企业财务知识培训资料.pptx
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企业财务知识培训资料.pptx
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TypesofmergersMergeranalysisRoleofinvestmentbankersCorporatealliances,LBOs,divestitures,andholdingcompanies,CHAPTER21Mergers,LBOs,Divestitures,andHoldingCompanies,Synergy:
Valueofthewholeexceedssumoftheparts.Couldarisefrom:
OperatingeconomiesFinancialeconomiesDifferentialmanagementefficiencyIncreasedmarketpowerTaxes(useaccumulatedlosses),Whydomergersoccur?
Break-upvalue:
Assetswouldbemorevaluableifsoldtosomeothercompany.,DiversificationPurchaseofassetsatbelowreplacementcostGetbiggerusingdebt-financedmergerstohelpfightofftakeovers,Whataresomequestionablereasonsformergers?
FiveLargestcompletedandproposedmergers,asofJanuary2000,BuyerAmericaOnlineVodafoneAirTouchMCIWorldComExxonBellAtlantic,TargetTimeWarnerMannesmannSprintMobilGTE,Value$160.0billion148.6billion128.9billion85.2billion85.0billion,Friendlymerger:
Themergerissupportedbythemanagementsofbothfirms.,Differentiatebetweenhostileandfriendlymergers,Hostilemerger:
Targetfirmsmanagementresiststhemerger.Acquirermustgodirectlytothetargetfirmsstockholderstrytoget51%totendertheirshares.Often,mergersthatstartouthostileendupasfriendlywhenofferpriceisraised.,AccesstonewmarketsandtechnologiesMultiplepartiessharerisksandexpensesRivalscanoftenworktogetherharmoniouslyAntitrustlawscansheltercooperativeR&Dactivities,Reasonswhyalliancescanmakemoresensethanacquisitions,Netsales$60.0$90.0$112.5$127.5Costofgoodssold(60%)36.054.067.576.5Selling/admin.expenses4.56.07.59.0Interestexpense3.04.54.56.0EBT$16.5$25.5$33.0$36.0Taxes(40%)6.610.213.214.4Netincome$9.9$15.3$19.8$21.6Retentions0.07.56.04.5Cashflow$9.9$7.8$13.8$17.1,MergerAnalysis(InMillions),2001200220032004,CashFlowStatementsafterMergerOccurs,Estimatedcashflowsareresidualswhichbelongtoacquirersshareholders.Theyareriskierthanthetypicalcapitalbudgetingcashflows.Becausefixedinterestchargesarededucted,thisincreasesthevolatilityoftheresidualcashflows.,Conceptually,whatistheappropriatediscountratetoapplytotargetscashflows?
(More.),Becausethecashflowsareriskyequityflows,theyshouldbediscountedusingthecostofequityratherthantheWACC.Thecashflowsreflectthetargetsbusinessrisk,nottheacquiringcompanys.However,themergerwillaffectthetargetsleverageandtaxrate,henceitsfinancialrisk.,TerminalValueCalculation,1.First,findthenewdiscountrate:
ks(Target)=kRF+(kMkRF)bTarget=9%+(4%)1.3=14.2%.2.Terminalvalue=$221.0million.,(2004Cashflow)(1+g)ksg,$17.1(1.06)0.1420.06,NetCashFlowStreamUsedinValuationCalculation(InMillions),2001200220032004,Annualcashflow$9.9$7.8$13.8$17.1Terminalvalue221.0Netcashflow$9.9$7.8$13.8$238.1,Value=+=$163.9million.,$9.9(1.142)1,$7.8(1.142)2,$13.8(1.142)3,$238.1(1.142)4,No.Theinputestimateswouldbedifferent,anddifferentsynergieswouldleadtodifferentcashflowforecasts.Also,adifferentfinancingmixortaxratewouldchangethediscountrate.,Wouldanotheracquiringcompanyobtainthesamevalue?
Targetfirmhas10millionsharesoutstandingatapriceP0of$9.00pershare.Whatshouldtheofferingpricebe?
Maximumprice=$16.39/share.Range=$9to$16.39/share.,ValueofAcquisitionSharesOutstanding,$163.9million10million,Theoffercouldrangefrom$9to$16.39pershare.At$9allthemergerbenefitswouldgototheacquirersshareholders.At$16.39,allvalueaddedwouldgotothetargetsshareholders.Seegraphonthenextslide.,0,5101520,ChangeinShareholdersWealth,Acquirer,Target,BargainingRange=Synergy,PricePaidforTarget,$9.00,$16.39,PointsAboutGraph,Nothingmagicaboutcrossoverprice.Actualpricewouldbedeterminedbybargaining.Higheriftargetisinbetterbargainingposition,lowerifacquireris.Iftargetisgoodfitformanyacquirers,otherfirmswillcomein,pricewillbebidup.Ifnot,couldbecloseto$9.,(More.),Acquirermightwanttomakehigh“preemptive”bidtowardoffotherbidders,orlowbidandthenplantogoup.Strategy.Dotargetsmanagershave51%ofstockandwanttoremainincontrol?
Whatkindofpersonaldealwilltargetsmanagersget?
Theevidencestronglysuggests:
Acquisitionsdocreatevalueasaresultofeconomiesofscale,othersynergies,and/orbettermanagement.Shareholdersoftargetfirmsreapmostofthebenefits,i.e.,movetorightinmergergraph(Slide21-17),becauseofcompetitivebids.,Domergersreallycreatevalue?
ArrangingmergersAssistingindefensivetacticsEstablishingafairvalueFinancingmergersRiskarbitrage,FunctionsofInvestmentBankersinMergers,
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- 企业财务 知识 培训资料
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