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Loblaw Companies Limited - Acquiring Shoppers Drug Mart
James E. Hatch; Gina KalbonehCase IVEY-9B15N006-EFinanceThe equity analyst for a large investment bank is in the process of evaluating a potential takeover of Shoppers Drug Mart, Canada’s largest drugstore retailer, by Loblaw Companies Limited, Canada’s largest grocery retailer. Rumours of the takeover have been circulating for some time, and the analyst wants to provide her buy-side clients with both her comments on the proposed transaction and her assessment of a reasonable offering price.Starting at €8.20
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BCE Inc.: In Play
Stephen R. Foerster; Heather TobinCase IVEY-9B09N018-EFinance, StrategyBCE Inc. (BCE), one of Canada's leading telecommunications companies, had struggled under its weak stock price performance and low valuation relative to its comparable peers, and faced increasing pressure from its largest shareholder, the powerful Ontario Teachers' Pension Plan (Teachers'). On March 29, 2007, it was reported that private equity firm Kohlberg Kravis & Roberts (KKR) had held informal meetings with BCE executives in the hopes of lau...Starting at €8.20
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BCE Inc.: Bondholders Versus Shareholders Supreme Court Showdown
Stephen R. Foerster; David KunschCase IVEY-9B09N027-EFinance, StrategyIn May 2008, the board of directors of BCE Inc., one of Canada’s leading integrated communications companies, was dealing with the fallout of a Quebec Court of Appeal decision. The court had ruled to disallow a $50 billion privatization deal as, according to the court, the process was flawed and did not consider the debenture (bond) holders of Bell Canada (a wholly owned subsidiary of BCE). The court had ruled that the board had allowed a deal in...Starting at €8.20
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Great Recession, 2007-2010: Causes and Consequences
David W. Conklin; Danielle CadieuxCase IVEY-9B10M008-EFinance, StrategyA recession in the U.S. economy began at the end of 2007. Concerns deepened as an epic financial crisis shattered business and consumer confidence. By the fall of 2008, the United States was in the midst of the worst recession since the 1930s, and major financial institutions were on the verge of bankruptcy. The financial crisis and recession spread around the world. Many saw a risk that the global financial system might collapse, perhaps precipi...Starting at €8.20
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China's Banks 2012
David W. Conklin; Danielle CadieuxCase IVEY-9B10M078-EFinance, StrategyIn the 1990s, considerable debate arose concerning the strength and stability of China's banks. Of particular concern were the debts owed to the banks by state-owned enterprises (SOEs). Many SOEs were experiencing financial difficulties and so they might not have been able to repay these loans. Some analysts emphasized that, since the banks and the SOEs were both owned by the government, the only relevant concern was the financial strength of the...Starting at €8.20
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Melco Crown Entertainment: Rolling the Dice and Other Ways to Raise Capital
Stephen Sapp; Matthew GrayCase IVEY-9B12N018-EFinance, StrategyThe case deals with how the investment banker advising the chief financial officer of Melco Crown Entertainment Limited (MCEL), a casino and entertainment company based in Macau, will suggest the company finance two new gaming resorts currently under construction. The development of these properties has stopped because of insufficient funding, and project timelines have started to be questioned. A decision regarding the best means to raise the ne...Starting at €8.20
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Ranbaxy Acquisition by Daiichi Sankyo
Rama Seth; P. Srikant AyyarCase IVEY-9B12N022-EFinance, StrategyThis case presents a trading situation arising out of the acquisition of Ranbaxy Laboratories Limited, an Indian pharmaceutical firm, by Daiichi Sankyo, Inc., a Japanese pharmaceutical firm, in 2008. After buying out the Ranbaxy’s founding family’s stake in the company, Daiichi Sankyo made a partial tender offer bid for the remaining shares of Ranbaxy. The uncertainty as to whether or not the deal would go through and what the eventual acceptance...Starting at €8.20
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Premier Foods Plc: Interest Rate Swaps
Jumana Zahalka; Anand SrinivasanCase IVEY-9B13N015-EFinance, StrategyA vice-president of a hedge fund must determine whether his fund will take a 5 per cent equity stake in Premier Foods Plc (Premier). At the time of the case, Premier, a publicly listed U.K. food and beverage company, was heavily indebted following a period of aggressive acquisition growth. Moreover, Premier had issued interest rate swaps on the majority of its debt. As the financial crisis unraveled, interest rates dramatically declined, and Prem...Starting at €8.20
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Crisis in Cyprus: Was it Different this Time
Nandita Yadav; Pratap Chandra BiswalCase IVEY-9B13N016-EFinance, StrategyCyprus is a small island member of the European Union, constituting 0.2 per cent of the eurozone gross domestic product. During its growth phase, the Cypriot banking system developed vulnerabilities after suffering heavy losses during the Greek sovereign debt crisis. The European Central Bank, the International Monetary Fund and the European Union offered a bailout of US$16.9 billion if the Cypriot government could raise US$7.54 billion from with...Starting at €8.20
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From Dell to Lenovo Investment Decision in the Rapidly Changing PC Industry
Stephen Sapp; Chris ChanCase IVEY-9B13N020-EFinance, StrategyThe director of the investment wing of a financial-services provider must decide whether his firm should continue to invest in the former frontrunner in the personal-computer industry or switch strategies and invest instead in an up-and-coming competitor. At a time of significant technological change and slowing global growth, the director and his team of analysts set out to create an in-depth assessment of the personal-computer industry in order...Starting at €8.20