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* Cash offer:
𝑃𝐶𝑎𝑠ℎ 𝑜𝑓𝑓𝑒𝑟 − 𝑃𝐶𝑙𝑜𝑠𝑖𝑛𝑔 (𝑡𝑎𝑟𝑔𝑒𝑡) $4.17 − $3.80
𝐵𝑖𝑑 𝑃𝑟𝑒𝑚𝑖𝑢𝑚 = = = 9.74%
𝑃𝐶𝑙𝑜𝑠𝑖𝑛𝑔 (𝑡𝑎𝑟𝑔𝑒𝑡) $3.80
𝑃𝑆ℎ𝑎𝑟𝑒 𝑜𝑓𝑓𝑒𝑟 = 𝑆ℎ𝑎𝑟𝑒 𝐸𝑥𝑐ℎ𝑎𝑛𝑔𝑒 𝑟𝑎𝑡𝑒 ∗ 𝑃𝐶𝑙𝑜𝑠𝑖𝑛𝑔 (𝑏𝑖𝑑𝑑𝑒𝑟) = 0.74 ∗ $5.64 = $4.1736
$4.1736 − $3.80
𝐵𝑖𝑑 𝑃𝑟𝑒𝑚𝑖𝑢𝑚 = = 9.83%
$3.80
1
2/. Calculate the Cost of the takeover; the Gain to the Target; the Gain to the Bidder:
* Cash offer:
𝐸𝑎𝑟𝑛𝑖𝑛𝑔𝑠 $80,000,000
. 𝐺𝑎𝑖𝑛 𝑇𝑎𝑘𝑒𝑜𝑣𝑒𝑟 = = = $800,000,000
𝑑𝑖𝑠𝑐𝑜𝑢𝑛𝑡𝑒𝑑 𝑟𝑎𝑡𝑒 10%
. 𝐶𝑜𝑛𝑡𝑟𝑖𝑏𝑢𝑡𝑖𝑜𝑛 𝑜𝑓 𝑇 𝑡𝑜 𝐵 = 𝑀𝑎𝑟𝑘𝑒𝑡 𝑣𝑎𝑙𝑢𝑒𝑡𝑎𝑟𝑔𝑒𝑡 + 𝐺𝑎𝑖𝑛 𝑇𝑎𝑘𝑒𝑜𝑣𝑒𝑟
2
* Share Exchange offer:
. 𝐴𝑑𝑑𝑖𝑡𝑖𝑜𝑛𝑎𝑙 𝑠ℎ𝑎𝑟𝑒𝑠𝑡𝑜 𝑡𝑎𝑟𝑔𝑒𝑡 = 𝑆ℎ𝑎𝑟𝑒 𝐸𝑥𝑐ℎ𝑎𝑛𝑔𝑒 𝑟𝑎𝑡𝑒 ∗ 𝑇𝑜𝑡𝑎𝑙 𝑠ℎ𝑎𝑟𝑒𝑠𝑡𝑎𝑟𝑔𝑒𝑡 = 0.74 ∗ 744,508,000 = 550,935,920
. 𝑇𝑜𝑡𝑎𝑙 𝑠ℎ𝑎𝑟𝑒𝑠𝑚𝑒𝑟𝑔𝑒𝑟𝑒𝑑 𝑓𝑖𝑟𝑚 = 𝑇𝑜𝑡𝑎𝑙 𝑠ℎ𝑎𝑟𝑒𝑠𝑏𝑖𝑑𝑑𝑒𝑟 + 𝐴𝑑𝑑𝑖𝑡𝑖𝑜𝑛𝑎𝑙 𝑠ℎ𝑎𝑟𝑒𝑠𝑡𝑜 𝑡𝑎𝑟𝑔𝑒𝑡 = 2,002,782,000 + 550,935,920 = 2,553,717,920
𝑇𝑜𝑡𝑎𝑙 𝑠ℎ𝑎𝑟𝑒𝑠𝑏𝑖𝑑𝑑𝑒𝑟 2,002,782,000
. %𝑂𝑤𝑛𝑒𝑟𝑠ℎ𝑖𝑝 𝑜𝑓 𝐵 𝑖𝑛 𝑀 = = = 78.4261%
𝑇𝑜𝑡𝑎𝑙 𝑠ℎ𝑎𝑟𝑒𝑠𝑚𝑒𝑟𝑔𝑒𝑟𝑒𝑑 𝑓𝑖𝑟𝑚 2,553,717,920
. %𝑂𝑤𝑛𝑒𝑟𝑠ℎ𝑖𝑝 𝑜𝑓 𝑇 𝑖𝑛 𝑀 = 21.5739%
. 𝑀𝑉𝑚𝑒𝑟𝑔𝑒𝑟𝑒𝑑 𝑓𝑖𝑟𝑚 = 𝑀𝑉𝑏𝑖𝑑𝑑𝑒𝑟 + 𝑀𝑉𝑡𝑎𝑟𝑔𝑒𝑡 + 𝐺𝑎𝑖𝑛 𝑇𝑎𝑘𝑒𝑜𝑣𝑒𝑟 = $11,295,690,480 + $2,829,130,400 + $800,000,000 = $14,924,820,880
3
* Multiple offer (Cash + Share):
. 𝐶𝑎𝑠ℎ 𝑜𝑓𝑓𝑒𝑟 𝑐𝑜𝑚𝑝𝑜𝑛𝑒𝑛𝑡 = 𝑃𝐶𝑎𝑠ℎ 𝑜𝑓𝑓𝑒𝑟 ∗ 𝑇𝑜𝑡𝑎𝑙 𝑠ℎ𝑎𝑟𝑒𝑠𝑡𝑎𝑟𝑔𝑒𝑡 = $1.35 ∗ 744,508,000 = $1,005,085,800
. 𝑀𝑉𝑚𝑒𝑟𝑔𝑒𝑟𝑒𝑑 𝑓𝑖𝑟𝑚 = 𝑀𝑉𝑏𝑖𝑑𝑑𝑒𝑟 + 𝑀𝑉𝑡𝑎𝑟𝑔𝑒𝑡 + 𝐺𝑎𝑖𝑛 𝑇𝑎𝑘𝑒𝑜𝑣𝑒𝑟 − 𝐶𝑎𝑠ℎ 𝑜𝑓𝑓𝑒𝑟 𝑐𝑜𝑚𝑝𝑜𝑛𝑒𝑛𝑡 = $14,924,820,880 − $1,005,085,800
= $13,919,735,080
. 𝐴𝑑𝑑𝑖𝑡𝑖𝑜𝑛𝑎𝑙 𝑠ℎ𝑎𝑟𝑒𝑠𝑡𝑜 𝑡𝑎𝑟𝑔𝑒𝑡 = 𝑆ℎ𝑎𝑟𝑒 𝐸𝑥𝑐ℎ𝑎𝑛𝑔𝑒 𝑟𝑎𝑡𝑒 ∗ 𝑇𝑜𝑡𝑎𝑙 𝑠ℎ𝑎𝑟𝑒𝑠𝑡𝑎𝑟𝑔𝑒𝑡 = 0.5 ∗ 744,508,000 = 372,354,000
. 𝑇𝑜𝑡𝑎𝑙 𝑠ℎ𝑎𝑟𝑒𝑠𝑚𝑒𝑟𝑔𝑒𝑟𝑒𝑑 𝑓𝑖𝑟𝑚 = 𝑇𝑜𝑡𝑎𝑙 𝑠ℎ𝑎𝑟𝑒𝑠𝑏𝑖𝑑𝑑𝑒𝑟 + 𝐴𝑑𝑑𝑖𝑡𝑖𝑜𝑛𝑎𝑙 𝑠ℎ𝑎𝑟𝑒𝑠𝑡𝑜 𝑡𝑎𝑟𝑔𝑒𝑡 = 2,002,782,000 + 372,354,000 = 2,375,036,000
𝑇𝑜𝑡𝑎𝑙 𝑠ℎ𝑎𝑟𝑒𝑠𝑏𝑖𝑑𝑑𝑒𝑟 2,002,782,000
. %𝑂𝑤𝑛𝑒𝑟𝑠ℎ𝑖𝑝 𝑜𝑓 𝐵 𝑖𝑛 𝑀 = = = 84.33%
𝑇𝑜𝑡𝑎𝑙 𝑠ℎ𝑎𝑟𝑒𝑠𝑚𝑒𝑟𝑔𝑒𝑟𝑒𝑑 𝑓𝑖𝑟𝑚 2,375,036,000
. %𝑂𝑤𝑛𝑒𝑟𝑠ℎ𝑖𝑝 𝑜𝑓 𝑇 𝑖𝑛 𝑀 = 15.67%