Creating Value From Mergers And Acquisitions 1st Edition P S Sudarsanam; Dawson Books - Solutions

What is the significance of rivals entering the contest for a target?
What are the different strategies available to bidders in the US?
Which bid strategies are likely to succeed on the basis of empirical evidence?
Who are arbitrageurs? What is their role in the M & A process?
What are the different hostile bid strategies?
What is a merger of equals? What does it mean for takeover premium, negotiation and post-acquisition integration?
Compare the advantages and disadvantages of making a friendly bid rather than a hostile bid.
What is the relationship between toehold and takeover bid premium?
What are the advantages and disadvantages of building up a stake in a potential target company?
In what ways can potential target firms be identified?
What is the role of an internal acquisition team (the A team)?
What is a bid strategy? What are its objectives?
How important are the roles of lawyers, accountants and investor relations advisors?
What do empirical studies say about the role of investment banks?
Does investment bank reputation deter opportunism and conflict of interests?
What is a success fee? How does it help the target, the bidder and the bank adviser?
Do compensation contracts create conflicts of interest? How?
What are the sources of conflict of interest between companies and their advisers?
What is an arbitrage in the merger context?
How important is the role of investment bankers? What are their responsibilities?
What services do these advisers offer?
Who are the different advisers involved in takeovers?
Does takeover regulation help or hinder takeover activity? How and why?
Compare and contrast the regulations in the continental European countries.
Compare and contrast the US takeover regulation and the UK and EU proposal.
What is the importance of the disproportionate risk barrier?
Why has the proposed Takeover Directive aroused opposition from a number of countries?
Compare and contrast the proposed EU Takeover Directive and the UK Code.
What is the importance of the Substantial Acquisition Rules in the UK?
What is the importance of a bid timetable?
What is frustrating action? Is it necessary?
What is a mandatory bid? Is it necessary?
What are the principles of the UK Takeover Code? What is the rationale for these principles?
Is a voluntary self-regulatory system more effective and efficient in regulating takeovers?
What is the takeover regulatory structure in the UK?
What is the rationale for takeover regulation?
Why do cash acquisitions generate larger shareholder gains than equity offers?
Are corporate control considerations important to payment method? How?
What is earn-out? Under what circumstances is it useful as a payment method?
How important is credit rating to the choice of payment method?
What is an underwritten rights issue? Compare it with a direct cash offer to the target shareholders.
What are equity derivatives in the context of takeovers? How are they used for risk management?
How can acquirers avoid earnings dilution?
What is boot strapping? How does it influence payment method?
How does earnings dilution occur in a share exchange offer?
What is the impact of the bidder’s financial strategy on payment currency choice?
What is the relevance of tax to payment currency choice?
Do you think stock market conditions inlfuence the choice of payment currency? Why?
What are the different methods of paying for acquisitions?
How can you make such evaluation across countries comparable?
How can you, as an analyst, make post-combination evaluation across companies comparable?
What is the implication of the international differences in accounting rules?
How do accounting rules differ among countries?
What impact does choice of accounting method have on post-combination accounting statements?
What is goodwill? How is it estimated for accounting purposes?
What are the major differences between the two methods of accounting?
What is pooling accounting? What is purchase accounting?
What are the different types of accounting relevant to business combinations?
Why is accounting for a business combination important?
What is the effect of competition on real option valuation?
What are the problems in applying a financial option valuation model to a real option?
What are the different types of real options?
What is a real option and how does it compare to a financial option?
What are the value drivers in the discounted cash flow model? What is the significance of the terminal value assumption?
What are the limitations of using the q or market to book as a valuation model?
What is Tobin’s q and how is it different from the market to book value of equity?
How do accounting rules and practices affect the usefulness of PER as a valuation model?
What are the important caveats in using the PER?
Describe the price earnings ratio. In what sense is it a valuation model?
What is the importance of the terminal value in the model?
What is abnormal earnings model? What are the determinants of value in that model?
What are the different sources of value in acquisitions?
What is the importance of building up negotiation skills and resources?
Should negotiation cover post-acquisition issues? Why?
If you were considering making an acquisition how would you draw up the ideal target profile?
What are the different stages of the target selection process?
What is a win–win strategy? What other strategies can the bidder adopt?
What is the relevance of corporate governance to the acquisition process?
How does a well-organized acquisition function cope with the problems in the organizational process of acquisition decision making?
What are the roles of the acquisition team?
Why is it important to understand the organizational processes in the acquisition decision context?
What are the differences between the rationalist view and organizational view of the acquisition process?
Does debt provide a good discipline over management?
What are the sources of value creation in an LBO?
Discuss the LBO and high-yield bond market in European countries.
What is a junk bond?
What are the different sources of funds for an LBO?
What kind of targets make good LBOs?
What is an LBO exit? What are the alternative exit strategies?
What are the sources of LBO targets? How does the source affect the pricing of an LBO?
Compare the LBO market in the US and Europe.
What are the different types of LBOs and their characteristics?
What are private equity firms’ competitive advantages in the takeover market over other buyers?
What is an LBO? What is its general financial structure?
What is the stock market reaction to the different methods? What is your interpretation of it?
Suggest circumstances in which you will choose one or the other of the methods
Compare and contrast the different refocusing methods.
What are the implications of a tracking stock? What is the rationale for it?
What are the implications of an equity carve-out? What is the rationale for it?
What are the implications of a corporate spinoff? What is the rationale for it?

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Creating Value From Mergers And Acquisitions 1st Edition P S Sudarsanam; Dawson Books - Solutions

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