以下是引用chenyu123在2009-3-3 16:32:00的发言：
LOS m: Evaluate a merger bid, calculate the estimated post-merger value of an acquirer, and calculate the gains accrued to the target shareholders versus the acquirer shareholders.
Q1. Big Steel is considering making a bid for Small Steel. The following data applies to the analysis:
|
|
Big Steel |
|
Small Steel |
|
Pre-merger stock price |
$75 |
|
$100 |
|
Number of shares outstanding |
500m |
|
40m |
|
Pre-merger market value |
$37,500m |
|
$4,000m |
|
Estimated synergies |
|
$600m |
|
If Big Steel buys Small Steel for $110 per share in cash, what are the gains to Big Steel and Small Steel, respectively?
Big Steel Small Steel
A) $400m $200m
B) $500m $100m
C) $200m $400m
Q2. Big Steel is considering making a bid for Small Steel. The following data applies to the analysis:
|
|
Big Steel |
|
Small Steel |
|
Pre-merger stock price |
$75 |
|
$100 |
|
Number of shares outstanding |
500m |
|
40m |
|
Pre-merger market value |
$37,500m |
|
$4,000m |
|
Estimated synergies |
|
$600m |
|
If Big Steel buys Small Steel by exchanging 1.45 shares of its stock for each share of Small Steel, what are the gains to Big Steel and Small Steel, respectively?
Big Steel Small Steel
A) $223.9m $376.1m
B) $100.8m $491.3m
C) $246.2m $353.8m
.
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发表于 2009-5-23 05:50
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