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tszzwz · 2022年07月04日

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NO.PZ2021102201000046

问题如下:

Kinetic Corporation is considering acquiring High Tech Systems. Jim Smith, the vice president of finance at Kinetic, has been assigned the task of estimating a fair acquisition price for High Tech. Smith is aware of several approaches that could be used for this purpose. He plans to estimate the acquisition price based on each of these approaches, and has collected or estimated the necessary financial data.

While discussing his analysis with a colleague, Smith makes two comments. Smith’s first comment is: "If there were a pre-announcement run-up in Quadrant’s price because of speculation, the takeover premium should be computed based on the price prior to the run-up." His second comment is: "Because the comparable transaction approach is based on the acquisition price, the takeover premium is implicitly recognized in this approach."

Are Smith’s two comments about his analysis correct?

选项:

A.

Both of his comments are correct

B.

Both of his comments are incorrect

C.

His first comment is correct, and his second comment is incorrect

解释:

A is correct. Both of Smith’s statements are correct. If there was a pre-announcement run-up in Quadrant’s price because of speculation, the takeover premium should be computed based on the price prior to the run-up.

Because the comparable transaction approach is based on the acquisition price, the takeover premium is implicitly recognized in this approach.

讲义第199页是不是写错了,N的含义是否应该是 target shareholder receives?

2 个答案

王琛_品职助教 · 2022年07月06日

嗨,从没放弃的小努力你好:


可是讲义原文写的是N=number of new shares the target receives?

我确认一下同学的问题哈,同学的意思是不是:讲义原文,应该加上一个单词 shareholder?

即 the target receives 改成 the target shareholder receives?

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努力的时光都是限量版,加油!

王琛_品职助教 · 2022年07月05日

嗨,从没放弃的小努力你好:


没写错,讲义和同学的理解是一个意思哈

这页 PPT 就是在说如果是 stock offer,计算 price paid for target 时,不能直接用目标公司的股价,而应该用新公司的股价

即对应到后面的例题 204 页,N 是 24 million;而 P 是 1,515 million / 99 million = €15.30,并不等于目标公司的股价 10 元

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努力的时光都是限量版,加油!

tszzwz · 2022年07月05日

可是讲义原文写的是N=number of new shares the target receives?

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NO.PZ2021102201000046 问题如下 Kinetic Corporation is consiring acquiring High TeSystems. Jim Smith, the vipresint of finanKinetihbeen assignethe task of estimating a fair acquisition prifor High Tech. Smith is aware of severapproaches thcoulusefor this purpose. He plans to estimate the acquisition pribaseon eaof these approaches, anhcollecteor estimatethe necessary financita.While scussing his analysis with a colleague, Smith makes two comments. Smith’s first comment is: \"If there were a pre-announcement run-up in Quaant’s pribecause of speculation, the takeover premium shoulcomputebaseon the priprior to the run-up.\" His seconcomment is: \"Because the comparable transaction approais baseon the acquisition price, the takeover premium is implicitly recognizein this approach.\" Are Smith’s two comments about his analysis correct? A.Both of his comments are corre B.Both of his comments are incorre C.His first comment is correct, anhis seconcomment is incorre A is correct. Both of Smith’s statements are correct. If there wa pre-announcement run-up in Quaant’s pribecause of speculation, the takeover premium shoulcomputebaseon the priprior to the run-up.Because the comparable transaction approais baseon the acquisition price, the takeover premium is implicitly recognizein this approach. 如题 谢谢

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NO.PZ2021102201000046 请问关于statement 1的知识点具体在讲义哪一页呀

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