suit Wars: Men's Wearhouse versus Jos. A. Bank
Emir HrnjićCaso IVEY-9B15N001-EFinanzasOn October 9, 2013, Jos. A. Bank Clothiers Inc., a large U.S. retailer of men's tailored and casual clothing, footwear and accessories, made a hostile offer to buy its larger rival Men’s Wearhouse. The latter made a counter-offer on January 6, 2014 in what is known as a Pac-man defence — the prey turned predator. Jos. A. Bank responded by adopting a poison pill, announcing the planned acquisition of Eddie Bauer, an outdoor apparel retailer. What ...Desde 8,20 €
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Emirates Airline: A Billion-dollar Sukuk-Bond Issue
Emir Hrnjić; Harun Kapetanović; David ReebCaso IVEY-9B14N002-EDirección estratégica, FinanzasEmirates Airline (EA) needs to fund the purchase of 30 new A380 aircraft. On March 11, 2013, EA announced plans to issue US$1 billion of Islamic bonds (sukuk) and $750 million of regular bonds. These bonds arguably share similar risks and seniority even though the sukuk bonds sold with a lower implied yield. This difference in pricing for securities with similar default risks seems at odds with conventional finance thinking. Against this backdrop...Desde 8,20 €
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Toyota's Innovative Share Issue (2015)
Emir HrnjićCaso IVEY-9B16N008-EDirección estratégica, FinanzasIn June 2015, the Toyota Motor Corporation’s annual shareholders’ meeting included a proposal regarding Toyota’s new share issue. Named “Model AA” shares after the company’s first passenger car, the shares would offer investors new hybrid securities. This proposal created a lot of controversy among existing shareholders. Although President Toyoda claimed that no one would be disadvantaged by these shares, it remained unclear how many shareholders...Desde 8,20 €
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Aramco’s Privatization and IPO Dilemma: Timing and Valuation
Emir HrnjićCaso IVEY-9B20N031-EDirección estratégica, FinanzasIn November 2019, Saudi Arabia’s government officials and advisers had to decide whether or not to proceed with a plan to make the government-owned Saudi Arabian Oil Company (Aramco) a private company and list it on a stock exchange. At the time, Aramco wDesde 8,20 €
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Singapore Airlines: A Rights Issue during the COVID-19 Crisis
Emir HrnjićCaso IVEY-W24460-EFinanzasIn early 2020, Singapore Airlines Limited (Singapore Airlines) faced severe liquidity issues as the global pandemic halted its flights and uncertainty loomed. Erstwhile massive cash reserves were quickly running out, and the airline’s executives pondered how to save the company from insolvency. Singapore Airlines’ majority shareholder, Temasek Holdings Limited, agreed to subscribe to a massive capital-raising exercise of up to S$15 billion via a ...Desde 8,20 €
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OCBC Versus Elliott Management: Acquisition of Wing Hang Bank
Emir HrnjićCaso IVEY-9B15N010-EDirección estratégica, FinanzasA Singapore-based financial services company, the second largest lender in Southeast Asia, offered to acquire a Hong Kong bank, the eighth largest lender in the country, for a premium price per share. Three months later, a multi-billion hedge fund firm based in the United States had accumulated close to 8 per cent of the Hong Kong bank’s shares. According to Hong Kong’s securities law, the Singapore-based financial institution would have to acqui...Desde 8,20 €
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Financing Alibaba's Buyout: Syndicated Loan in Asia
Emir HrnjićCaso IVEY-9B14N011-EDirección estratégica, FinanzasAlibaba is the world’s largest online trading platform, with higher revenues than Amazon and eBay combined. Its 2012 syndicated loan was the first sizable loan for a Chinese technology company with few tangible assets. Creative loan covenants stated that the subsidiaries would repatriate 100 per cent of the distributable profits for debt service. The loan was partially used for the buyback of Yahoo!’s stake in Alibaba. In the agreement, Yahoo! wo...Desde 8,20 €
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Suntech Power: Competition and Financing in China's Solar Industry
Emir HrnjićCaso IVEY-9B15N019-EDirección estratégica, FinanzasIn 2011, Suntech Power, the world’s largest solar panel manufacturer, found itself in a highly problematic position. Recent developments in the Chinese solar power industry had negatively impacted the company’s operations. As the industry had matured, the demand for Suntech Power’s products had become highly volatile. Changing policy regulations, the ambiguous financial structure of the firm and a shift in consumers’ perceptions of the product we...Desde 8,20 €