开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

逢考必过过过过过过 · 2022年07月26日

问一道题:NO.PZ2018101501000126 [ CFA II ]

问题如下:

National Plastics Corp. is a leading manufacturer of high-quality injection-molded plastic packaging materials used by various industries, primarily food and beverage processing and packaging firms. Zenith TermoPlastics Inc. produces plastic containers and bags. Keith Whelan, who is both chief executive officer and chief fnancial officer of Zenith, began to consider having Zenith make its own take over bid for National.When Whelan presents Zenith’s proposed takeover to the board of directors the following day, one of the directors made the following statements:

1 Although I am certainly in favor of this takeover, I think we would achieve the greatest value from the acquisition if we offered more stock and less cash

2 If Zenith does not realize the potential synergies of this acquisition in the next five years, I suggest a “spin-off” as a means to recover some of the money lost in this venture.

3 A positive initial market reaction will confirm that we did not overpay for National.

Which of the statements made by the member of the Board of Directors is most accurate?

选项:

A.

Statement 2

B.

Statement 1

C.

Statement 3

解释:

C is correct. Initial market reaction is an important barometer for the value investors place on the gains from merging as well as an indication of future returns.

A is incorrect. A spin-off does not generate cash for the parent company.

B is incorrect. The more of the merger that is paid for by stock, the more that the risks and benefts of realizing these synergies (assuming they really exist) will be passed on to the target shareholders—hence a lower beneft will result if more stock is used.

老师,我看到你在其他同学问题的回答了,我也明白你说的意思。但是这应该是两个角度。你说的是如何选择支付方式。而题目里也说了是value最大,这应该没问题啊,李老师课件例题也算了也说了,就是全stock的时候value最大啊…所以我还是不太理解。
2 个答案

王琛_品职助教 · 2022年07月28日

嗨,从没放弃的小努力你好:


1)因为这里说的是Value,本题目也是,Value说的是Va+Vb+S-C

不是的

Va+Vb+S-C 对应的是 Post-Merger Value of an M&A,是 combined company 并购后的价值

而题目问的其实是 Gains Accrued to the Acquirer,即 acquirer 通过并购所获得的价值,参考题干的关键词:we would achieve the greatest value from the acquisition

2)

咱们学习概念或者做题时,会产生各种理解,都是非常正常的现象哈

但是因为 CFA 还要考试,所以会有一些应试的成分,所以我们理解概念或者做题时,还要多一层考虑,就是站在出题人的角度,编一道题目,到底是想考查考生哪个知识点的哪个角度

原版书在介绍的时候,确实有明确提到,不同的支付方式下,acquirer 和 target 的获利大小比较,但是并没有给出 combined company 并购后价值大小的相关结论

有可能是因为,在并购的时候,acquirer 和 target 更加关心的其实是,自己能通过并购获得的价值,而不是太关心 combined company 并购后的价值哈

----------------------------------------------
就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

王琛_品职助教 · 2022年07月27日

嗨,从没放弃的小努力你好:


1

其实这道题,和同学举的李老师在基础班讲义中的例题,是一个背景,结论也是一致的哈

都涉及 acquirer 和 target,只不过同学在分析时,把两个公司搞混了

2

这道题中,acquirer 是 Z 公司 Zenith,target 是 N 公司 National

参考题干:Z 公司要收购 N 公司 "began to consider having Zenith make its own take over bid for National"

对于 acquirer 来说,通过并购获得的价值,最大的是 cash offer;最小的是 stock offer

3

同学举的基础班讲义的例题中,acquirer 是 A 公司,target 是 B 公司

参考题干:Jason is evaluating three alternative offers presented by company A

对于 target 来说,通过并购获得的价值,最大的是 stock offer;最小的是 cash offer

4

两个题目,得到的结论是一致的

只不过这道题是考查定性理解;基础班例题是给了数据,考查定量计算

----------------------------------------------
努力的时光都是限量版,加油!

  • 2

    回答
  • 0

    关注
  • 369

    浏览
相关问题

NO.PZ2018101501000126 问题如下 NationPlastiCorp. is a leang manufacturer of high-quality injection-molplastic packaging materials usevarious instries, primarily fooanbeverage processing anpackaging firms. Zenith TermoPlastiInproces plastic containers anbags. Keith Whelan, who is both chief executive officer anchief fnanciofficer of Zenith, begto consir having Zenith make its own take over bifor National.When Whelpresents Zenith’s proposetakeover to the boarof rectors the following y, one of the rectors ma the following statements:1 Although I certainly in favor of this takeover, I think we woulachieve the greatest value from the acquisition if we offeremore stoanless cash 2 If Zenith es not realize the potentisynergies of this acquisition in the next five years, I suggest a “spin-off” a means to recover some of the money lost in this venture. 3 A positive initimarket reaction will confirm thwe not overpfor National. Whiof the statements ma the member of the Boarof rectors is most accurate? A.Statement 2 B.Statement 1 C.Statement 3 C is correct. Initimarket reaction is important barometer for the value investors plaon the gains from merging well incation of future returns.A is incorrect. A spin-off es not generate cash for the parent company.B is incorrect. The more of the merger this paifor stock, the more ththe risks anbenefts of realizing these synergies (assuming they really exist) will passeon to the target shareholrs—hena lower beneft will result if more stois use Statement 2,老师可以帮忙一下吗?

2022-08-04 22:06 1 · 回答

NO.PZ2018101501000126 spin off 和split off 是不是都没有cash flow的流入?

2022-01-17 21:38 1 · 回答

NO.PZ2018101501000126 从哪里可以看出来这2家公司是母子关系

2021-05-31 23:24 1 · 回答

1 Although I certainly in favor of this takeover, I think we woulachieve the greatest value from the acquisition if we offeremore stoanless cash这句话我理解的是因为我是赞成并购的,所以我用更多股,少现金,可以获取更大价值,哪里不对吗

2020-08-16 12:04 3 · 回答