各位金融界的大侠,小弟遇一棘手问题有关于资产并购及融资决策的,解题所需的数据及案例背景放在附件了,希望各位能帮小弟解这个燃眉之急,如您有解题方法和答案,请发至504501772@qq.com, 不胜感激!!
问题介绍如下:
This case provides you an opportunity to demonstrate mastery of all of the materials we covered in this course. Tom Wathen is considering a $100 million bid to purchase Pinkerton’s from American Brands, having just had an $85 million bid turned down. He is eager to purchase the firm, sure that his own firm, CPP, could add considerable value to both firms. I would like you to analyze the deal and provide your assessment on the value of Pinkerton and the most that Wathen should be willing to pay to acquire Pinkerton.
1. Why is Wathen acquiring Pinkerton’s? How, specifically, will he create value?
2. What is the proper cost of capital for evaluating this acquisition?
3. Develop and value the free cash flows from Pinkerton’s and also from the CPP margin improvements.
4. Can Wathen justify a $100 million bid for Pinkerton’s? Did the $85 million bid two weeks earlier make sense?