Mandatory ? - What are the implications for the offeror if it has to make a Mandatory offer ? - Would the offer be conditional or unconditional as to acceptances ? - What are the implications for target company shareholders when the offer is conditional
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Yesterday Thorndike had flatly rejected an offer by T. Spoone Dickens to buy all of the common stock for $10 a share. With Thorndike out of the way, it appeared that Dickens’s offer would be accepted, much to the profit of Thorndike Oil’s other shareholders. 57 Thorndike’s two nieces, Doris and Patsy, and his nephew John all had substantial investments in Thorndike Oil and had bitterly disagreed with Thorndike’s dismissal of Dickens’s offer. Their stakes are shown in the following table: 5% Debentures
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Issue one Can the funds be raised from existing members or anyone else without a prospectus? Relevant law The ability of raising funds from investors is one of the most important functions of companies, furthermore, a significant objective of the Corporations Act (CA) is to encourage and regular those kind of investments. Usually, when a company want to offer securities, a disclosure documents (DD) must be issued simultaneously. The types of DD were given by s 705, and prospectus was including
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has a duty of maximizing shareholders wealth however most directors realize that amplifying shareholder esteem does not imply that they are allowed to disregard the bigger interests of the society. It could be conceivable that if Feuerstein did not pay his representatives wages while the plant was in progress, they would be amazingly troubled, feeling lousy and not be as productive as they were some time recently. It is, over an extended period, could diminish the shareholder worth. Be that as it may
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Financial Strategy of Marriott The four key elements of Marriott’s financial strategy were: manage rather than own hotel assets; invest in projects that increase shareholder value; optimize the use of debt in the capital structure; and repurchase undervalued shares For the first strategy, Marriott not only identified markets, created development plans, attracted additional capital, and evaluated potential profitability, but also guaranteed a portion of the partnership’s debt. Managing hotels
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apply the principles associated with rights of shareholders and “class rights”; * discuss and apply the principles associated with the concept of “interests” in shares and “deemed interest”. Readings Yeo and Lee, Chapter 16 and paragraphs 7-100 to 7-120, 17-001 to 17-240 (see also 17-360) Relevant provisions of the Companies Act, in particular, sections 7, 19(6), 22, 62A, 64, 70, 71, 74 and 161 Discussion Questions – Members and shareholders A. How is a ‘member’ of a company defined
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Case Memo of Roche Group Members: Cai Aiyong, Gong Haoran, Song, Shizhong, Li Wei, Zhou, Wenjun 1. Why is Roche seeking to acquire the 44% of Genentech it does not own? From Roche’s point of view, what are the advantages of owning 100% of Genentech? What are the risks? (1) reasons and advantages are as follows: A. Genentech had become an important part of Roche’s business, representing 24% of Roche’s pharmaceutical product sales in 2008. Several of Genentech’s pioneering products achieved
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M&A, BARUCH COLLEGE, FALL 2012 Prof Harvey Poniachek Questions for Cooper Industries Harvard Case Study THE CASE SHOULD BE DONE BY TEAMS OF UP TO FOUR STUDENTS. The CASE WOULD BE PRESENTED AND DEFENDED IN CLASS BY TWO TEAMS. I EXPECT MANY OF YOU TO MAKE CLASS PRESENTATIONS BY UTILIZING POWERPOINT AND/OR OTHER MEANS. THE QUESTIONS BELOW WERE SUGGESETD BY THE AUTHORS OF THE CASE AND ADDRESS THE MAIN THE ISSUES, BUT YOU MAY EDIT / CONSOLIDATE THEM IF YOU FIND IT NECESSARY / CONVENIENT IN WRITING
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process of reconstruction is restored. Capital reconstruction also defined as a company gains the agreement of its shareholders and creditors to vary the rights of its members and creditors, by altering the capital structure in a way that allows the existing company to continue in business. In other word, the reconstruction need to be done after approval from the shareholders and creditors in order to continue the existing of the company. 1.2 The objective of reconstruction There are five
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$900 million financing offer? If not, what alternatives would you pursue? B. Dividend Policy at Linear Technology. 1. Describe Linear Technology payout policy. 2. What are Linear’s financing needs? Should Linear return cash to its shareholders? What are the tax consequences of keeping cash inside the firm? 3. If Linear were to pay out its entire cash balance as a special dividend, what would be the effect on value? On the share price? On earnings? On earnings per share? What if
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