会计代写|ENT6119 Mergers and Acquisitions
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ENT6119 Mergers and Acquisitions课程简介
The merger and acquisition (M&A) process typically involves several stages, including identifying potential targets, conducting due diligence, negotiating deal terms, and integrating the acquired company into the acquiring company. Successful deals require a range of skills, including financial analysis, strategic thinking, effective communication and negotiation, and project management.
In addition to the technical aspects of M&A, students may also learn about legal and regulatory considerations, such as antitrust laws and tax implications. They may also explore different deal structures, such as asset purchases, stock purchases, and mergers.
Overall, the course aims to equip students with the knowledge and skills necessary to navigate the complex and often challenging world of M&A and to help them make informed decisions throughout the deal-making process.
PREREQUISITES
The merger and acquisition (M&A) process typically involves several stages, including identifying potential targets, conducting due diligence, negotiating deal terms, and integrating the acquired company into the acquiring company. Successful deals require a range of skills, including financial analysis, strategic thinking, effective communication and negotiation, and project management.
In addition to the technical aspects of M&A, students may also learn about legal and regulatory considerations, such as antitrust laws and tax implications. They may also explore different deal structures, such as asset purchases, stock purchases, and mergers.
Overall, the course aims to equip students with the knowledge and skills necessary to navigate the complex and often challenging world of M&A and to help them make informed decisions throughout the deal-making process.
ENT6119 Mergers and Acquisitions HELP（EXAM HELP， ONLINE TUTOR）
Anheuser-Busch reduced its antitakeover defenses in 2006, when it removed its staggered board structure. Two years earlier, it did not renew its poison pill provision. Speculate as to why the board acquiesced in these instances. Explain how these events may have affected the firm’s vulnerability to a takeover.
There could be various reasons why Anheuser-Busch’s board decided to reduce its antitakeover defenses in 2006 by removing its staggered board structure and two years earlier, not renewing its poison pill provision. One possible reason is that the board may have believed that the company’s current management team and strategy were strong enough to fend off any hostile takeover attempts. They may have also believed that the company’s stock price was undervalued, and removing these defenses would make it more attractive to potential acquirers, thereby increasing shareholder value.
Removing the staggered board structure made it easier for shareholders to vote out the entire board of directors in a single election, which could lead to a change in the company’s management or strategy. This change made it easier for activists or other shareholders to take control of the board, which could potentially increase the likelihood of a takeover.
Similarly, not renewing the poison pill provision removed a defense mechanism that could have deterred potential acquirers. A poison pill provision allows existing shareholders to purchase additional shares at a discounted price if a hostile takeover attempt occurs, thereby diluting the acquirer’s ownership and making the takeover more difficult to achieve.
Overall, these events may have made Anheuser-Busch more vulnerable to a takeover by reducing the company’s defenses against hostile bids. However, it could also have made the company more attractive to potential acquirers, who may have seen an opportunity to acquire a well-known and established brand at a lower cost. Ultimately, the effectiveness of these decisions would depend on the specific circumstances and market conditions at the time.
In response to Microsoft’s efforts to acquire the firm, the Yahoo! board adopted a “change-in-control” compensation plan. The plan stated that if a Yahoo! employee’s job is terminated by Yahoo! without cause (i.e., the employee is performing his or her duties appropriately) or if an employee leaves voluntarily due to a change in position or responsibilities within 2 years after Microsoft acquires a controlling interest in Yahoo!, the employee will receive 1 year’s salary. Yahoo! notes that the adoption of the severance plan is an effort to ensure that employees are treated fairly if Microsoft wins control. Microsoft views the tactic as an effort to discourage a takeover. With whom do you agree, and why?
On one hand, Yahoo! may argue that the adoption of the change-in-control compensation plan is a fair and necessary measure to protect its employees’ interests. Yahoo! may argue that if Microsoft acquires Yahoo!, there may be changes in management and company culture that could lead to layoffs or changes in job responsibilities for Yahoo! employees. The compensation plan would provide some measure of financial security for employees in the event that they lose their jobs or are forced to leave due to changes in their job positions or responsibilities.
On the other hand, Microsoft may argue that the change-in-control compensation plan is a defensive measure intended to discourage a takeover. Microsoft may argue that the compensation plan makes it more expensive for Microsoft to acquire Yahoo! because it increases the cost of acquiring and integrating Yahoo! employees. Microsoft may also argue that the compensation plan is unnecessary because Microsoft has no plans to make significant changes to Yahoo!’s operations or culture, and therefore the likelihood of layoffs or changes in job responsibilities is low.
Ultimately, it is up to investors, regulators, and other stakeholders to decide whether they believe the change-in-control compensation plan is fair and reasonable or whether it is a defensive measure intended to discourage a takeover.
Textbooks
• An Introduction to Stochastic Modeling, Fourth Edition by Pinsky and Karlin (freely
available through the university library here)
• Essentials of Stochastic Processes, Third Edition by Durrett (freely available through
the university library here)
To reiterate, the textbooks are freely available through the university library. Note that
you must be connected to the university Wi-Fi or VPN to access the ebooks from the library
links. Furthermore, the library links take some time to populate, so do not be alarmed if
the webpage looks bare for a few seconds.
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