...Case 9 & 10 Analysis Seagate Technology Buyout The Hertz Corporation Advanced Corporate Finance MW 2:00-3:15 PM Question 1 On page 1, the “value-gap” is two-fold. It signifies an under-valuation of Seagate’s core disk drive operating assets due to unfavorable public market investor preferences. Furthermore, the value of the Veritas share price has caused the Veritas stake to far outweigh the value of Seagate’s stand-alone market capitalization. Since Seagate does not own at least 80% of the voting stock in Veritas, distributing the wealth intrinsic in that stake to Seagate shareholders would prove difficult due to the hefty corporate tax rate of 34% that would erode its full-value. From a sum of the parts perspective, it seems that since the Veritas shares held by Seagate appreciated by more than 200%, while Seagate’s shares only increased by 25%, the market assigned relatively no value to Seagate’s market leading position in the disk drive business. This lack of market recognition for the true value of Seagate’s assets forced management to seek action. The management believed that the value of Seagate should be attributed to the value of its operating assets. Since the market was attributing such a high value to its Veritas stake, the market made it appear that Seagate was an investment holding company, rather than being in the disk drives business. There also seemed to be a “value-gap” in the sense that the Veritas stake is attached to business risk in the software...
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...9-208-030 REV: JANUARY 16, 2009 TIMOTHY A. LUEHRMAN DOUGLAS C. SCOTT The Hertz Corporation (A) We started banging on the door of Ford in 2002 and got very little reception at first. I wouldn’t say we got laughed out of the room, but close to it. — David Wasserman, Clayton, Dubilier & Rice In the first days of September 2005, partners at the private equity firm Clayton, Dubilier & Rice (CD&R) were preparing a final bid in pursuit of the largest and most complicated deal they had ever undertaken. For more than three years CD&R had patiently pursued an acquisition of The Hertz Corporation, the global car and equipment rental company owned by Ford Motor Company. A three-firm consortium led by CD&R made a preliminary bid in July 2005, as did two other interested buyers. In late July they began conducting due diligence and working on a complex financing scheme in preparation for a final bid due August 30. George Tamke, a CD&R operating partner, led a team that identified and quantified significant opportunities to improve Hertz’s operating efficiency. At the same time, CD&R financial partners David Wasserman, Michael Babiarz, and Nathan Sleeper worked on a capital structure that would lower Hertz’s capital costs substantially, partly by making use of asset-backed securities (ABS) secured by its large fleet of rental cars. The combination of potential operating and financing efficiencies made Hertz an attractive investment opportunity. However, the proposed transaction entailed...
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...Executive Summary Hertz group had initiated an IPO in July 2006 when Carlyle group, together with Clayton, Dubilier &Rice, and Merril Lynch Global Private equity , three prominent firms had filed to take the firm public. However this action has come just seven months after the three had combined to purchase Hertz from Ford Motor Company for Approx. $15 million. Berg, MD of Vandelay Capital Management debated whether to invest in this IPO.The LBO sponsors had borrowed an additional $1 billion on top of the buyout financing to pay themselves a special dividend in June 2006 , being the biggest reason why the IPO generated widespread criticism along with the speed with which the IPO was conducted . In the face of this criticism, the demand for the Hertz IPO weakened, and the offer price was reduced from the initial file price range of $16-$18 to just $15. Berg must assess whether at $15 per share, Hertz offers an attractive investment for this fund. After detailed analysis on the sponsors' returns on their investment and the attractiveness of the $15 offer price to public shareholders, along with the circumstances surrounding the IPO, it was concluded and advised not to invest. Reasons behind the IPO One of the obvious reasons behind the IPO was Hertz’s strong brand equity that gave it strong pricing power since it was ranked as the top worldwide general use car rental brand and one of the largest rental companies in the U.S and Canadian markets combined. Furthermore, the...
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...ET1410 - Module 2 - Homework Wk3 Due: Beginning of Class Week 4 Student Name: _________________________ Instructions: This is a homework assignment that covers Week 3 of our ET1410 class. You should neatly show your steps in the middle column, and provide your final answer in the right hand column. NEATNESS COUNTS. You must work in pencil, not pen. Must include units of measure in your answer!!! If no units, or incorrect units, points will be deducted. ProblemNo. | Your Solution | Final Answer (Restate Your Final Answer Here) | 1 | The upper critical frequency of an op-amp’s open-loop response is 200 Hz. If the midrange gain is 175,000 what is: (a) ideal gain at 200 Hz? (b) the actual gain? (c) The op-amps open loop bandwidth? | (a)____________(b)____________(c)____________ | 2 | Determine the attenuation of an RC lag network with fc = 12 kHz for each of the following frequencies. (a) 1 kHz (b) 5 kHz (c) 12 kHz (d) 20 kHz (e) 100 kHz | (a)____________(b)____________(c)____________(d)____________(e)____________ | 3 | Determine the phase shift through the network at a frequency of 2 kHz: | | 4 | Determine the phase shift through the network at a frequency of 2 kHz: | | 5 | Determine the phase shift through the network at a frequency of 2 kHz: | | 6 | A certain op-amp has three internal amplifier stages with midrange gains of 30dB, 40dB, and 20dB. Each stage also has a critical frequency associated with it as follows: fc1= 600Hz...
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...One of the eye-popping techno wonders from the latest Batman installment involves the use of cellphones to “see” inside of buildings. When Lucius Fox plants a cellphone in Lau’s office building, the modified phone somehow creates a map of the buildings interior by using a “high frequency pulse” to create an image. Fox tells Bruce that it works just like sonar. Well to be more accurate he should have called it radar because that’s what it is. Sonar is when you reflect sound waves off of objects to determine their location. Radar is when you use electromagnetic radiation usually at microwave frequencies to do the same thing. Since cellphones emit and receive e-m radiation in the radio wave/microwave frequency range (for cellphones the frequencies are usually between about 800 and 2000 MHz) if you tried to use them as imaging devices then that’s radar. There are many different types of radar designed for different purposes including military defense, meteorological applications (the Doppler radar they use to image precipitation), police radar, geologic applications (ground penetrating radar); the list goes on. But, not surprisingly, none is capable of coming close to the level of 3-D resolution and the depth of penetration that Fox’s is able to achieve. The more layers the radiation penetrates the more it is absorbed and scattered. This makes resolving and interpreting the reflected signals extremely challenging. Nevertheless it’s an interesting idea extrapolated from existing technology...
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...ECET 340 Week 6 Homework 6 To Buy This material Click below link http://www.uoptutors.com/ecet-340-devry/ecet-340-week-6-homework-6 1. What are the four main functions of the HC12 Timer unit? 2. Two input capture events occur at counts 0×1037 and 0xFF20 of the free-running counter. How many counts (in decimal) have transpired between these two events? 3. What is the maximum time possible before the free-running counter overflows when the e MHz? 4. Two input capture events occur at 0×1037 and 0x002A. If the prescaler bits PR[2:1:0] are set to 101 and the e clock is 24 MHz, how much time as transpired between the two events? 5. Calculate the count that should appear in the timer capture register TC0 if a 125 kHz rectangular wave is inputted on timer pin PT0 while TCTL4 is preset for falling edge detection. Assume a 24 MHz e-clock, TMSK2 was programmed with the value $02, and the count of the 1st edge event has already been subtracted off from TC0. 6. Write down the name of the HC12 timer register that should be polled through software to determine whether or not an active input edge has been captured on one of the port T pins. 7. What is the duty cycle of a signal produced by the PWM when and ? a. 28.0% b. 29.8% c. 50.0% d. 72.0% 8. What values are required for period and duty cycle to generate a 6.0 kHz, 95% duty cycle waveform using the PWM function? Assume e-clock frequency is 24 MHz. 9. What is the slowest clock signal that can be generated from the PWM output...
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...Topics : Sound Generation Introduction: From 'O' level physics, you have learned that sound is the vibration of air within the frequencies of range of 20 Hz. to 20KHz. If we can generate these air waves, we can make sound. A loud speaker is made up of a moving coil wound round a permanent magnet as shown in Figure 1. When an alternating current passes through the moving coil (also known as voice coil), a force is transmitted to the paper cone. The moving cone produces air pressure waves and acoustic energy is radiated. The frequency of the alternating current through the coil will be the same frequency as the sound wave. Permanent Magnet Cone radiator X Flexible suspension Moving coil Figure 1. Dynamic loudspeaker construction Microcontroller Technology Page 1 If a program, when executed, can generate a square wave of say 440 Hz. (the A note) at the output where speaker/buzzer is connected, a tone radiated from the speaker will be heard. It is not difficult at all to generate such a frequency using a program. The principle is to have a delay routine of the right duration and have the logic state of speaker/buzzer output pin toggle every time when the delay routine expires. For example, to generate a 500 Hz. wave, a delay routine of 1 ms is needed. This 1 ms duration is derived from the following. Given, frequency, f= 500 Hz. 1 1 Period , T 2mS f 500 Since the signal needs to change state at every half cycle therefore the Delay...
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...in a value of (1.4 ± 0.4)s. This period can then be used to find the undamped oscillation frequency through the formula for frequency. rad/s. Uncertainty for this can be found by the following steps plugging in the appropriate values in this equation: rad/s. = (4.4880 ± 1.2823) rad/s The value of damping time was (2.5698 ± 0.1404)s. This was calculated by taking the natural log of the each ratio, the dividing the period by this value and multiplying by -1, then averaging all the values found. Uncertainty was calculated with standard deviation, in which the difference between each data point and the average was found. Then the differences were all squared, added together and then divided by the number of data points (which was 6 in this case). The recorded measurement for the driven resonant frequency we found through adjusting Lissajous plots was (4.430 ± 0.031)Hz. This was found by finding the frequency, 0.705 ±0.031 Hz, in which the Lissajous plotted by the output voltage and angle was most symmetric and did not lean to either side. This value was multiplied by 2 pi and yielded 4.430 Hz. The uncertainty of the frequency was found by seeing how much of the frequency had to change before seeing a difference in the Lissajous plots, which was 0.005Hz. The uncertainty for the driven resonant frequency was found through this formula . This value of the driven resonant frequency and the damping time can be then used to calculate a measured value of Q by the following formula. ...
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...Task 1B Frame Rates Frame Rates or FPS (Frames Per Second) is the amount of images that are being displayed each second, FPS would be used in videos, TV broadcasts, Video games, etc. The more frames that are put in per second will show a more smoother looking video and it will give better visuals. Higher FPS would be used for more professional use because it would take more to load comparing to a less FPS video, so a high FPS video can result in a bigger file size. YouTube has added a feature where if you can view a higher resolution video, it will player in a higher FPS. Some professional technologies that would have high FPS would be Smart TVs and Movie projectors. This is to give a more smoother look when watching something. Video Format Video formats are different types of files that provide different types of viewing when watching/listening to a file. There are many types of video formats being used in Multimedia, some of these would be MPEG, GIF and AVI. MPEGs would be used for Motion Graphics that have been compressed, it would be known globally as the best compatible lossy format. GIFs would be used in Motion Graphics as it is basically a mini video clip that is being played in a loop, this can be used graphically and creating a nice motion graphic. AVIs would be the best Motion Graphic option because it has a number of codec options, it would be mainly used as a media container. Screen Ratios Ratios is relating on the display that would be found on screens like...
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...that performs arithmetic and logic operations. Arithmetic instructions include addition, subtraction, and shifting operations, while logic instructions include AND, OR, XOR, and NOT operations. CPU (Central Processing Unit) CPU (Central Processing Unit) - otherwise known as a processor - is an electronic circuit that can execute computer programs. Both the miniaturization and standardization of CPUs have increased their presence far beyond the limited application of dedicated computing machines. Modern microprocessors appear in everything from automobiles to mobile phones. The clock rate is one of the main characteristics of the CPU when performance is concerned. Clock rate is the fundamental rate in cycles per second (measured in hertz, kilohertz, megahertz or gigahertz) for the frequency of the clock in any synchronous circuit. A single clock cycle (typically shorter than a nanosecond in modern non-embedded microprocessors) toggles between a logical zero and a logical one state. With any particular CPU, replacing the crystal with another crystal that oscillates with twice the frequency will generally make the CPU run with twice the performance. It will also make the CPU produce roughly twice the amount of...
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...Unit 1 Assignment 1 Blank Answer Sheet Name: Date: Electronics ET2530 1. Define Modulation. The process of varying one or more properties of a periodic waveform, called the carrier signal, with a modulating signal that contains information to be transmitted. 2. What is a carrier Frequency? A carrier frequency is a single radio frequency with steady amplitude. 3. Describe two reasons that modulation is used for communications transmissions. a) Signal integrity b) Power savings 4. List three parameters of a high frequency carrier that may be varied by a low frequency intelligence signal. Amplitude, frequency and phase v = Vp·sin(ωt + Φ) ω = 2πf (describe which parameters can be varied) 5. What are the frequency ranges included in the following frequency subdivisions: MF (medium frequency)300-3000kHz, HF (high frequency)3-30MHz, VHF (very high frequency)30-300MHz, UHF (ultra-high frequency)300-3000MHz, and SHF (super high frequency)3-30GHz? 7. A microwave transmitter typically requires a +8dBm audio level to drive the input fully. If a +10 dBm level is measured, what is the actual voltage level measured? Assume a 600Ω system. (2.45V) Hint: Use this equation and solve it for V2 10 dBm = 20 · log10 (V2/0.77459) 9. Convert the following power to their dBm equivalents: (a) p = 1 W = 30.0000dBm (b) p = 0.001 W = 0.00000dBm (c) p = 0.0001W = -10.0000dBm (d) p = 25 μW = dBm Use this formula: dBm = 10 · log10 [P2/(10-3)] 15. Define electrical noise...
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...206. What is Half Power Frequency? A) Voltage gain reduced to 50% B) Voltage gain reduced to 60.7% C) Voltage gain reduced to 70.7% D) Voltage gain reduced to 80.7% ANSWER: C 207. If the voltage gain drops to 70.7% of its midrange value, it is said to be _______ A) attenuated B) down 6 dB C) down 3 dB D) down 1 dB ANSWER: C 208. What is the gain that occurs between the lower and upper critical frequencies in amplifier? A) midrange gain B) critical gain C) bandwidth gain D) decibel gain ANSWER: A 209. What can be measured using the decibel? A) voltage gain B) power gain C) attenuation D) all of these ANSWER: D 210. Voltage gain in dB is ______ A) log Av B) 10 log Av C) 20 log Av D) Av ANSWER: C 211. Power gain in dB is ________. A) log Av B) 10 log Av C) 20 log Av D) Av ANSWER: B 212. For the low-frequency response of a BJT amplifier, the maximum gain is at ________. A) RB = 0 Ω B) RC = 0 Ω C) RE = 0 Ω D) RS= 0 Ω ANSWER: C 213. Where the Miller effect capacitance is not involved in BJT configuration? A) Common-emitter B) Common-base C) Common-collector D) All of the above ANSWER: B 214. What does positive and negative sign of dB represents? A) positive-amplification, negative-attenuation B) Positive-attenuation, Negative-amplification C) Zero value D) sign can be neglected ANSWER: A 215. At the midrange of the amplifier, the voltage gain of 100. If 6 dB gain decreases, what happens to the gain? A) 0 B) 70.7 C) 50 D) 20 ANSWER: C 216. If the frequency changed from 1 kHz to 10...
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...Based on the results, the maximum frequency that would not be aliased was the Nyquist frequency, which was 5000 Hz. In addition to that, the amplitude of the loud voice was higher than the amplitude of the low voice. The number of bits calculated based on the quantization was equal to 9.97 bits. The high cutoff and the low cutoff which are 110 Hz and 1100 Hz, were used to show the Fast Fourier Transform of the filtered voices, which results in producing better voice of the recording. Based on the FFT graphs, the amplitude of the 440 Hz was the highest at the same peak, and that is why the sound was directly clear, and that proves that the played sound was with the frequency of 440 Hz. For the low and loud frequency, the graph showed the background noise recorded with the voice signal. The use of the decimating factor is that it will resample the recorded voice signal at a lower sampling frequency. Therefore, by changing the value of the decimating factor, the between 1 to 8, the sounds became more clear and recognizable. That is because the decimating factor, decrease the sample rate and increase the frequency of the voice signal in order to avoid the signal to be aliased. Based on research, the frequency range that the human voice can produce is in the range of 300 to 3000 Hz. The Fast Fourier Transform of recorded voice in this experiment was within the range of the human voice frequency. If the electret microphone element was used outside on a windy day, the FFT graphs...
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...make a marketing plan for the High Tech Restaurant because we believe that it is an appealing idea. Nowadays, the young are increasingly doing things with the help of technology, including things they used to do without it (buying, for example). Social media, as so the Internet as a whole, tends to make part of everyday life more and more as gadgets' prices became more accessible and wireless internet coverage more common. With the recent invention of cell phones that can properly access the internet and other gadgets such as tablets, the young people are almost all the time online. That is our value proposition. However, as other products directed to the young public, marketing is a key element to success within the enterprise. In this case specifically we will study the use of some different ways of promotion (as one of the 4 P’s), such as...
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...Checkpoint in your own words IT/241 Intro to W-Lan technologies FRED HOLMES IV April Sturgess Friday May 4, 2013 What is frequency? Frequency is the number of cycles of a repeating signal. The unit of frequency is measured in hertz. Each hertz is equal to one cycle of an event in seconds. For a frequency to be considered an audio frequency it has to be between 15 Hz and 20000 Hz. A radio frequency will range from 20 kHz to 1 terahertz. A medium for radio frequency will be air and metal. Air will not conduct electricity so the displacement won’t happen. When it comes to infinity value, air will become resistant and only some current flow will go through. Metal is an electricity conductor. This means that the flow will be based on the resistance of metals and the components with in the metal. What is analogue modulation? Is the information which is applied to the carrier signal. This is usually with radio signals. The amplitude modulation will change any frequency of the signal. Frequency Modulation is the frequency of the Carrier can wave at the input signal with the level use multiple methods When comparing the modulation we can show that both use the same method. The only difference is that digit. While this process is going on the digital modulation can use multiple times. Digital will also apply filters to interfering...
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