MergersandDivestitures幻灯片.pptVIP

Mergers and Divestitures;What are some good reasons for mergers?;What are some questionable reasons for mergers?;What is the difference between a “friendly” and a “hostile” merger?;Merger Analysis:Post-Merger Cash Flow Statements;Why is interest expense included in the analysis?;Why are earnings retentions deducted in the analysis?;What is the appropriate discount rate to apply to the target’s cash flows?;Discounting the Target’s Cash Flows;Calculating Continuing Value;Making the Offer;Shareholder Wealth in a Merger;Shareholder Wealth;Shareholder Wealth;Do mergers really create value?;Functions of Investment Bankers in Mergers