M&A Quick Note
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School
University of Minnesota-Twin Cities *
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Course
8201
Subject
Electrical Engineering
Date
Nov 24, 2024
Type
Pages
3
Uploaded by Hughng
TSM
Method
Giventhe
below
scenario
Current
share
price
97
Basic
shares
outstanding
51M
shares
An
options
group
s
exercise
price
x
u
options
shares
0.7M
shares
a
If
x
current
share
price
no
options
exercised
b
If
1
x
current
share
price
then
Diluted
share
count
1
optionsPrice
options
shares
current
price
Quick
Exercises
Exercise
1
Company
A
acquiror
Company
B
target
Company
A
profile
10
outstanding
shares
25
share
Net
Income
10
Company
B
profile
Purchase
EQ
U
750
Net
Income
10
a
Is
the
transaction
dilative
or
additive
Combined
NI
20
New
shares
issued
150
6
shares
diluted
shares
16
25
New
EPS
20
1.25
Out
EPS
18
I
additive
b
Assume
the
company
only
uses
debt
8
rate
to
fund
the
deal
Is
the
deal
now
additive
still
Assume
256
tax
rate
Cost
of
Debt
8
11
25
1
6
Seller
yield
11
PE
ratio
NI
Purchase
EQ
V
18
6.079
Since
cost
of
debt
seller
yield
this
deal
is
additive
that
is
the
threshold
interest
rate
to
make
this
deal
dilative
6
671
1,8
2
11
25
1
712
8.89
e
what
is
the
combined
EV
and
EQ
V
Assuming
EQ
U
EV in
this
case
Combined
EV
250
150
400
Combined
EQ
V
Buyer
EQ
V
t
New
EQ
issued
400
Exercise
2
Company
A
is
looking
to
acquire
company
B
and
has
the
followingprofile
PIE
ratio
10x
Cost
of
Debt
8
Company
B
has
a
PIE
of
lox
Assume
company
A
uses
t
of
al
loca
Cost
of
Cash
4
ti
on
Tax
rate
258
Is
the
deal
dilutive
Yes
Step
1
Cost
of
Acquition
31
18
4 111
2561
31
1,11
2511
6
33
Step
2
Seller's
yield
11
PIE
ratio
1118
a
6.25
Exercise
3
Acquiror
A
has
EQ
U
1000
NI
100
Target
B has
Purchase
EQ
V
2000
NI
50
what
is
the
threshold
synergy
to
make
the
deal
additive
Stand
alone
EPS
188
to
Total
EQ
US
3000
New
EPS
1504
X
11
25
1
2,1
8000
X
200
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