Executive summary 2 PART 1: Valuation of the Yell Group 3 LBO Potential 3 Financial structure 3 Ownership structure 4 Potential cultural differences 4 Valuation 4 PART 2 : Readings 10 Bond prices and takeovers 10 Abnormal Bond Returns 10 Impact on bond returns of different legal standards in case of cross-border acquisitions 11 Sources of financing takeovers 11 References 14 Executive summary The Yell group is consists of BT Yellow Book Yellow Pages USA and
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Bidding on the Yell Group 1. Introduction Yell Group consists of two businesses that are operating across countries. Yellow Page is a classified directory business in the UK‚ while Yellow Book is an independent directory business in the USA. These businesses are currently owned by British Telecom which is under pressure to reduce its heavy debt load and had been wavering for months about the future of these two Yellow Pages divisions. Apax Partner and Hick Muse are two private equity firms
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Memo for Valuing Cross-Border LBO of Yell Group Group 5: Li Xiao‚ Xia Liu‚ Minghao Gu‚ Shine Li Table of Contents 1. Purpose and Overview 2. Acquiring Yell Group Is a Good Choice for Apax and Hicks Muse 2.1 Directory Industry has enjoyed fast growth both in U.K. and U.S. 2.2 Yell Group is a good LBO candidate 2.3 Apax and Hicks Muse are experienced media investors 3. Valuation 3.1 Valuation Method 3.2 FCF of BT Yellow Pages 3.3 FCF of Yellow Book USA 3.4 Interest Tax Shield 3
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specific item within the specific timeframe. Beside‚ bid also called as an auction that makes an offer of a specific amount of money in exchange for products and services. Lelong.com.my has provide the bid system for the buyer to bid in normal day bidding either in the Superbid event. 1.1 login/register into Lelong.com.my Firstly‚ if the user is willing to bid in lelong.com.my‚ he must register as member of lelong.com.my. Because the bid in lelong.com.my is open for all lelong.com.my members who
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Case Study Preparation Questions Valuing a Cross-Border LBO: Bidding on the Yell Group Shiyu Liu 1. Include a paragraph to summarize the case. A group of private equity investors – Apax Partner and Hick Muse are two private equity firms that are interested in buying the Yell Group. Yell Group comprises of two businesses that operated in both the United States and the United Kingdom. Yellow Pages is a classified directory business in the UK while Yellow Book is an independent directory business
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Cell Yell In this generation‚ people tend to speak their mind regardless of their surroundings. Thinking back to a few years ago‚ everything was private. Not too many people were broadcasting personal business in public settings. Nowadays when using public transportation services‚ it’s rather annoying to hear the next person’s conversation. What ever happen to keeping your conversation private? Privacy plays an important role in my life. Everything isn’t for everyone to hear‚ see‚ or understand
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In her essay‚ Triumph of the Yell‚ written in 1994‚ Deborah Tannen details the truths about public discourse in a well organized and factual manner. She makes a forceful claim that public discourse has degenerated into verbal fist-fights which are not effective in problem solving. She exemplifies her statements with facts and personal experiences. She also applies the universal intellectual standards of clarity‚ depth‚ accuracy‚ logic and fairness. With this thought provoking essay‚ Tannen exposes
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promoter’s description of its requirements and an invitation to suppliers to indicate their interest in the contract and their professional capacity to fulfil it. The promoter then identifies potential suppliers and invites them to submit bids. After the bidding phase‚ most procurement systems require a public declaration of the competitors’ names and their bid prices and‚ ultimately‚ of the successful bidder. There is a wide variety of procurement procedures available for use in tendering when it comes
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Prior to the financial crises‚ most people were using banks and other financial institution to get access to cash and receive loan funding. According to Matt Scully and his article in the American Banker newspaper “Banks Heat Up Bidding for Peer-to-Peer Loans”‚ a turning point in the history of the finance world has been the bankruptcy of Lehman Brothers in 2008; as people lost confidence in financial institution and were no longer able to secure credit with reasonable terms and conditions‚ peer
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Memo To: Apax Partners and Hicks‚ Muse‚ Tate & Furst From: Subject: Valuing a Cross-Border LBO: Bidding on the Yell Group Date: April 9‚ 2014 Yell Group‚ a holding company created by British Telecom (BT)‚ has two business divisions located in two different countries: Yellow Pages business in the U.K. and Yellow Book business in the U.S. Recently‚ BT is under pressure to reduce heavy debt load through outright sale of directories
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