Class notes
22nd Jan 2016 Lecture Notes
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Lecture notes of 1 pages for the course MSIN3004 - Mergers and Valuation at UCL
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Starting point for bad deals (CW) Jan 1 2012 –Look at Pfizer/allergan – considered bad deal
Pharma exaggerates synergies by about 30%
AOL acquisition of Huffington Post – no synergies – overpaid by 40%
Omnicom/Publicis – merger of equals – no premium: good deal
Pfizer overbid for AstraZeneca because thought there were higher synergies – AZ
shareholders should be unhappy deal didn’t go through
Starting CW:
1. Read book synopsis
2. Read overall cw sheet
3. Look at sectors where overacquiried- pharma/biotech, then telecoms,
consumer products, semiconductor chips (mostly by Chinese companies),
tech (social networks) (Instagram, whatsapp/FB)
4. Journal of Applied Corporate Finance
Include
ABN Amro/RBS
Newscorp/Myspace
Bank of America/Countrywide
HBOS/Lloyds
HP/Autonomy
AT&T/NRS – bought for 1bn sold for 500mn
Terra Firma/EMC – write down deal
Dell/EMC
BT/EE – hasn’t closed yet but price has been approved
ABInbev/Sabmiller
Nokia/Microsoft
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