问题如下:
Company A is acquiring Company B and the total earnings of the combined company will not increase. The offer is to pay Company B`s shareholders the current market value of their stock in Company A. The relevant information is shown in the following table. What`s the post-merger EPS of the new company?
选项:
A.$1.28
B.$1.64
C.$1.92
解释:
C is correct.
考点:Merger Motivations
解析:由于A公司的股票价格是B公司的两倍,所以A公司用一股自己的股票可以换得两股B公司的股票。A公司需要用10 million自己股票收购B公司在外发行的20 million股票。因此并购完成后,新公司在外发行的股票总数为60 million。并购后的EPS为$1.92。
老师请问,为何A收购B后,新公司的earnings只是单纯两家公司earnings相加,而没有产生1+1>2的协同效应?然后两者earning可以直接相加?