15. Merger NPV Harrods PLC has a ma

15. Merger NPV Harrods PLC has a market value of £500 million and 30 million shares
outstanding. Selfridge Department Store has a market value of £180 million and 20 million shares
outstanding. Harrods is contemplating acquiring Selfridge. Harrods’s CFO concludes that the
combined firm with synergy will be worth £720 million, and Selfridge can be acquired at a premium
of £25 million.
1. If Harrods offers 12 million shares of its stock in exchange for the 20 million shares of
Selfridge, what will the stock price of Harrods be after the acquisition?
2. What exchange ratio between the two stocks would make the value of the stock offer
equivalent to a cash offer of £205 million?
16. Mergers and Shareholder Value Bentley Corp. and Rolls Manufacturing are considering a
merger. The possible states of the economy and each company’s value in that state are shown
here:
Bentley currently has a bond issue outstanding with a face value of $125,000. Rolls is an allequity company.
1. What is the value of each company before the merger?
2. What are the values of each company’s debt and equity before the merger?
3. If the companies continue to operate separately, what are the total value of the
companies, the total value of the equity, and the total value of the debt?
4. What would be the value of the merged company? What would be the value of the
merged company’s debt and equity?
5. Is there a transfer of wealth in this case? Why?
6. Suppose that the face value of Bentley’s debt was $90,000. Would this affect the transfer
of wealth?
CHALLENGE (Questions 17–18)
17. Calculating NPV Plant, Inc., is considering making an offer to purchase Palmer Corp. Plant’s
vice president of finance has collected the following information:
Plant also knows that securities analysts expect the earnings and dividends of Palmer to grow at
a constant rate of 4 percent each year. Plant management believes that the acquisition of Palmer
will provide the firm with some economies of scale that will increase this growth rate to 6 percent
per year.
1. What is the value of Palmer to Plant?
2. What would Plant’s gain be from this acquisition?
3. If Plant were to offer $13 in cash for each share of Palmer, what would the NPV of the
acquisition be?
4. What is the most Plant should be willing to pay in cash per share for the stock of Palmer?
5. If Plant were to offer 150,000 of its shares in exchange for the outstanding stock of
Palmer, what would the NPV be?
6. Should the acquisition be attempted? If so, should it be as in (c) or as in (e)?
7. Plant’s outside financial consultants think that the 6 percent growth rate is too optimistic
and a 5 percent rate is more realistic. How does this change your previous answers?
18. Mergers and Shareholder Value The Chocolate Ice Cream Company and the Vanilla Ice
Cream Company have agreed to merge and form Fudge Swirl Consolidated. Both companies are
exactly alike except that they are located in different towns. The end-of-period value of each firm is
determined by the weather, as shown below. There will be no synergy to the merger.
The weather conditions in each town are independent of those in the other. Furthermore, each
company has an outstanding debt claim of $350,000. Assume that no premiums are paid in the
merger.
1. What are the possible values of the combined company?
2. What are the possible values of end-of-period debt and stock after the merger?
3. Show that the bondholders are better off and the stockholders are worse off in the
combined firm than they would have been if the firms had remained separate

Kết quả (Tiếng Indonesia) 1:

15. penggabungan NPV Harrods PLC memiliki nilai pasar saham £500 juta dan 30 jutaluar biasa. Selfridge Department Store memiliki nilai pasar saham £180 juta dan 20 jutaluar biasa. Harrods merenungkan memperoleh Selfridge. Harrods's CFO menyimpulkan bahwagabungan perusahaan dengan sinergi akan bernilai £720 juta, dan Selfridge dapat diperoleh pada premidari £25 juta.1. jika Harrods menawarkan 12 juta saham yang pertukaran saham 20 jutaSelfridge, apa harga saham dari Harrods akan setelah akuisisi?2. apa rasio pertukaran di antara dua saham akan membuat nilai Penawaran sahamsetara dengan menawarkan uang tunai sebesar £205 juta?16. merger dan pemegang saham nilai Bentley Corp dan gulungan manufaktur mempertimbangkanpenggabungan. Mungkin negara ekonomi dan nilai setiap perusahaan di negara itu ditampilkanSini:Bentley saat ini memiliki masalah obligasi yang luar biasa dengan nilai $125.000 wajah. Gulungan adalah perusahaan allequity.1. apa adalah nilai masing-masing perusahaan sebelum penggabungan?2. Apakah nilai-nilai masing-masing perusahaan utang dan ekuitas sebelum penggabungan?3. jika perusahaan terus beroperasi secara terpisah, apa yang total nilaiperusahaan, total nilai ekuitas, dan total jumlah utang?4. apa yang akan nilai perusahaan yang telah tergabung? Apa yang akan menjadi nilaiperusahaan gabungan utang dan ekuitas?5. Apakah ada transfer kekayaan dalam kasus ini? Mengapa?6. kira bahwa nilai nominal utang Bentley's adalah $90,000. Ini akan mempengaruhi transferkekayaan?TANTANGAN (pertanyaan 17-18)17. menghitung NPV tanaman, Inc, sedang mempertimbangkan membuat penawaran untuk membeli Palmer Corp tanamanWakil Presiden Keuangan telah mengumpulkan informasi berikut:Tanaman juga tahu bahwa efek analis mengharapkan pendapatan dan dividen Palmer tumbuh padatingkat konstan 4 persen setiap tahun. Manajemen tanaman percaya bahwa akuisisi Palmerakan memberikan perusahaan dengan skala yang akan meningkatkan tingkat pertumbuhan ini sampai 6 persen beberapa ekonomiper tahun.1. Apakah nilai Palmer tanaman?2. apa yang akan mendapatkan tanaman dari akuisisi ini?3. jika tanaman menawarkan $13 tunai untuk setiap saham Palmer, apa akan the NPV dariakuisisi akan?4. apa itu kebanyakan tanaman harus bersedia membayar tunai per saham untuk stok Palmer?5. jika tanaman menawarkan 150.000 saham untuk stok luar biasaPalmer, apa NPV akan?6. harus akuisisi dicoba? Jika demikian, harus seperti (c) atau seperti (e)?7. tanaman konsultan keuangan luar berpikir bahwa tingkat pertumbuhan 6 persen terlalu optimisdan 5 persen tarif lebih realistis. Bagaimana Apakah perubahan ini jawaban Anda sebelumnya?18. merger dan pemegang saham nilai perusahaan es krim cokelat dan Vanilla IceKrim perusahaan telah sepakat untuk menggabungkan dan membentuk Fudge Swirl konsolidasi. Kedua perusahaan yangpersis sama kecuali bahwa mereka berada di kota-kota yang berbeda. Nilai perusahaan setiap akhir waktuditentukan oleh cuaca, seperti yang ditunjukkan di bawah ini. Tidak akan ada sinergi merger.Kondisi cuaca di masing-masing kota independen dari orang-orang yang lain. Selain itu, setiapPerusahaan memiliki klaim utang luar biasa $350.000. Asumsikan bahwa ada premi yang dibayarpenggabungan.1. Apakah nilai perusahaan gabungan?2. apa yang nilai akhir waktu utang dan saham setelah merger?3. menunjukkan bahwa pemegang Obligasi lebih baik dan para pemegang saham lebih buruk diperusahaan gabungan dari mereka akan telah jika perusahaan tetap terpisah