Chapter_9收购、兼并和重组课后题目.ppt

Using Financial Modeling Techniques to Value and Structure Mergers Acquisitions;Tact is for people not witty enough to be sarcastic. --Anonymous;;Learning Objectives;Financial Models Help Answer Key Valuation, Financing, and Deal Structuring Questions;MA Model Building Process;Step 1: Value Acquirer Target as Standalone Firms;Applying the 5-Forces Model to Project Acquirer and Target Firm Financial Performance;Step 2: Value Acquirer Target Firms Including Synergy;Adjusting Combined Acquirer/Target Company Projections For Estimated Synergy;Discussion Questions;Step 3: Determine Initial Offer Price for Target Firm;Calculating Initial Offer Price (PVIOP);Calculating Initial Offer Price--Example;Calculating Offer Price Per Share and Target’s Equity Value Under Alternative Payment Scenarios;Calculating the Target’s Fully Diluted Shares Outstandingand Adjusting Equity Value (If Converted Method);Step 4: Determine Combined Firms’ Ability to Finance Transaction;Determining Dilution/Accretion by Calculating Post-Merger Earnings Per Share (EPS) ;Calculating Post-Merger EPS in a Share for Share Exchange1;Calculating Post-Merger EPS in an All Cash Transaction;Calculating Post-Merger EPS in a Cash Stock Transaction: Practice Problem;Model Worksheet Layout1;Using MA Model Template1;Model Balance Sheet Adjustment Mechanism Methodology;Model Balance Sheet Adjustment Mechanism Illustration;Estimating Interest Expense;Debt Repayment Schedule;Hints on Using Financial Models;Things to Remember…