Chapter_8收购、兼并和重组课后题目.ppt

* * * * * * * * * * * * * * Applying Relative, Asset Oriented, and Real Option Valuation Methods to Mergers and Acquisitions You earn a living by what you get, but you build a life by what you give. —Winston Churchill Exhibit 1: Course Layout: Mergers, Acquisitions, and Other Restructuring Activities Part IV: Deal Structuring and Financing Part II: MA Process Part I: MA Environment Ch. 11: Payment and Legal Considerations Ch. 7: Discounted Cash Flow Valuation Ch. 9: Financial Modeling Techniques Ch. 6: MA Postclosing Integration Ch. 4: Business and Acquisition Plans Ch. 5: Search through Closing Activities Part V: Alternative Business and Restructuring Strategies Ch. 12: Accounting Tax Considerations Ch. 15: Business Alliances Ch. 16: Divestitures, Spin-Offs, Split-Offs, and Equity Carve-Outs Ch. 17: Bankruptcy and Liquidation Ch. 2: Regulatory Considerations Ch. 1: Motivations for MA Part III: MA Valuation and Modeling Ch. 3: Takeover Tactics, Defenses, and Corporate Governance Ch. 13: Financing the Deal Ch. 8: Relative Valuation Methodologies Ch. 18: Cross-Border Transactions Ch. 14: Valuing Highly Leveraged Transactions Ch. 10: Private Company Valuation Learning Objectives Primary learning objective: To provide students with knowledge of alternatives to discounted cash flow valuation methods, including Market Approach Comparable companies Comparable transactions Same industry or comparable industry Asset oriented approach Tangible book value Liquidation value Break-up value Replacement Cost approach Weighted average method Secondary learning objective: Enable students to understand how real options apply to MAs Applying Market-Based (Relative Valuation) Methods1 MVT = (MVC / VIC) x VIT Where MVT = Market value of target company MVC = Market value of the comparable company C2 VIC = Measure of value for comparable company C VIT = Measure of value for company T (MVC/VIC) = Market value multiple for the comparable