答案和详解如下： 1．g 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?
A) $100.8m $491.3m
B)$223.9m
$376.1m
C)$246.2m
$353.8m
D)$353.8m
$246.2m
The correct answer was B) Value after takeover = $37,500 + $4,000 + $600 = $42,100m.
Shares exchanged for Small Steel = 1.45 x 40m = 58m.
Post-takeover share price = value after takeover / shares outstanding = 42,100m / 558m = $75.45.
Takeover price = number of shares to small steel x post-takeover share price = 58m x $75.45 = $4,376.1m.
Gains to Small Steel = takeover premium = $4,376.1 – $4,000 = $376.1m.
Gains to Big Steel = synergies – takeover premium = $600 – $376.1 = $223.9m. 2．ich of the following statements concerning the gains from a merger are least accurate? A) In a stock offer, gains to the target shareholders are dependent upon the post-merger stock price of the acquirer. B) In a cash offer, the target shareholder’s gains are capped at the amount of the takeover premium. C) In a stock offer, the target shareholder’s gains are less than those from a comparable cash offer. D) Gains to the acquirer are a function of the difference between the synergies realized and the takeover premium. The correct answer was C) In a stock offer, the target shareholder’s gains will generally exceed those from a comparable cash offer. This, of course, depends upon the acquirer’s stock price following the merger. But, if the exchange ratio is based upon the acquirer’s pre-merger price, and if the post-merger price exceeds the pre-merger price, the target’s gains from the stock offer should be greater than those from a cash offer. 3．g 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? A) $500m $100m
B) $400m $200m
C) $300m $300m
D) $200m $400m
The correct answer was D) Gains to Small Steel = takeover premium = $4,400 – $4,000 = $400m.
Gains to Big Steel = synergies – takeover premium = $600 – $400 = $200. | 
发表于 2008-5-19 14:56
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