加拿大金融财务管理硕士作业-兼并与收购
发布时间：2017-05-12 06:34
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Section I (11 points) 第一节（11分）
该公司是一家具有3大部门的大型企业集团。这些分歧在电器、飞机发动机、与可再生能源行业–平均公司在这些行业的交易在6倍，8倍和10倍EBIT分别。公司当前的股价为每股40美元，共有5亿股流通股。它没有债务。
对于GEC的三部门的销售预测如下。在过去的五年中，这三个部门的销售成本平均为60%，，50%和75%。销售一般和管理费用平均为10%的家电和飞机发动机部门，和15%的可再生能源。折旧及资本开支占公司销售总额的5%。假设营运资金没有变动。税金占销售额的1%。
GEC Inc. is a large conglomerate with 3 major divisions. These divisions are in the Appliances, Aircraft Engines, and Renewal Energy industries – the average firm in these industries trades at a multiple of 6, 8 and 10 times EBIT respectively. GEC’s current share price is $40 per share, and it has 500 million shares outstanding. It has no debt.
Sales projections for GEC’s three divisions are provided below. Cost of Goods Sold at the three divisions has averaged 60%, 50% and 75% over the last five years. Selling General and Admin expenses have averaged 10% for the appliances and aircraft engine divisions, and 15% for the renewables. Depreciation and capital expenditure are 5% of total corporate sales. Assume no change in working capital. Taxes are 1% of sales.
Below are projected divisional sales for 2015, in $millions.
(a) Does GEC’s corporate valuation show a conglomerate discount? If so, what is its magnitude?
(b) If you found a discount above, does it mean that braking up the company into its 3 divisions will eliminate the discount? Why or why not?
Section II (24 points)
1. Provide two reasons why mergers appear to come in waves.
2. For a firm that is being taken private in a Leveraged Buy Out, describe how its bondholders and shareholders would react to the LBO proposal. Are bondholders less likely to support LBOs vis-à-vis stockholders? Why or why not?
3. Anti-takeover defense mechanisms allow a firm to resist unsolicited takeover bids. Explain why anti-takeover amendments are on the whole not associated with a negative stock price impact for the firm.
4. International mergers involve buyers and sellers from different countries. What are the main motivations for international acquirers that are different from domestic acquirers?
本文编号：358980
该公司是一家具有3大部门的大型企业集团。这些分歧在电器、飞机发动机、与可再生能源行业–平均公司在这些行业的交易在6倍，8倍和10倍EBIT分别。公司当前的股价为每股40美元，共有5亿股流通股。它没有债务。
对于GEC的三部门的销售预测如下。在过去的五年中，这三个部门的销售成本平均为60%，，50%和75%。销售一般和管理费用平均为10%的家电和飞机发动机部门，和15%的可再生能源。折旧及资本开支占公司销售总额的5%。假设营运资金没有变动。税金占销售额的1%。
GEC Inc. is a large conglomerate with 3 major divisions. These divisions are in the Appliances, Aircraft Engines, and Renewal Energy industries – the average firm in these industries trades at a multiple of 6, 8 and 10 times EBIT respectively. GEC’s current share price is $40 per share, and it has 500 million shares outstanding. It has no debt.
Sales projections for GEC’s three divisions are provided below. Cost of Goods Sold at the three divisions has averaged 60%, 50% and 75% over the last five years. Selling General and Admin expenses have averaged 10% for the appliances and aircraft engine divisions, and 15% for the renewables. Depreciation and capital expenditure are 5% of total corporate sales. Assume no change in working capital. Taxes are 1% of sales.
Below are projected divisional sales for 2015, in $millions.
(a) Does GEC’s corporate valuation show a conglomerate discount? If so, what is its magnitude?
(b) If you found a discount above, does it mean that braking up the company into its 3 divisions will eliminate the discount? Why or why not?
Section II (24 points)
1. Provide two reasons why mergers appear to come in waves.
2. For a firm that is being taken private in a Leveraged Buy Out, describe how its bondholders and shareholders would react to the LBO proposal. Are bondholders less likely to support LBOs vis-à-vis stockholders? Why or why not?
3. Anti-takeover defense mechanisms allow a firm to resist unsolicited takeover bids. Explain why anti-takeover amendments are on the whole not associated with a negative stock price impact for the firm.
4. International mergers involve buyers and sellers from different countries. What are the main motivations for international acquirers that are different from domestic acquirers?
本文编号：358980
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