Merger Fundamentals Firms sometimes use mergers to expand externally by acquiring control of another firm. The objective for a merger should be to improve the firm’s share value‚ a number of more immediate motivations such as diversification‚ tax considerations‚ and increasing owner liquidity frequently exist. Sometimes mergers are pursued to acquire specific assets owned by the target rather than by a desire to run the target as a going concern. Mergers‚ Consolidations‚ and Holding Companies
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COMPANY DESCRIPTION The Walt Disney Company was created on October 16th‚ 1923 as a contract between Walt Disney and M.J. Winkler. This venture was referred to as The Disney Brothers Studio. From its beginnings as a cartoon and animation studio‚ The Walt Disney Company has grown into a multinational empire. It has delivered an incomparable entertainment experience for people of all ages. Disney is now the largest entertainment company in the world‚ consisting of five business segments which include:
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PBI provides mail processing equipment and integrated mail solutions worldwide. It offers a suite of equipment‚ supplies‚ software‚ services‚ and solutions for managing and integrating physical and digital communication channels. Pitney Bowes Valuation PBI’s current growth is centered on potential economic recovery. PBI has incurred a slowdown in earnings due to the decline of mail‚ and credit restraints facing business and the expansion of business. Cash flow currently exceeds dividend payments
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JEFFREY A. KRUG MAJOR WORK MERGERS & ACQUISITIONS VOLUME I: MERGERS & ACQUISITIONS I. Definitions and Concepts 1. Reed‚ Stanley Foster‚ Alexandra Reed Lajoux‚ and H. Peter Nesvold‚ The Art of M&A. New York‚ New York: McGraw-Hill‚ 2007‚ 4th Edition‚ Chapter 1‚ “Getting Started in Mergers and Acquisitions‚” pp. 1 – 8 (8 pages‚ one column‚ ISBN 0-07-140302-7). 2. Gaughan‚ Patrick A.‚ Mergers‚ Acquisitions‚ and Corporate Restructurings. Hoboken‚ New Jersey: John Wiley & Sons‚ Inc.‚ 2007
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Methods of Brand Valuation The various methods of brand valuation can be placed into four categories: (1) cost-based approaches; (2) market-based approaches; (3) income-based approaches; and (4) formulary approaches incorporating future benefits or comparative advantages. Cost-based Approaches This method considers the costs involved in creating the brand through the stages of research and development of the product concept‚ market testing‚ continued promotion during commercialization
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Inventory Valuation Retailers define inventory as intended sellable assets consisting of goods that are available for resale to customers. Manufacturers also maintain three components of inventory. These include “finished goods” which are goods that have been completed and are awaiting sales. Manufacturers may also have “work in process inventory” made up of goods being manufactured but not yet completed. The third category of inventory is “raw materials‚” consisting of goods that are to
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Business valuations are an important issue that is always overlooked by many people. Most people are focused on making profit‚ and other things take the least priority. People will rather buy business magazines about making money and improving sales. They are interested in business opportunities and ventures. Making profit is important‚ but how secure are you with the future? A business valuation shows you what the future looks like. The approach to business valuations depends on your type of organization
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AirThread Connections. In particular‚ the following issues must be considered: Valuation of cash flows in the relevant period Estimating terminal value A. Procedure 1. The cash flows (without synergy) were taken as provided for 5 years along with adjustment for Net working capital changes. 2. WACC was calculated for various D/V ratios 3. Terminal Value of the firm was determined using P/E Multiple of 19.1 4. Valuation done for the cash flows and terminal value at a discount rate corresponding to
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MARKETING CHANNELS EXECTIVE SUMMARY This case study deals with Hewlett-Packard (HP)‚ a famous manufacturer of computers and peripherals. In the early 1990s‚ HP faced a socalled “Inventory/Service-Crisis” concerning one of their high volume products‚ the DeskJet printer. Despite growing inventory levels at the distribution centers in Europe and Asia-Pacific‚ customer service levels were unsatisfactory. Affected by growing competition this problem had to be handled quickly. EXECTIVE SUMMARY
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INTRODUCTION TO MERGER AND ACQUISITION (M&A) Mergers and acquisitions (abbreviated M&A) is an aspect of corporate strategy‚ corporate finance and management dealing with the buying‚ selling‚ dividing and combining of different companies and similar entities that can help an enterprise grow rapidly in its sector or location of origin‚ or a new field or new location‚ without creating a subsidiary‚ other child entity or using a joint venture. The distinction between a "merger" and an "acquisition"
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