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little_back · 2021年04月05日

请问老师，收购成功的时候按照基础讲义的算法是55*20000-22*40000？

  1. CFA III
  2. Alternative

NO.PZ2019122802000012

问题如下：

Gunnar Patel is an event-driven hedge fund manager for Senson Fund, which focuses on merger arbitrage strategies. Patel has been monitoring the potential acquisition of Meura Inc. by Sellshom, Inc. Sellshom is currently trading at $60 per share and has offered to buy Meura in a stock-for-stock deal. Meura was trading at $18 per share just prior to the announcement of the acquisition.
The offer ratio is 1 share of Sellshom in exchange for 2 shares of Meura. Soon after the announcement, Meura’s share price jumps to $22 while Sellshom’s falls to $55 in anticipation of the merger receiving required approvals and the deal closing successfully.
At the current share prices of $55 for Sellshom and $22 for Meura, Patel attempts to profit from the merger announcement. He buys 40,000 shares of Meura and sells short 20,000 shares of Sellshom.

Calculate the payoffs of the merger arbitrage if The merger fails.

选项：

解释：

If the merger fails, then prices should revert back to their pre-mergerannouncement levels of $18 per share for Meura and $60 per share forSellshom. The manager would need to buy back 20,000 shares of Sellshomat $60 per share, for a total of $1,200,000, to close the short position. Patelwould then sell the long position of 40,000 shares of Meura at $18 pershare for a total of $720,000. This net loss would be $260,000, calculated as:(Sellshom: $1,100,000 – $1,200,000 = –$100,000) + (Meura: –$880,000 +$720,000 = –$160,000).

请问老师收购成功的时候为什么是55*20000-22*40000？

假设收购成功后价格变成了50，profit=（55-50）*20000+（50-22）*40000；价格是40 时，profit=（55-40）*20000+（40-22）*40000结果不同，说明收购后公司股票的价格会影响profit

请老师看一下问题出现在哪里。。。

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伯恩_品职助教 · 2021年04月06日

嗨，努力学习的PZer你好：


你说的收购成功后价格变成了50的情况是cash for stock acquisition，而这个是Stock-for-stock deal，具体我来解释一下Stock-for-stock deal，用题目里的例子去解释，题目里说意思是用被收购方（假设是A）的1股换被收购方的（假设是T）2股，而中间不会出现所谓的并购成功的的价格，收购后呢，A公司没有掏现金，而是拿出自己对整个公司的部分所有权（普通股票）为代价置换T公司的所有权。最后，T成为A的子公司，原T公司的股东成为A公司的股东。我打个比方，当然这个例子是一个极端简单的前提假设，A公司股价原来是50，T公司的股价原来是20，A要用1股换T公司2股收购T公司。以现在的价格2股T公司是2*20=40元，但收购后就等同于A公司1股的价值（主要是从股票所代表的的所有权意义上说）了，对吧，而现在A公司的股价是50元，那最后结果是什么，T公司的股价会上涨对吧，比如大家都特别看好这次收购后的效益，2股T股价就会涨到和A公司1股的价格一样，对吧；如果不看好收购后的效益，是不是收购T公司后会拖累A公司，导致A公司的1股股价跌到2股T公司的股价，对吧；第三种情况，投资者很理性的看待这次收购，认为A公司出价过高，T公司被溢价收购了，但有看好收购后效益，那就是A公司股价下跌，T公司股价上涨，假设是A跌到45元了，T公司涨了22.5元了，最后还是2股T公司等于1股A公司的股价了。而这三种情况，无论是哪种，他们都要最终价格一致，这之间的差异（spread）就是50-2*20=10元，都要最终消除的对吧。（第一种情况是2股T股价涨了共10元=2*（25-20），第二种情况是A跌了10元=50-40，第三种情况是一股A股价和2股T股价各付出了5元）。而最终的T公司价格是市场给出的，无论价格多少都是用A公司的1股换T公司的2股。哪怕市场按照同学你举的例子T公司变成30元了，那么A公司用1股换T公司2股（按照题目的假设收购是成功的），2股T现在是2*30=60对吧，而根据A和T公司达成的Stock-for-stock deal，那现在只要用1股A公司的股票就能换2股T公司的股票，而现在A公司的股价在50元低于2股T公司的价值60元，那么市场会怎么反应呢，疯狂的买入A公司的股票对吧，直到A公司的股价涨到和2股T公司的价格一样（60元）为止对吧。这之间还是要消除10元的差距，只是这次是又A公司涨的。我这样讲，同学是否能理解啊。

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NO.PZ2019122802000012 问题如下 GunnPatel is event-iven hee funmanager for Senson Fun whifocuses on merger arbitrage strategies. Patel hbeen monitoring the potentiacquisition of Meura InSellshom, InSellshom is currently trang $60 per share anhoffereto buy Meura in a stock-for-stoal. Meura wtrang $18 per share just prior to the announcement of the acquisition.The offer ratio is 1 share of Sellshom in exchange for 2 shares of MeurSoon after the announcement, Meura’s share prijumps to $22 while Sellshom’s falls to $55 in anticipation of the merger receiving requireapprovals anthe closing successfully.the current share prices of $55 for Sellshom an$22 for MeurPatel attempts to profit from the merger announcement. He buys 40,000 shares of Meura ansells short 20,000 shares of Sellshom.Calculate the payoffs of the merger arbitrage if The merger fails. If the merger fails, then prices shoulrevert bato their pre-mergerannouncement levels of $18 per share for Meura an$60 per share forSellshom. The manager woulneeto buy ba20,000 shares of Sellshom$60 per share, for a totof $1,200,000, to close the short position. Patelwoulthen sell the long position of 40,000 shares of Meura $18 pershare for a totof $720,000. This net loss woul$260,000, calculateas:(Sellshom: $1,100,000 – $1,200,000 = –$100,000) + (Meur–$880,000 +$720,000 = –$160,000).首先我们进入这个策略的头寸是long M anshort S, 那么M就是以22块钱买入，而S是以55块钱卖空，如果策略失败的时候，M的股价会从会从现在的22块钱跌到18块钱，那我们以22块钱买入的，跌到了18块钱，M每股亏了4块钱；S的股价从55块钱涨到60块钱，相当于低卖高买回来，每股S亏了5块钱。 如题。或着“-26000=[20000*(55-60)]-[40000*(22-18)]\"

2023-06-11 18:08 2 · 回答

NO.PZ2019122802000012 问题如下 GunnPatel is event-iven hee funmanager for Senson Fun whifocuses on merger arbitrage strategies. Patel hbeen monitoring the potentiacquisition of Meura InSellshom, InSellshom is currently trang $60 per share anhoffereto buy Meura in a stock-for-stoal. Meura wtrang $18 per share just prior to the announcement of the acquisition.The offer ratio is 1 share of Sellshom in exchange for 2 shares of MeurSoon after the announcement, Meura’s share prijumps to $22 while Sellshom’s falls to $55 in anticipation of the merger receiving requireapprovals anthe closing successfully.the current share prices of $55 for Sellshom an$22 for MeurPatel attempts to profit from the merger announcement. He buys 40,000 shares of Meura ansells short 20,000 shares of Sellshom.Calculate the payoffs of the merger arbitrage if The merger fails. If the merger fails, then prices shoulrevert bato their pre-mergerannouncement levels of $18 per share for Meura an$60 per share forSellshom. The manager woulneeto buy ba20,000 shares of Sellshom$60 per share, for a totof $1,200,000, to close the short position. Patelwoulthen sell the long position of 40,000 shares of Meura $18 pershare for a totof $720,000. This net loss woul$260,000, calculateas:(Sellshom: $1,100,000 – $1,200,000 = –$100,000) + (Meur–$880,000 +$720,000 = –$160,000).同学你好，首先我们进入这个策略的头寸是long M anshort S, 那么M就是以22块钱买入，而S是以55块钱卖空，如果策略失败的时候，M的股价会从会从现在的22块钱跌到18块钱，那我们以22块钱买入的，跌到了18块钱，是不是每股M亏了4块钱；S的股价从55块钱涨到60块钱，相当于我们是低卖高买回来，每股S亏了5块钱。如果直接用数字表示亏损的话，那么就是55-60，以55卖出去的，可以理解为现金流流入，然后60买入的，现金流流出，所以每股现金流净流出5块如果加上文字表述的话，那么可以说loss per share is 60-55.两种表述方法都可以的。 如果是merger成功情况下怎么计算 ?

2022-12-12 14:44 1 · 回答

NO.PZ2019122802000012 问题如下 GunnPatel is event-iven hee funmanager for Senson Fun whifocuses on merger arbitrage strategies. Patel hbeen monitoring the potentiacquisition of Meura InSellshom, InSellshom is currently trang $60 per share anhoffereto buy Meura in a stock-for-stoal. Meura wtrang $18 per share just prior to the announcement of the acquisition.The offer ratio is 1 share of Sellshom in exchange for 2 shares of MeurSoon after the announcement, Meura’s share prijumps to $22 while Sellshom’s falls to $55 in anticipation of the merger receiving requireapprovals anthe closing successfully.the current share prices of $55 for Sellshom an$22 for MeurPatel attempts to profit from the merger announcement. He buys 40,000 shares of Meura ansells short 20,000 shares of Sellshom.Calculate the payoffs of the merger arbitrage if The merger fails. If the merger fails, then prices shoulrevert bato their pre-mergerannouncement levels of $18 per share for Meura an$60 per share forSellshom. The manager woulneeto buy ba20,000 shares of Sellshom$60 per share, for a totof $1,200,000, to close the short position. Patelwoulthen sell the long position of 40,000 shares of Meura $18 pershare for a totof $720,000. This net loss woul$260,000, calculateas:(Sellshom: $1,100,000 – $1,200,000 = –$100,000) + (Meur–$880,000 +$720,000 = –$160,000).同学你好，首先我们进入这个策略的头寸是long M anshort S, 那么M就是以22块钱买入，而S是以55块钱卖空，如果策略失败的时候，M的股价会从会从现在的22块钱跌到18块钱，那我们以22块钱买入的，跌到了18块钱，是不是每股M亏了4块钱；S的股价从55块钱涨到60块钱，相当于我们是低卖高买回来，每股S亏了5块钱。如果直接用数字表示亏损的话，那么就是55-60，以55卖出去的，可以理解为现金流流入，然后60买入的，现金流流出，所以每股现金流净流出5块如果加上文字表述的话，那么可以说loss per share is 60-55.两种表述方法都可以的。 如题，或者更保险的说法是回答loss 为26000？

2022-12-08 22:11 1 · 回答

NO.PZ2019122802000012失败的时候，60-55，还是55-60呀？这个怎么简单判断

2021-03-29 15:49 1 · 回答