...2. Introduction 1. Background of the Company [pic] Microsoft is one of the biggest software and IT companies in the world. The industry touches every region of Technology. Its current best-selling products are the Microsoft Windows operating system and the Microsoft Office suite of productivity software. They cover Operation System (Vista and Windows 7), Server and Tools Division (Windows server 2008, VB and SQL), Online Services Business division (MSN and the search engine Bing), Microsoft Business Division (Microsoft Office), and Entertainment Devices Division (smart phones, XBOX and MSN TV). Microsoft mission is to enable people and businesses throughout the world to realize their full potential. It develops software, hardware, service and solution to achieve this goal since it established at 1975 by Bill Gates and Paul Allen in Albuquerque. In 1980, Microsoft formed a partnership with IBM that allowed them to bundle Microsoft’s operating system with IBM computers, paying Microsoft a royalty for every sale. With a real big range of service IT service, we can say the client of Microsoft is unlimited, from OEM, business, and individuals. And the competition is all over from every division, such as Apple in PC Market and Google in Online Service Market. [pic] Yahoo! Was started at Stanford University in January 1994 by Jerry Yang and David Filo. Both of them were Electrical Engineering graduate students when they created a website named “Jerry and...
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...takeover tactics employed by Mittal. Explain why each was used. Answer: Mittal attempted a friendly takeover by initiating behind the scenes negotiations with Guy Dolle, CEO of Arcelor. However, after being rebuffed publicly, Mittal employed a two-tiered cash and stock tender offer to circumvent the Arcelor board. To counter virulent opposition from both Arcelor management and local politicians, Mittal announced that it would condition the second tier of its tender offer on receiving more than one-half of the Arcelor voting stock. However, the second tier offer would be at a slightly lower price than offered in the first tier. This was done to encourage Arcelor shareholders to participate in the first tier offering. If Mittal could gain a majority of voting shares it would be able to acquire the remaining shares through a backend merger. Moreover, Mittal sued to test the legality of Arcelor’s moving its recently acquired Dofasco operations into a trust to prevent Mittal from selling the operation to help finance the takeover. Mittal also attempted to rally large shareholder support against what were portrayed as Arcelor management’s self-serving maneuvers. Finally, Mittal continued efforts to appeal to shareholders by raising its bid from its initial 22 percent premium to the then current Arcelor share price to what amounted to a 93 percent premium and agreeing to eliminate its super-voting stock which had given the Mittal family shares that had ten times the voting...
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...existing products, and relatively little innovation. Given the lack of success in bringing new and innovative drugs to market, many pharmaceutical companies were also seeking to diversify from the prescription drug business by acquiring generic-drug companies. B. Genentech was increasingly coming into direct competition with Roche in several U.S. markets. In developing small molecular products, Genentech had begun to encroach on Roche’s traditional territory, while Roche was preparing to launch products in the U.S. that would compete with existing Genentech products. A merger of the two companies would create the ability to collaborate on a worldwide scale. C. Outside of R&D, Roche managers believed there was increasing duplication of effort and facilities at the two companies and, thus, opportunities to create value by cutting costs and streamlining operations throughout the acquisition. D. Beginning in 2007, Genentech began to generate large amounts of free cash flow.Genentech did...
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...less mature than the pharmaceutical industry, but was growing much faster rate. It generated $89.7 billion in revenues in USA along. Since Genentech along with Amgen were the dominant players in the sector, it could corner a major portion of this market. * Genentech was increasingly coming into direct competition with Roche in several U.S. markets. In developing small molecular products, Genentech had begun to encroach on Roche’s traditional territory, while Roche was preparing to launch products in the U.S. that would compete with existing Genentech products. A merger of the two companies would create the ability to collaborate on a worldwide scale. * Outside of R&D, Roche managers believed there was increasing duplication of effort and facilities at the two companies and, thus, opportunities to create value by cutting costs and streamlining operations throughout the acquisition. * Beginning in 2007, Genentech began to generate large amounts...
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...FIS 200 Entire Course For more classes visit www.snaptutorial.com FIS 200 Appendix B Personal Money Matters FIS 200 FINAL FIS 200 Checkpoint: History of Banking FIS 200 Movie Summary FIS 200 Paper Money Power point FIS 200 Assignment: Price and Value Agreement FIS 200 Assignment: Social Money FIS 200 Check Point: The Euro FIS 200 Working Money FIS 200 Week 1 DQs FIS 200 Week 3 DQs FIS 200 Week 5 DQs FIS 200 Week 7 DQs FIS 200 Capstone -------------------------------------------------------------------------- FIS 200 Assignment Price and Value Agreement For more classes visit www.snaptutorial.com More than likely, the consumer will have the choice of what product they buy, and for how much. Along with that choice, comes compromise. We are all aware if top of the line appliances, cars, clothe just as much as generic cereals, generic clothing brands. Throughout the assignment consider what gives the commodity its value. --------------------------------------------------------------------------------- FIS 200 Assignment Social Money For more classes visit www.snaptutorial.com Due Date: Day 7 [Individual forum] Almost every relationship involves money in some way. Many relationships are created because of money, from marriages to business ventures to international relations. Think of your own relationships, from personal to social or business relationships, and evaluate the role money plays in those relationships. ...
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...THE JOURNAL OF FINANCE • VOL. LV, NO. 6 • DEC. 2000 Hostility in Takeovers: In the Eyes of the Beholder? G. WILLIAM SCHWERT* ABSTRACT This paper examines whether hostile takeovers can be distinguished from friendly takeovers, empirically, based on accounting and stock performance data. Much has been made of this distinction in both the popular and the academic literature, where gains from hostile takeovers result from replacing incumbent managers and gains from friendly takeovers result from strategic synergies. Alternatively, hostility could ref lect strategic choices made by the bidder or the target. Empirical tests show that most deals described as hostile in the press are not distinguishable from friendly deals in economic terms, except that hostile transactions involve publicity as part of the bargaining process. THE PERCEPTION OF HOSTILITY in American takeovers has had important connotations in both the popular and the academic literature. Unwelcome bids are often perceived to threaten at least some of the stakeholders in target corporations, leading to extensive defensive reactions by the management of the target firm. In contrast, friendly takeovers are often seen to create synergies that make both the bidder and the target firm better off ~see, for example, Mørck, Shleifer, and Vishny ~1988, 1989!!. The distinction between hostile and friendly takeovers is also important if removing an inefficient target management team creates the gains from hostile takeovers...
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...Sealed Bidding vs. Competitive Proposals Compare and Contrast Charles E. Andrews Professor Stephen Bartorillo BUS315 April 28th, 2013 Sealed Bidding vs. Competitive Proposals C. Andrews Sealed bidding is a “process by which government needs are made known by a solicitation called an Invitation for Bids (IFB)”; whereas, competitive proposals is a “process by which the government needs are made known by a solicitation called a Request for Quotation (RFQ) or a Request for Proposals (RFP)” (Murphy, p17, 2009). With sealed bidding there is no negotiation for contractors, therefore the best proposal for the lowest possible price should be offered. Not only does the contractor have to propose the lowest possible offer, but the contractor must be considered responsive and responsible by the contracting officer. Responsive is noted to “have not taken exception to any material aspect of the specification, work statement, or other terms of the proposed contract”; while, responsible is noted to be deemed “capable of performing and meeting the terms stated in the IFB” (Murphy, p17, 2009). Since there is no negotiation with sealed bidding, and the contract is awarded to the lowest bidder who is deemed responsive and responsible, the contractor must be mindful of all of their expenses associated with completing the work to the government’s specifications, as there are no adjustments once the contract has been awarded. By the contractor fine tuning his skill of estimating his...
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... Signature of parents HIMACHAL PRADESH PUBLIC WORKS DEPARTMENT Sealed item rate tenders on forms No.6 & 8 are hereby invited by the Assistant Engineer Shimla Sub Division No-VII, HP.PWD Shimla -3 on behalf of the Governor of Himachal Pradesh for the below mentioned works from eligible contractors/ Firms enlisted in HP.PWD. so as to reach in this office up to 16.08.2011 at 10.30 A.M. and will be opened on the same day at 11.00.A.M.in the presence of the intending contractors/Firms. The earnest money in the shape National saving certificate /Time deposit accounts/Post office saving accounts in any of the post office in H.P duly pledged in favour of Assistant Engineer, Shimla Sub Division No-VII, HP.PWD, Shimla Must be accompany with each tender conditional tender will not be accepted. Tender without earnest money will summarily be rejected. The application for issue of tender forms shall be received up to 12.08.2011 at 12.00.P. M. The tender forms shall be issued on the same day up to 5.00. P.M. from this office against cash payment (Non-refundable). |Sr. |Name of work |Estimated |Earnest |Time |Cost of |Form | |No | ...
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...1.What is the concept of procurement in the context of the public sector? Investopedia.com defines procurement as the act of purchasing. In the public sector, procurement is the acquisition of products and services on behalf of the government (2016). The Office of Federal Procurement Policy (OFFP), which was created by congress in 1974 to guide government-wide procurement policies to promote efficiency and effectiveness in the acquisition process. The OFFP states that it is very important for the government to ensure that it spends money wisely and eliminates waste and abuse of taxpayers’ dollars (OFFP, 2016). 2.What differentiates the concept of procurement in both the private and public sectors? Why is public sector procurement different from private sector procurement? Corporate procurement in the private sector can be a “complex and lengthy process”. Therefore, many major corporations hire a Chief Procurement Officer to deal with all major acquisitions for the company (Investopedia). The main difference between public and private procurement is that in the private sector they have a more flexible budget for the acquisition of products and services, whereas in the public sector the budget is limited due to the OFFP, which ensures that the government spend taxpayers’ dollars wisely. Rocheleau, states that if an organization agrees to purchase from outside vendors; they must request an RFP or related mechanisms to obtain detailed bids. Some of the approaches detailed...
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...In the years leading up to the Boar war in the late 18 hundreds, women’s role in society was clearly defined. The ideology of the time was that a woman’s place was in the home, there was no better or more fulfilling way for a woman to spend her time than staying in the home to cook clean and raise children. Women were only educated as a means of enabling them to acquire skills that could use in the home and with there family, as this would higher there standard of living, Darwin, Sharpe (1976). Moreover, attitudes towards women’s position within the labour market were defined by such beliefs. Putting the beliefs of the time into context shows that they were interlined with class and the idea of the British race. The “ideology of domesticity” prominent in the 18hundres was as relevant to the middle class women as it was to working class women, Purvis (1987). However as June purvis has said “what was considered appropriate, relevant and unattainable for the middle classes was inappropriate, irrelevant and unobtainable for working class women, Purvis (1987). As it was, not working was economically obtainable for women in the middle classes and seen as appropriate and relevant to a woman’s social standing. However, physically exhausting jobs in poor working conditions for low pay returning to over crowded houses with little heat and no sanitation was the bleak prospect for the majority of the population. Awareness and concern grew about health among the middle classes and government...
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...Total war means productively taking advantage of the country's own resources and people to seek survival and dominance in a devastating war. The impact of total war on a country was decided by two factors, which were the country's own resources and the allied countries` resources. Therefore, the presence of total war can impact every single aspect of society, including how goods and services are advertised and children`s education. During the First World War, Canada's arrangement for total war was separated into three categories, which were the production of food, manufacturing of war equipment and the growth of a powerful armed force. To conduct this plan into reality, brutal work and effort were put upon the men and women of Canada, thus...
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...Discussion 2-39 a) The implication of the illegal act of by Ultro management is wrong. During the year the company has taken money, 50,000 worth of foreign currency and smuggled it to another county. It is illegal to sell vehicles to people and then transfer money to an off shore bank account. Knowing that it may not be hard to trace is the only reason that the company is do such exchanges. The easier it is the harder it is to get caught. b) The CPA establishes adequate quality control policies and procedures to provide reasonable assurance that it follows professional standards in every situation. The course of action would be to issue their securities in U.S. market to present financial statements in accordance with GAAP policies. Fraud is difficult to detect because it often involves concealment schemes such as forgery deliberate failure to record transactions, or intentional misrepresentation made up of auditors. It is very had to detect employee fraud because management in usually in a position to override the account records. The CPA should have the quality control established. c) My course of action would be to have to fix what they have done wrong with smuggling the money into different accounts. They should set the money into the hand that it should be. Fix the financial statements and made them the way that they should be and go from there. They need to correct the estimates and detailed information. I think they should be punished for what...
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...Case 1 : Arcelor Undervaluation: threat of opportunity This case deals with the worries of Arcelor which believes that its shares are undervalued (and hence may be under threat of an imminent takeover). As a defensive action, Arcelor has to decide whether to buy back stock via a repurchase tender offer or via an open market repurchase. Before doing so, it has to value the company to get an estimate of the fair value of the company. It has also to decide whether it can afford the buyback: is the increase in leverage a move to a better capital structure? The firm faces a dilemma when choosing between a tender offer and an open market repurchase: buying in the open market is cheaper, but a tender offer will increase stock prices more in the short run, which may be important if the firm wants to get a better price in a hostile takeover bid. You have to value Arcelor as well as analyze the implications for optimal capital structure. Solve questions 1-4 of the case. Case 2 : Arcelor Mittal Takeover This case describes the hostile bid of Mittal for Arcelor in the first half of 2006. The case illustrates the different defence mechanisms firms can employ in hostile bid situations. It documents stock price behaviour around the crucial events surrounding the acquisition. Why does the market reacts in a particular way to the various takeover defences? The case allows calculation of synergy benefits as estimated by Mittal as well as market estimates by measuring announcement...
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...Case Analyses- Request for Proposal The Request for proposals (RFPs) is used in negotiated acquisitions for the procurement of supplies and services (research and development (R&D), construction and commercial items), by the contracting officer issuing a solicitation to communicate the government needs to prospective contractors. The policies and procedures that govern RFPs vary between the procurement of commercial items and construction. The purpose of this paper is to compare the two RFPs and identify the differences. The Federal Acquisition Regulation (FAR) requires commercial items acquisitions exceeding $5.5 million to be solicited using the RFPs contract method and solicitations is prepared using the standard form (SF) 1449. The commercial items RFP used in this comparison was issued by the Department of Veteran Affairs (DVA). The requirement is to provide inscription for blank marble niche covers for Arlington National Cemetery. The acquisition is being set-aside for service-disabled veteran-owned small business (SDVOSB). The period of performance is for a base period and four option years. The option clause to extend the term of the contract is included. The option clause does not obligate the government to exercise the option years. The government may exercise an option by providing the contractor with a written notice within the time specified in the contract. The solicitation states that prospective contractors must provide an all-inclusive unit price. The...
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...shareholders better than rejecting it, it recommends the offer be accepted by the shareholders. 1.2 Hostile takeovers A "hostile takeover" allows a suitor to take over a target company whose management is unwilling to agree to a merger or takeover. A takeover is considered "hostile" if the target company's board rejects the offer, but the bidder continues to pursue it, or the bidder makes the offer directly after having announced its firm intention to make an offer. A hostile takeover can be conducted in several ways. A tender offer can be made where the acquiring company makes a public offer at a fixed price above the current market price. An acquiring company can also engage in a proxy fight, whereby it tries to persuade enough shareholders, usually asimple majority, to replace the management with a new one which will approve the takeover. Another method involves quietly purchasing enough stock on the open market, known as a "creeping tender offer", to effect a change in management....
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