Lecture notes
22nd Jan 2016 Lecture Notes
- Institution
- University College London (UCL)
Lecture notes of 1 pages for the course MSIN3004 - Mergers and Valuation at UCL
[Show more]
Content preview
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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller rjcp55. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £2.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
84866 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now