PCX Hotline : 725-8888 Intel CPU & Mboard Intel Celeron 430 (1.8G) 512kb 800FSB Intel E6600 (3.06G) 2mb 1066FSB PDC ECS G41T-R3/M7/M16 G41 VSL/ddr3 Asrock G31M-VS2 G31 VSL/ddr2 Asrock G41C-GS G41 VSL/combo Intel BLKDG41WV G41 VSL/ddr3 Asus P5G41T-M LX3 G41 VSL/ddr3 MSI G41M-P28 G41 ddr3/V/S/GL Intel G530 (2.4G) 2mb Celeron DC Intel G540 (2.5G) 2mb Celeron DC Intel G620 (2.6G) 3mb Pentium DC Intel G630 (2.7G) 3mb Pentium DC Intel Core i3-2100 (3.1G) 3mb Intel Core i3-2120 (3.3G) 3mb Intel Core i5-2320
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PCX Hotline : 725-8888 Intel CPU & Mboard ECS G41T-M6 G41 VSL/ddr3 Asrock G31M-GS G31 VSL Asrock G41C-GS G41 VSL/combo Intel BLKDG41WV G41 VSL/ddr3 MSI G41M-P28/33 combo G41 V/S/L Intel G550 (2.6G) 2mb Celeron DC Intel G630 (2.7G) 3mb Pentium DC Intel G840 (2.8G) 3mb Pentium DC Intel Core i3-2120 (3.3G) 3mb Intel Core i3-3220 (3.3G) 3mb Intel Core i5-2320 (3.0G) 6mb Intel Core i5-3330 (3.0G) 6mb 22nm Intel Core i5-3470 (3.2G) 6mb 22nm Intel Core i5-3550 (3.3G) 6mb 22nm Intel Core i5-3570 (3.4G)
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want to raise capital by Leveraged Buyout (LBO) approach. This means ACC will finance money though equity and debt to buy AirThread and pay the debt by the cash flows or assets of AirThread. * In another word‚ it’s a highly levered transaction using a fixed WACC discount rate; however the leverage is changing in fact. * If we want to use WACC method‚ one assumption must be met: this program will not change the debt-equity ratio of AirThread. Under LBO approach‚ it’s impossible. * So we
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Why do most mergers and acquisitions (M&A) fail to create value for the acquirer ’s shareholders? What are the main reasons in your opinion? Identify the difference between a good company and a good investment Most of publicly traded companies’ mergers destroy value for buy-side shareholders and at the same time sellers are compensated with premiums1. The same opinion is stated in one of the most quoted book about valuation and creating value: most of M&A deals don’t create value for buyers2
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There have been six merger waves in the historical mergers. Yong Rin (2011) contends that the first four merger waves were centered in the U.S. while the fifth and the sixth involved Europe and Asia. These six merger waves shared common features that they all occurred in cyclical patterns and ended with a stock market crash. What follows is the detail of each merger wave. First wave – 1897 to 1904 The first merger wave took place after the depression of 1883‚ peaked in 1899 and lasted until 1904
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Mergers and Other Forms of Corporate Restructuring Mergers and Other Forms of Corporate Restructuring Sources of Value Strategic Acquisitions Involving Common Stock Acquisitions and Capital Budgeting Closing the Deal Mergers and Other Forms of Corporate Restructuring Takeovers‚ Tender Offers‚ and Defenses Strategic Alliances Divestiture Leveraged Buyouts What is Corporate Restructuring? Any change in a company’s: 1. Capital structure‚ 2. Operations‚ or 3. Ownership
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Corporate restructuring and the LBO CHAPTER 3: CONTRACTIONS Contraction is the reduction in the size of the private company or business due to corporate restructuring. 3.1 Spin-Offs—A spin-off transaction is when a parent company separates the shares of its subsidiary from the original private company shares and distributes those shares‚ on a pro-rata basis to its shareholders. In essence‚ two separate entities are formed in which the stockholders are issued the shares in the legal
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EM and Presentation Guidance Questions BW/IP 1. Was Borg-Warner’s Industrial Products Group a good candidate for a leveraged buyout in 1987? Evaluate the price paid and the structure of the deal that closed in May 1987. Are you optimistic about BW/IP’s prospects? 2. Do you favor the proposed acquisition of UCP? What are the primary sources of value in such a transaction? Is the proposed price reasonable? 3. How do the various features of the BW/IP buyout affect the company’s decisions about long-horizon
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