Chapter_18收购、兼并和重组课后题目.pptx

Cross-Border Mergers and Acquisitions: Analysis, Structuring and Valuation;Courage is not the absence of fear. It is doing the thing you fear the most. —Rick Warren;;Learning Objectives;Globally Integrated Versus Segmented Capital Markets;Developed Versus Emerging Countries;Motives for International Expansion;Common Market Entry Strategies;Discussion Questions;Characteristics and Determinants of Cross-Border Mergers and Acquisitions;The Acquisition Process;Implementing Cross-Border Transactions in Developed Countries;Implementing Cross-Border Transactions in Developed Countries Cont’d.;Implementing Cross-Border Transactions in Emerging Countries;Valuing Cross-Border Transactions;Projecting Future Currency Exchange Rates ;Interest Rate Parity Theory; 2012 2013 2014 Target’s Euro-Denominated €124.5 €130.7 €136.0 FCFF Cash Flows (€ Millions) Target Country’s Interest Rate (%) 4.50 4.70 5.30 U.S. Interest Rate (%) 4.25 4.35 4.55 Current Spot Rate ($/€) = 1.2044 Projected Spot Rate ($/€) = 1.2015 1.1964 1.1788 Target’s Dollar-Denominated $149.59a $156.37 $160.32 FCFF Cash Flows ($ Millions) Notes: Calculating the projected spot rate using Interest Rate Parity. ($/€)2012 = {(1.0425)/(1.0450)} x 1.2044 = 1.2015 ($/€)2013 = {(1.0435)2/(1.0470)2} x 1.2044 = 1.1964 ($/€)2014 = {(1.0455)3/(1.0530)3} x 1.2044 = 1.1788 ;Purchasing Power Parity Theory; 2012 2013