-
What is a Cash Merger
For additional information, visit: https://act.webull.com/nt/OK7GVRt9ngH7/eq7/inviteUs/ Today, we are living in tough times. The entire global economy is on a downswing and we must do what we can to save our money as much and as early as possible even if it wants us to “force” ourselves for doing it. Yes, we can't change the big scenario alone, but we at least can take hold of our own circumstances and make changes now to help ensure the security of our household. Every day people work hard to earn enough money to buy the products that they want and need. However, sometimes after all the hard work people still don't have enough to purchase their ideal products. Thankfully, many companies understand this problem and offer the "pay later scheme" which allows individuals to enjoy products tod...
published: 07 Sep 2021
-
What Happens when Companies Merge?
When one company wants to merge or join forces with another, what exactly does that mean? And when mergers happen for publicly traded companies, what happens to their stocks? A lot happens when a merger or acquisition occurs, including some employees getting let go, certain divisions being made redundant, or even grander restructuring of business assets.
Mergers of companies can be uncertain events, but generally they end up being beneficial for the resulting single company.
So why would a merger happen?
Media:
Brittle Rille - Reunited by Kevin MacLeod is licensed under a Creative Commons Attribution 4.0 license. https://creativecommons.org/licenses/by/4.0/
Source: http://incompetech.com/music/royalty-free/index.html?isrc=USUAN1200047
Artist: http://incompetech.com/
published: 23 Aug 2021
-
Merger Model: Cash, Debt, and Stock Mix
In this merger model lesson, you'll learn how a company might decide what mix of cash, debt, and stock it might use to fund...
By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers"
... might use to fund a merger or an acquisition - and you'll understand how to determine the appropriate amount of each one in a deal.
2:24 General Order of Funding for M&A Deals
4:49 Cash - How Much Can You Use?
9:56 Debt - How Much Can You Use?
14:08 Stock - How Much Can You Use?
16:32 Exceptions
18:03 Recap and Summary
How Do You Determine the Cash / Stock / Debt Mix in an M&A Deal?
Very common interview question, and you also need to know it for what you do on the job.
3 ways to fund a company, and to fund acquisitions of other companies...
published: 21 Oct 2014
-
Accretion Dilution - Rules of Thumb for Merger Models
Learn more: https://breakingintowallstreet.com/core-financial-modeling/?utm_medium=yt&utm_source=yt&utm_campaign=yt13
Learn about rules of thumb you can use to determine whether an acquisition will be accretive or dilutive in advance, based on the P/E multiples of the buyer and seller, the % cash, stock, and debt used, and the prevailing interest rates on cash and debt.
By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers"
Here's an outline of what we cover in the lesson, and the step-by-step process you can follow to figure this out for yourself:
Why Do We Care About Rules of Thumb for M&A Deals / Merger Models?
It's a VERY common interview question - "How can you tell whether an M&A deal is accretive or dilutive?"
Pe...
published: 17 Nov 2013
-
Corporate actions in details Processing /Bonus/Stock split/rights/Merger/Cash Dividend/DRIP/CSO
Please watch all content for your information and enhance your knowledge .
Visit- www.IBfundaccounting.com for More information and book the appointment with me directly for Live sessions on IB Process.
Pleases Apply to the Membership because very soon sessions will be accessible to the members only.
Private Equity-03
https://youtu.be/Wip9pwV7fZU
Derivatives
https://youtu.be/iV2p9a-TUFU
Cash Recon
https://youtu.be/F6H-wgwuDa8
Cash Dividend
https://youtu.be/F6H-wgwuDa8
Trade Processing
https://youtu.be/cQIfSxgFuIg
Income Processing
https://youtu.be/AMMNr5mD2FY
Fund Accounting Processing
https://youtu.be/op6rMNdAw_E
Private Equity- 01
https://youtu.be/rCgbX8x5CDY
Are you looking end to end practical knowledge on the IB or Banking Products?
Are you looking for a Professional gro...
published: 14 Mar 2022
-
Merger Model Interview Questions: What to Expect
Learn more: https://breakingintowallstreet.com/core-financial-modeling/?utm_medium=yt&utm_source=yt&utm_campaign=yt27
You’ll learn about the most common merger model questions in this tutorial, as well as what type of “progression” to expect and the key principles you must understand in order to answer ANY math questions on this topic.
Table of Contents:
3:26 Question #1: The Basic Rules
5:23 Question #2: With Real Numbers
8:21 Question #3: Equity Value, Enterprise Value, and Valuation Multiples
12:17 Question #4: Ranges for the Multiples
14:26 Question #5: What if the Buyer is Twice as Big?
16:26 Recap, Summary, and Key Principles
Question #1: The Basic Rules
"A company with a P / E multiple of 25x acquires another company for a purchase P / E multiple of 15x. Will the deal be a...
published: 11 Oct 2016
-
Simple merger arbitrage with share acquisition | Finance & Capital Markets | Khan Academy
Courses on Khan Academy are always 100% free. Start practicing—and saving your progress—now: https://www.khanacademy.org/economics-finance-domain/core-finance/stock-and-bonds/mergers-acquisitions/v/simple-merger-arb-with-share-acquisition
Showing how a merger arbitrage player might act if they were sure that a transaction would go through. Created by Sal Khan.
Watch the next lesson:
https://www.khanacademy.org/economics-finance-domain/core-finance/stock-and-bonds/leveraged-buy-outs/v/basic-leveraged-buyout-lbo?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets
Missed the previous lesson? Watch here: https://www.khanacademy.org/economics-finance-domain/core-finance/stock-and-bonds/mergers-acquisitions/v/price-behavior-after-announced-acquisition?utm_source=YT&utm_m...
published: 12 May 2011
-
What is a Merger Model
Financial Modeling | CFA | FRM | CMA | CIMA
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published: 14 Jan 2022
-
Reliance-Disney Merger Soon? Feb 17 Exclusivity Deadline Close | Reliance | Disney | Merger
Disney and Reliance Industries Limited (RIL) are in the final stages of negotiations to finalize a mega merger that would create India's largest media and entertainment business. The exclusivity period for bilateral negotiations is set to end on February 17. If merged, Viacom18 will emerge as the single largest shareholder in the combined entity, holding a stake of 42-45%. RIL, the parent company of Viacom18, is expected to inject up to $1.5 billion in cash into the new entity and will also acquire a direct stake. Under the proposed structure, Mukesh Ambani will hold 60% ownership, with Walt Disney holding the remaining 40%. Know all about the merger
#reliance #disney #rilmerger #disneymerger #reliancenews #mukeshambani #etnow #etnownews
Subscribe To ET Now For Latest Updates On Stocks, ...
published: 13 Feb 2024
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Merger Analysis Cash Deal | Online Course Intro
M&A made easy - watch this short introduction video to our Merger Analysis Cash Deal online course. Learn the fundamentals of M&A and the mechanics of a cash deal acquisition in detail for only £29.
Discover more here: https://www.fe.training/store/product/online-courses/merger-analysis-cash-deal/
To view other online accounting and finance courses, please visit https://www.fe.training/store/.
------------------------------------------------------------------------------------------------------------
Financial Edge delivers innovative financial training, specializing in advancing professionals’ investment banking, asset and wealth management skills. In the small space of two years, we’ve already partnered with 6 of the top 10 global investment banks and trained 8,400 new hires to the ...
published: 15 Jan 2019
2:08
What is a Cash Merger
For additional information, visit: https://act.webull.com/nt/OK7GVRt9ngH7/eq7/inviteUs/ Today, we are living in tough times. The entire global economy is on a d...
For additional information, visit: https://act.webull.com/nt/OK7GVRt9ngH7/eq7/inviteUs/ Today, we are living in tough times. The entire global economy is on a downswing and we must do what we can to save our money as much and as early as possible even if it wants us to “force” ourselves for doing it. Yes, we can't change the big scenario alone, but we at least can take hold of our own circumstances and make changes now to help ensure the security of our household. Every day people work hard to earn enough money to buy the products that they want and need. However, sometimes after all the hard work people still don't have enough to purchase their ideal products. Thankfully, many companies understand this problem and offer the "pay later scheme" which allows individuals to enjoy products today and pay later. The goal of nearly every person in this world is to be happy. We search for it everywhere we go and through everything we do. It's even written in the U.S. Constitution-- that we all have the right to “life, love, and the pursuit of happiness.”
Goal setting is the bottom line when it comes to achieving what your heart desires in life. When you set goals, you set yourself up for long-term success and you should know that this is the number 1 technique used by super successful people. How are you going to be someone great in life if you don’t have a map to follow. Goal setting is a powerful strategy that you can use to help you achieve your dreams in your life. When you put your dreams into written words, they will become objectives for you, they will become goals for you to achieve in your life and most importantly, they become achievable. To be successful in business these days, whether you work for a company or for yourself, you must be able to come up with new, bright ideas to make the business more successful. Every man-made object in the World began as an idea in someone’s head, and because the idea was turned into action, we are able to benefit from someone’s thoughts.
Do you want to create commanding goals with the power to propel you past every obstacle? Bolster them with these potent tips and you’ll be unstoppable.
https://wn.com/What_Is_A_Cash_Merger
For additional information, visit: https://act.webull.com/nt/OK7GVRt9ngH7/eq7/inviteUs/ Today, we are living in tough times. The entire global economy is on a downswing and we must do what we can to save our money as much and as early as possible even if it wants us to “force” ourselves for doing it. Yes, we can't change the big scenario alone, but we at least can take hold of our own circumstances and make changes now to help ensure the security of our household. Every day people work hard to earn enough money to buy the products that they want and need. However, sometimes after all the hard work people still don't have enough to purchase their ideal products. Thankfully, many companies understand this problem and offer the "pay later scheme" which allows individuals to enjoy products today and pay later. The goal of nearly every person in this world is to be happy. We search for it everywhere we go and through everything we do. It's even written in the U.S. Constitution-- that we all have the right to “life, love, and the pursuit of happiness.”
Goal setting is the bottom line when it comes to achieving what your heart desires in life. When you set goals, you set yourself up for long-term success and you should know that this is the number 1 technique used by super successful people. How are you going to be someone great in life if you don’t have a map to follow. Goal setting is a powerful strategy that you can use to help you achieve your dreams in your life. When you put your dreams into written words, they will become objectives for you, they will become goals for you to achieve in your life and most importantly, they become achievable. To be successful in business these days, whether you work for a company or for yourself, you must be able to come up with new, bright ideas to make the business more successful. Every man-made object in the World began as an idea in someone’s head, and because the idea was turned into action, we are able to benefit from someone’s thoughts.
Do you want to create commanding goals with the power to propel you past every obstacle? Bolster them with these potent tips and you’ll be unstoppable.
- published: 07 Sep 2021
- views: 186
2:40
What Happens when Companies Merge?
When one company wants to merge or join forces with another, what exactly does that mean? And when mergers happen for publicly traded companies, what happens to...
When one company wants to merge or join forces with another, what exactly does that mean? And when mergers happen for publicly traded companies, what happens to their stocks? A lot happens when a merger or acquisition occurs, including some employees getting let go, certain divisions being made redundant, or even grander restructuring of business assets.
Mergers of companies can be uncertain events, but generally they end up being beneficial for the resulting single company.
So why would a merger happen?
Media:
Brittle Rille - Reunited by Kevin MacLeod is licensed under a Creative Commons Attribution 4.0 license. https://creativecommons.org/licenses/by/4.0/
Source: http://incompetech.com/music/royalty-free/index.html?isrc=USUAN1200047
Artist: http://incompetech.com/
https://wn.com/What_Happens_When_Companies_Merge
When one company wants to merge or join forces with another, what exactly does that mean? And when mergers happen for publicly traded companies, what happens to their stocks? A lot happens when a merger or acquisition occurs, including some employees getting let go, certain divisions being made redundant, or even grander restructuring of business assets.
Mergers of companies can be uncertain events, but generally they end up being beneficial for the resulting single company.
So why would a merger happen?
Media:
Brittle Rille - Reunited by Kevin MacLeod is licensed under a Creative Commons Attribution 4.0 license. https://creativecommons.org/licenses/by/4.0/
Source: http://incompetech.com/music/royalty-free/index.html?isrc=USUAN1200047
Artist: http://incompetech.com/
- published: 23 Aug 2021
- views: 26285
19:59
Merger Model: Cash, Debt, and Stock Mix
In this merger model lesson, you'll learn how a company might decide what mix of cash, debt, and stock it might use to fund...
By http://breakingintowallstreet....
In this merger model lesson, you'll learn how a company might decide what mix of cash, debt, and stock it might use to fund...
By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers"
... might use to fund a merger or an acquisition - and you'll understand how to determine the appropriate amount of each one in a deal.
2:24 General Order of Funding for M&A Deals
4:49 Cash - How Much Can You Use?
9:56 Debt - How Much Can You Use?
14:08 Stock - How Much Can You Use?
16:32 Exceptions
18:03 Recap and Summary
How Do You Determine the Cash / Stock / Debt Mix in an M&A Deal?
Very common interview question, and you also need to know it for what you do on the job.
3 ways to fund a company, and to fund acquisitions of other companies: use cash on-hand, borrow the money from other entities (debt), or issue equity (stock) to new investors.
But how does a buyer in an M&A deal decide whether it should use…
50% debt and 50% stock vs.
33% debt, 33% stock, and 33% cash vs.
50% cash and 50% debt vs….
And the list goes on.
Easiest: Think about the "cost" of each method, start with the cheapest method, use the most of THAT method that you can, and then move to the next cheapest method, and continue like that.
GENERALLY:
Cheapest: Cash, since interest rates on cash are lower than interest rates on debt, and tend to be low in general.
Next Cheapest: Debt, since it is still cheaper than equity and since interest paid on debt is tax-deductible.
Most Expensive: Stock, since the Cost of Equity tends to exceed the Cost of Debt… in theory and in practice.
To Compare Them: Look at the "After-Tax Yields"… for debt and cash, just take the Interest Rate and multiply by (1 - Buyer's Tax Rate).
Stock: Take the buyer's Net Income and divide by its Equity Value (or "flip" its P / E multiple).
SO: Always start with cash, use the most you can, then move to debt, use the most you can, and finish up with stock.
Cash - How Much is "The Most You Can?"
Easy: Company has minimal cash and can't use anything, or it has a huge cash balance and can use all of it.
More Common Case: Look at the company's "minimum" cash balance and use the excess cash above that to fund the deal.
EX: Company has $500 million in cash right now, but its minimum cash balance to keep operating is $200 million…
So it can use $300 million of its cash to fund the deal.
How to Determine: Can be tough, but sometimes companies disclose it…
...or you can look back at historical cash balances and make a guesstimate based on that (what was its lowest cash balance in past years?).
Debt - How Much Can You Use?
So let's say you've now used $300 million of cash to fund the deal… but it's a deal for $1 billion total.
How much debt can you use to fund the remainder? $700 million? $300 million? $500 million?
Easiest Method: Calculate the key credit stats and ratios for the combined company - for example:
Total Debt / EBITDA
Net Debt / EBITDA
EBITDA / Interest Expense
And see what amount of debt makes these look "reasonable", in line with historical figures and also figures for comparable companies.
EX: Let's say that if the company uses $500 million of debt, its Debt / EBITDA is 4x.
Historically, it has been around 2-3x, and no peer company is levered at more than 3.5x.
If that's the case, we'd say that 3.5x - 4.0x is probably the "maximum" (whatever amount of debt that means).
Here: We have the Debt / EBITDA and other ratios for the Men's Wearhouse / Jos. A. Bank peer companies.
Stock - Now What?
Often used as the "method of last resort" because:
A) It tends to be the most expensive method for most companies.
B) Most acquirers don't like giving up ownership and diluting existing shareholders unless absolutely necessary.
So in this example, if we've used $300 million of cash and $500 million of debt, we're still not quite at $1 billion... need an extra $200 million, which we can get by issuing stock.
# of Shares = $200 million / Buyer's Share Price.
Technically, there's no real "limit," but it would be very odd for a company to give up more than, say, 50% ownership to another company… unless they're very close in size.
Exceptions:
Buyer has an exceptionally high P / E multiple (Amazon) - stock might be the cheapest!
Buyer wants to do a tax-free deal (Google / YouTube) and it's much bigger anyway, so won't make a difference.
Companies are similarly sized - stock might always be necessary because cash/debt are implausible (mergers of equals).
Summary
Which purchase method do you use?
MOST relevant when companies are closer in size… doesn't make much difference when the buyer is 100x or 1000x bigger than the seller.
Order:
1. Cash - Any excess cash above the company's minimum cash balance.
2. Debt - To the upper range of the Debt / EBITDA of comparables (and other metrics).
3. Stock - For any remaining funding that's required; ideally give up well under 50% ownership.
https://wn.com/Merger_Model_Cash,_Debt,_And_Stock_Mix
In this merger model lesson, you'll learn how a company might decide what mix of cash, debt, and stock it might use to fund...
By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers"
... might use to fund a merger or an acquisition - and you'll understand how to determine the appropriate amount of each one in a deal.
2:24 General Order of Funding for M&A Deals
4:49 Cash - How Much Can You Use?
9:56 Debt - How Much Can You Use?
14:08 Stock - How Much Can You Use?
16:32 Exceptions
18:03 Recap and Summary
How Do You Determine the Cash / Stock / Debt Mix in an M&A Deal?
Very common interview question, and you also need to know it for what you do on the job.
3 ways to fund a company, and to fund acquisitions of other companies: use cash on-hand, borrow the money from other entities (debt), or issue equity (stock) to new investors.
But how does a buyer in an M&A deal decide whether it should use…
50% debt and 50% stock vs.
33% debt, 33% stock, and 33% cash vs.
50% cash and 50% debt vs….
And the list goes on.
Easiest: Think about the "cost" of each method, start with the cheapest method, use the most of THAT method that you can, and then move to the next cheapest method, and continue like that.
GENERALLY:
Cheapest: Cash, since interest rates on cash are lower than interest rates on debt, and tend to be low in general.
Next Cheapest: Debt, since it is still cheaper than equity and since interest paid on debt is tax-deductible.
Most Expensive: Stock, since the Cost of Equity tends to exceed the Cost of Debt… in theory and in practice.
To Compare Them: Look at the "After-Tax Yields"… for debt and cash, just take the Interest Rate and multiply by (1 - Buyer's Tax Rate).
Stock: Take the buyer's Net Income and divide by its Equity Value (or "flip" its P / E multiple).
SO: Always start with cash, use the most you can, then move to debt, use the most you can, and finish up with stock.
Cash - How Much is "The Most You Can?"
Easy: Company has minimal cash and can't use anything, or it has a huge cash balance and can use all of it.
More Common Case: Look at the company's "minimum" cash balance and use the excess cash above that to fund the deal.
EX: Company has $500 million in cash right now, but its minimum cash balance to keep operating is $200 million…
So it can use $300 million of its cash to fund the deal.
How to Determine: Can be tough, but sometimes companies disclose it…
...or you can look back at historical cash balances and make a guesstimate based on that (what was its lowest cash balance in past years?).
Debt - How Much Can You Use?
So let's say you've now used $300 million of cash to fund the deal… but it's a deal for $1 billion total.
How much debt can you use to fund the remainder? $700 million? $300 million? $500 million?
Easiest Method: Calculate the key credit stats and ratios for the combined company - for example:
Total Debt / EBITDA
Net Debt / EBITDA
EBITDA / Interest Expense
And see what amount of debt makes these look "reasonable", in line with historical figures and also figures for comparable companies.
EX: Let's say that if the company uses $500 million of debt, its Debt / EBITDA is 4x.
Historically, it has been around 2-3x, and no peer company is levered at more than 3.5x.
If that's the case, we'd say that 3.5x - 4.0x is probably the "maximum" (whatever amount of debt that means).
Here: We have the Debt / EBITDA and other ratios for the Men's Wearhouse / Jos. A. Bank peer companies.
Stock - Now What?
Often used as the "method of last resort" because:
A) It tends to be the most expensive method for most companies.
B) Most acquirers don't like giving up ownership and diluting existing shareholders unless absolutely necessary.
So in this example, if we've used $300 million of cash and $500 million of debt, we're still not quite at $1 billion... need an extra $200 million, which we can get by issuing stock.
# of Shares = $200 million / Buyer's Share Price.
Technically, there's no real "limit," but it would be very odd for a company to give up more than, say, 50% ownership to another company… unless they're very close in size.
Exceptions:
Buyer has an exceptionally high P / E multiple (Amazon) - stock might be the cheapest!
Buyer wants to do a tax-free deal (Google / YouTube) and it's much bigger anyway, so won't make a difference.
Companies are similarly sized - stock might always be necessary because cash/debt are implausible (mergers of equals).
Summary
Which purchase method do you use?
MOST relevant when companies are closer in size… doesn't make much difference when the buyer is 100x or 1000x bigger than the seller.
Order:
1. Cash - Any excess cash above the company's minimum cash balance.
2. Debt - To the upper range of the Debt / EBITDA of comparables (and other metrics).
3. Stock - For any remaining funding that's required; ideally give up well under 50% ownership.
- published: 21 Oct 2014
- views: 67604
13:25
Accretion Dilution - Rules of Thumb for Merger Models
Learn more: https://breakingintowallstreet.com/core-financial-modeling/?utm_medium=yt&utm_source=yt&utm_campaign=yt13
Learn about rules of thumb you can use to...
Learn more: https://breakingintowallstreet.com/core-financial-modeling/?utm_medium=yt&utm_source=yt&utm_campaign=yt13
Learn about rules of thumb you can use to determine whether an acquisition will be accretive or dilutive in advance, based on the P/E multiples of the buyer and seller, the % cash, stock, and debt used, and the prevailing interest rates on cash and debt.
By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers"
Here's an outline of what we cover in the lesson, and the step-by-step process you can follow to figure this out for yourself:
Why Do We Care About Rules of Thumb for M&A Deals / Merger Models?
It's a VERY common interview question - "How can you tell whether an M&A deal is accretive or dilutive?"
People often believe, incorrectly, that there's no way to tell without building the entire model.
But shortcuts always exist!
Plus, this shortcut is very useful in real life. You can use it to "sanity check" your model, approximate the impact of a deal in advance, and so on.
So it's a time-saver *and* a good way to check your work.
Rules of Thumb for Merger Models AKA Accretion / Dilution Models:
CONCEPT: An M&A deal is accretive if the combined company's EPS (Earnings Per Share) is higher than the buyer's standalone EPS prior to the transaction.
It's dilutive if the combined EPS is lower, and it's neutral if the EPS is the same afterward.
The outcome depends on price paid for the seller, the method of payment (cash, stock, or debt), the interest rate on debt and cash, and the buyer's P/E multiple, among other factors.
In real life, it's very difficult to tell with high precision whether the deal will be accretive or dilutive without running the whole model - due to added costs, synergies, write-ups, timing differences, the cumulative impact of additional interest on debt and foregone interest on cash, etc...
BUT you can approximate the impact with a simple rule of thumb:
1. Calculate the Weighted "Cost" of Acquisition for the Buyer...
2. And compare it to the Seller's "Yield" AT its purchase price. (i.e. Seller's Net Income / Equity Purchase Price)
This step is essential - if the seller is currently valued at $900 million and the buyer pays $1 billion for the seller, you NEED to use the $1 billion actually paid for the seller or these yields won't be correct.
3. If the Seller's "Yield" is higher, it's accretive - otherwise, if it's lower, it's dilutive...
Think of it as the buyer getting MORE *from* the seller than what it's paying for the seller, vs. getting LESS than what it's paying.
4. How do you calculate the Weighted "Cost" of Acquisition?
You need to calculate the after-tax "cost" of each component, since Net Income is also after-tax.
After-Tax Cost of Cash = Foregone Cash Interest Rate * (1 - Buyer's Tax Rate)
After-Tax Cost of Debt = Interest Rate on Debt * (1 - Buyer's Tax Rate)
After-Tax Cost of Issuing Stock = 1 / Buyer's P/E Multiple (i.e. take the reciprocal of the buyer's P/E multiple)
That last one is effectively the buyer's "after-tax yield"...
For example, if you buy 1 share of the buyer's stock, it's the Net Income you'd be entitled to with that 1 share...
So in this example, 1 / Buyer's P/E Multiple = 1 / 11.3 x = 8.9%.
That means that for each $1.00 of United stock you buy, you get $0.089 in Net Income.
Finally, you calculate the Weighted Average Itself with this formula:
Weighted Average Cost of Acquisition = Cost of Cash * % Cash Used + Cost of Stock * % Stock Used + Cost of Debt * % Debt Used
And if this weighted average cost of acquisition is greater than the seller's yield, it's dilutive - otherwise, if the weighted average cost of acquisition is lower than the seller's yield, it's accretive.
LIMITATIONS:
This trick doesn't hold up if the tax rates for the buyer and seller are different, especially if they're VERY different.
This also doesn't work if you also factor in write-ups / write-downs, synergies, the cumulative impact of interest paid on debt and foregone interest on cash, merger closing costs,
integration costs, etc...
And it also doesn't work if the acquisition closes mid-year or in between fiscal years - you need to adjust for that with stub periods and the calendarization of financials...
But this is a common interview question, so who cares! It's still very useful to know, and will save you a lot of time in interviews and on the job.
https://wn.com/Accretion_Dilution_Rules_Of_Thumb_For_Merger_Models
Learn more: https://breakingintowallstreet.com/core-financial-modeling/?utm_medium=yt&utm_source=yt&utm_campaign=yt13
Learn about rules of thumb you can use to determine whether an acquisition will be accretive or dilutive in advance, based on the P/E multiples of the buyer and seller, the % cash, stock, and debt used, and the prevailing interest rates on cash and debt.
By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers"
Here's an outline of what we cover in the lesson, and the step-by-step process you can follow to figure this out for yourself:
Why Do We Care About Rules of Thumb for M&A Deals / Merger Models?
It's a VERY common interview question - "How can you tell whether an M&A deal is accretive or dilutive?"
People often believe, incorrectly, that there's no way to tell without building the entire model.
But shortcuts always exist!
Plus, this shortcut is very useful in real life. You can use it to "sanity check" your model, approximate the impact of a deal in advance, and so on.
So it's a time-saver *and* a good way to check your work.
Rules of Thumb for Merger Models AKA Accretion / Dilution Models:
CONCEPT: An M&A deal is accretive if the combined company's EPS (Earnings Per Share) is higher than the buyer's standalone EPS prior to the transaction.
It's dilutive if the combined EPS is lower, and it's neutral if the EPS is the same afterward.
The outcome depends on price paid for the seller, the method of payment (cash, stock, or debt), the interest rate on debt and cash, and the buyer's P/E multiple, among other factors.
In real life, it's very difficult to tell with high precision whether the deal will be accretive or dilutive without running the whole model - due to added costs, synergies, write-ups, timing differences, the cumulative impact of additional interest on debt and foregone interest on cash, etc...
BUT you can approximate the impact with a simple rule of thumb:
1. Calculate the Weighted "Cost" of Acquisition for the Buyer...
2. And compare it to the Seller's "Yield" AT its purchase price. (i.e. Seller's Net Income / Equity Purchase Price)
This step is essential - if the seller is currently valued at $900 million and the buyer pays $1 billion for the seller, you NEED to use the $1 billion actually paid for the seller or these yields won't be correct.
3. If the Seller's "Yield" is higher, it's accretive - otherwise, if it's lower, it's dilutive...
Think of it as the buyer getting MORE *from* the seller than what it's paying for the seller, vs. getting LESS than what it's paying.
4. How do you calculate the Weighted "Cost" of Acquisition?
You need to calculate the after-tax "cost" of each component, since Net Income is also after-tax.
After-Tax Cost of Cash = Foregone Cash Interest Rate * (1 - Buyer's Tax Rate)
After-Tax Cost of Debt = Interest Rate on Debt * (1 - Buyer's Tax Rate)
After-Tax Cost of Issuing Stock = 1 / Buyer's P/E Multiple (i.e. take the reciprocal of the buyer's P/E multiple)
That last one is effectively the buyer's "after-tax yield"...
For example, if you buy 1 share of the buyer's stock, it's the Net Income you'd be entitled to with that 1 share...
So in this example, 1 / Buyer's P/E Multiple = 1 / 11.3 x = 8.9%.
That means that for each $1.00 of United stock you buy, you get $0.089 in Net Income.
Finally, you calculate the Weighted Average Itself with this formula:
Weighted Average Cost of Acquisition = Cost of Cash * % Cash Used + Cost of Stock * % Stock Used + Cost of Debt * % Debt Used
And if this weighted average cost of acquisition is greater than the seller's yield, it's dilutive - otherwise, if the weighted average cost of acquisition is lower than the seller's yield, it's accretive.
LIMITATIONS:
This trick doesn't hold up if the tax rates for the buyer and seller are different, especially if they're VERY different.
This also doesn't work if you also factor in write-ups / write-downs, synergies, the cumulative impact of interest paid on debt and foregone interest on cash, merger closing costs,
integration costs, etc...
And it also doesn't work if the acquisition closes mid-year or in between fiscal years - you need to adjust for that with stub periods and the calendarization of financials...
But this is a common interview question, so who cares! It's still very useful to know, and will save you a lot of time in interviews and on the job.
- published: 17 Nov 2013
- views: 137868
49:24
Corporate actions in details Processing /Bonus/Stock split/rights/Merger/Cash Dividend/DRIP/CSO
Please watch all content for your information and enhance your knowledge .
Visit- www.IBfundaccounting.com for More information and book the appointment with me...
Please watch all content for your information and enhance your knowledge .
Visit- www.IBfundaccounting.com for More information and book the appointment with me directly for Live sessions on IB Process.
Pleases Apply to the Membership because very soon sessions will be accessible to the members only.
Private Equity-03
https://youtu.be/Wip9pwV7fZU
Derivatives
https://youtu.be/iV2p9a-TUFU
Cash Recon
https://youtu.be/F6H-wgwuDa8
Cash Dividend
https://youtu.be/F6H-wgwuDa8
Trade Processing
https://youtu.be/cQIfSxgFuIg
Income Processing
https://youtu.be/AMMNr5mD2FY
Fund Accounting Processing
https://youtu.be/op6rMNdAw_E
Private Equity- 01
https://youtu.be/rCgbX8x5CDY
Are you looking end to end practical knowledge on the IB or Banking Products?
Are you looking for a Professional growth?
Are you looking for a Job?
Have you stuck at workplace for more than a decade ?
Are you looking for a promotions in the present org?
Then we have solutions for you ....
We are offering Mentor ship program here to our Clients and we are offering training them on All The Investment banking products like MF,HF,PE,VC,Equity,CA, Crypto Assets which can help them to accommodate in this industry. we can you for Professional Grooming's and Many more .
We Provide One to one training sessions to our client on different IB products .
We provide Placement oriented Guidance to our client.
We are here to help you and guide you through out you are career .
We will help you to monetize to your skills .
https://wn.com/Corporate_Actions_In_Details_Processing_Bonus_Stock_Split_Rights_Merger_Cash_Dividend_Drip_Cso
Please watch all content for your information and enhance your knowledge .
Visit- www.IBfundaccounting.com for More information and book the appointment with me directly for Live sessions on IB Process.
Pleases Apply to the Membership because very soon sessions will be accessible to the members only.
Private Equity-03
https://youtu.be/Wip9pwV7fZU
Derivatives
https://youtu.be/iV2p9a-TUFU
Cash Recon
https://youtu.be/F6H-wgwuDa8
Cash Dividend
https://youtu.be/F6H-wgwuDa8
Trade Processing
https://youtu.be/cQIfSxgFuIg
Income Processing
https://youtu.be/AMMNr5mD2FY
Fund Accounting Processing
https://youtu.be/op6rMNdAw_E
Private Equity- 01
https://youtu.be/rCgbX8x5CDY
Are you looking end to end practical knowledge on the IB or Banking Products?
Are you looking for a Professional growth?
Are you looking for a Job?
Have you stuck at workplace for more than a decade ?
Are you looking for a promotions in the present org?
Then we have solutions for you ....
We are offering Mentor ship program here to our Clients and we are offering training them on All The Investment banking products like MF,HF,PE,VC,Equity,CA, Crypto Assets which can help them to accommodate in this industry. we can you for Professional Grooming's and Many more .
We Provide One to one training sessions to our client on different IB products .
We provide Placement oriented Guidance to our client.
We are here to help you and guide you through out you are career .
We will help you to monetize to your skills .
- published: 14 Mar 2022
- views: 7007
18:39
Merger Model Interview Questions: What to Expect
Learn more: https://breakingintowallstreet.com/core-financial-modeling/?utm_medium=yt&utm_source=yt&utm_campaign=yt27
You’ll learn about the most common merger...
Learn more: https://breakingintowallstreet.com/core-financial-modeling/?utm_medium=yt&utm_source=yt&utm_campaign=yt27
You’ll learn about the most common merger model questions in this tutorial, as well as what type of “progression” to expect and the key principles you must understand in order to answer ANY math questions on this topic.
Table of Contents:
3:26 Question #1: The Basic Rules
5:23 Question #2: With Real Numbers
8:21 Question #3: Equity Value, Enterprise Value, and Valuation Multiples
12:17 Question #4: Ranges for the Multiples
14:26 Question #5: What if the Buyer is Twice as Big?
16:26 Recap, Summary, and Key Principles
Question #1: The Basic Rules
"A company with a P / E multiple of 25x acquires another company for a purchase P / E multiple of 15x. Will the deal be accretive or dilutive?"
ANSWER: You can’t tell unless it’s a 100% Stock deal. If it is, it will be accretive because the Cost of Acquisition is 1 / 25, or 4%, and the Seller’s Yield is 1 / 15, or 6.7%. Since the Seller’s Yield is higher, it will be accretive.
For Cash and Debt deals, or deals with a mix of all three, you’d calculate the Weighted Cost of Acquisition by using Foregone Interest Rate on Cash * (1 – Buyer’s Tax Rate) * % Cash + Interest Rate on Debt * (1 – Buyer’s Tax Rate) * % Debt + 1 / (Buyer’s P / E Multiple) * % Stock and compare that to the Seller’s Yield.
Question #2: With Real Numbers
“Let’s say it is a 100% Stock deal. The Buyer has 10 shares at a share price of $25.00, and its Net Income is $10. It acquires the Seller for a Purchase Equity Value of $150. The Seller has a Net Income of $10 as well. Assume the same tax rates for both companies. How accretive is this deal?”
ANSWER: The buyer’s EPS is $10 / 10 = $1.00. It must issue 6 additional shares to do the deal, so the Combined Share Count is 10 + 6 = 16.
Since both companies have the same tax rate and since no Cash or Debt is used, Combined Net Income = $10 + $10 = $20, and Combined EPS = $20 / 16 = $1.25, so the deal is 25% accretive.
Question #3: Equity Value, Enterprise Value, and Valuation Multiples
“What are the Combined Equity Value and Enterprise Value in this same deal? Assume that Equity Value = Enterprise Value for both the Buyer and Seller.”
ANSWER: Combined Equity Value = Buyer’s Equity Value + Value of Stock Issued in the Deal = $250 + $150 = $400.
Combined Enterprise Value = Buyer’s Enterprise Value + Purchase Enterprise Value of Seller = $250 + $150 = $400.
The Combined EV / EBITDA multiple won’t be affected by the mix of Cash, Stock, and Debt, but the P / E multiple will be. It’s 20x here ($400 / $20), but it will change for non-100%-Stock deals.
Question #4: Ranges for the Multiples
“Without doing any math, what ranges would you expect for the Combined EV / EBITDA and P / E multiples, and why?”
ANSWER: They should be somewhere in between the Buyer’s multiples and the Seller’s purchase multiples. It’s almost never a simple average because of the relative sizes of the Buyer and Seller – and for P / E, the purchase method also plays a role.
Question #5: What if the Buyer is Twice as Big?
"What happens if the Buyer is twice as big, i.e. it has an Equity Value of $500 and Net Income of $20?"
ANSWER: The deal becomes *less* accretive because the company making it accretive, the Seller, now has a lower weighting. The Buyer was previously $250 / $400 of the total, but is now only $500 / $650, which is ~63% vs. ~77%, so we’d expect accretion to fall by 10-15%, which it does.
The Combined Multiples will all be closer to the Buyer’s multiples now as well.
Recap, Summary, and Key Principles
Principle #1: If the Seller’s Yield is above the Weighted Cost of Acquisition, it’s accretive; dilutive if the opposite.
Principle #2: Combined Equity Value = Buyer’s Equity Value + Value of Stock Issued in the Deal.
Principle #3: Combined Enterprise Value = Buyer’s Enterprise Value + Purchase Enterprise Value of Seller.
Principle #4: The Combined P / E Multiple is affected by the Cash / Debt / Stock mix, but the Combined EV / EBITDA Multiple is not.
Principle #5: The Combined Multiples will be in between the Buyer’s multiples and the Seller’s purchase multiples – exact numbers depend on sizes of the Buyer and Seller.
RESOURCES:
https://youtube-breakingintowallstreet-com.s3.amazonaws.com/108-11-Merger-Model-Interview-Questions-Slides.pdf
https://youtube-breakingintowallstreet-com.s3.amazonaws.com/108-11-Merger-Model-Interview-Questions.xlsx
https://wn.com/Merger_Model_Interview_Questions_What_To_Expect
Learn more: https://breakingintowallstreet.com/core-financial-modeling/?utm_medium=yt&utm_source=yt&utm_campaign=yt27
You’ll learn about the most common merger model questions in this tutorial, as well as what type of “progression” to expect and the key principles you must understand in order to answer ANY math questions on this topic.
Table of Contents:
3:26 Question #1: The Basic Rules
5:23 Question #2: With Real Numbers
8:21 Question #3: Equity Value, Enterprise Value, and Valuation Multiples
12:17 Question #4: Ranges for the Multiples
14:26 Question #5: What if the Buyer is Twice as Big?
16:26 Recap, Summary, and Key Principles
Question #1: The Basic Rules
"A company with a P / E multiple of 25x acquires another company for a purchase P / E multiple of 15x. Will the deal be accretive or dilutive?"
ANSWER: You can’t tell unless it’s a 100% Stock deal. If it is, it will be accretive because the Cost of Acquisition is 1 / 25, or 4%, and the Seller’s Yield is 1 / 15, or 6.7%. Since the Seller’s Yield is higher, it will be accretive.
For Cash and Debt deals, or deals with a mix of all three, you’d calculate the Weighted Cost of Acquisition by using Foregone Interest Rate on Cash * (1 – Buyer’s Tax Rate) * % Cash + Interest Rate on Debt * (1 – Buyer’s Tax Rate) * % Debt + 1 / (Buyer’s P / E Multiple) * % Stock and compare that to the Seller’s Yield.
Question #2: With Real Numbers
“Let’s say it is a 100% Stock deal. The Buyer has 10 shares at a share price of $25.00, and its Net Income is $10. It acquires the Seller for a Purchase Equity Value of $150. The Seller has a Net Income of $10 as well. Assume the same tax rates for both companies. How accretive is this deal?”
ANSWER: The buyer’s EPS is $10 / 10 = $1.00. It must issue 6 additional shares to do the deal, so the Combined Share Count is 10 + 6 = 16.
Since both companies have the same tax rate and since no Cash or Debt is used, Combined Net Income = $10 + $10 = $20, and Combined EPS = $20 / 16 = $1.25, so the deal is 25% accretive.
Question #3: Equity Value, Enterprise Value, and Valuation Multiples
“What are the Combined Equity Value and Enterprise Value in this same deal? Assume that Equity Value = Enterprise Value for both the Buyer and Seller.”
ANSWER: Combined Equity Value = Buyer’s Equity Value + Value of Stock Issued in the Deal = $250 + $150 = $400.
Combined Enterprise Value = Buyer’s Enterprise Value + Purchase Enterprise Value of Seller = $250 + $150 = $400.
The Combined EV / EBITDA multiple won’t be affected by the mix of Cash, Stock, and Debt, but the P / E multiple will be. It’s 20x here ($400 / $20), but it will change for non-100%-Stock deals.
Question #4: Ranges for the Multiples
“Without doing any math, what ranges would you expect for the Combined EV / EBITDA and P / E multiples, and why?”
ANSWER: They should be somewhere in between the Buyer’s multiples and the Seller’s purchase multiples. It’s almost never a simple average because of the relative sizes of the Buyer and Seller – and for P / E, the purchase method also plays a role.
Question #5: What if the Buyer is Twice as Big?
"What happens if the Buyer is twice as big, i.e. it has an Equity Value of $500 and Net Income of $20?"
ANSWER: The deal becomes *less* accretive because the company making it accretive, the Seller, now has a lower weighting. The Buyer was previously $250 / $400 of the total, but is now only $500 / $650, which is ~63% vs. ~77%, so we’d expect accretion to fall by 10-15%, which it does.
The Combined Multiples will all be closer to the Buyer’s multiples now as well.
Recap, Summary, and Key Principles
Principle #1: If the Seller’s Yield is above the Weighted Cost of Acquisition, it’s accretive; dilutive if the opposite.
Principle #2: Combined Equity Value = Buyer’s Equity Value + Value of Stock Issued in the Deal.
Principle #3: Combined Enterprise Value = Buyer’s Enterprise Value + Purchase Enterprise Value of Seller.
Principle #4: The Combined P / E Multiple is affected by the Cash / Debt / Stock mix, but the Combined EV / EBITDA Multiple is not.
Principle #5: The Combined Multiples will be in between the Buyer’s multiples and the Seller’s purchase multiples – exact numbers depend on sizes of the Buyer and Seller.
RESOURCES:
https://youtube-breakingintowallstreet-com.s3.amazonaws.com/108-11-Merger-Model-Interview-Questions-Slides.pdf
https://youtube-breakingintowallstreet-com.s3.amazonaws.com/108-11-Merger-Model-Interview-Questions.xlsx
- published: 11 Oct 2016
- views: 96153
4:22
Simple merger arbitrage with share acquisition | Finance & Capital Markets | Khan Academy
Courses on Khan Academy are always 100% free. Start practicing—and saving your progress—now: https://www.khanacademy.org/economics-finance-domain/core-finance/...
Courses on Khan Academy are always 100% free. Start practicing—and saving your progress—now: https://www.khanacademy.org/economics-finance-domain/core-finance/stock-and-bonds/mergers-acquisitions/v/simple-merger-arb-with-share-acquisition
Showing how a merger arbitrage player might act if they were sure that a transaction would go through. Created by Sal Khan.
Watch the next lesson:
https://www.khanacademy.org/economics-finance-domain/core-finance/stock-and-bonds/leveraged-buy-outs/v/basic-leveraged-buyout-lbo?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets
Missed the previous lesson? Watch here: https://www.khanacademy.org/economics-finance-domain/core-finance/stock-and-bonds/mergers-acquisitions/v/price-behavior-after-announced-acquisition?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets
Finance and capital markets on Khan Academy: Companies often buy or merge with other companies using shares (which is sometimes less intuitive than when they use cash). This tutorial walks through the mechanics of how this happens and details what is likely to happen in the public markets because of the transaction (including opportunities for arbitrage).
About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content.
For free. For everyone. Forever. #YouCanLearnAnything
Subscribe to Khan Academy’s Finance and Capital Markets channel: https://www.youtube.com/channel/UCQ1Rt02HirUvBK2D2-ZO_2g?sub_confirmation=1
Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
https://wn.com/Simple_Merger_Arbitrage_With_Share_Acquisition_|_Finance_Capital_Markets_|_Khan_Academy
Courses on Khan Academy are always 100% free. Start practicing—and saving your progress—now: https://www.khanacademy.org/economics-finance-domain/core-finance/stock-and-bonds/mergers-acquisitions/v/simple-merger-arb-with-share-acquisition
Showing how a merger arbitrage player might act if they were sure that a transaction would go through. Created by Sal Khan.
Watch the next lesson:
https://www.khanacademy.org/economics-finance-domain/core-finance/stock-and-bonds/leveraged-buy-outs/v/basic-leveraged-buyout-lbo?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets
Missed the previous lesson? Watch here: https://www.khanacademy.org/economics-finance-domain/core-finance/stock-and-bonds/mergers-acquisitions/v/price-behavior-after-announced-acquisition?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets
Finance and capital markets on Khan Academy: Companies often buy or merge with other companies using shares (which is sometimes less intuitive than when they use cash). This tutorial walks through the mechanics of how this happens and details what is likely to happen in the public markets because of the transaction (including opportunities for arbitrage).
About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content.
For free. For everyone. Forever. #YouCanLearnAnything
Subscribe to Khan Academy’s Finance and Capital Markets channel: https://www.youtube.com/channel/UCQ1Rt02HirUvBK2D2-ZO_2g?sub_confirmation=1
Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
- published: 12 May 2011
- views: 65350
36:58
What is a Merger Model
Financial Modeling | CFA | FRM | CMA | CIMA
- Get in touch with The Wall Street Expert on - 9953729651
- Get a call back from The Wall Street experts after fi...
Financial Modeling | CFA | FRM | CMA | CIMA
- Get in touch with The Wall Street Expert on - 9953729651
- Get a call back from The Wall Street experts after filling this form : https://www.thewallstreetschool.com/financial-modelling-certification-course/?utm_source=youtube&utm_medium=description&utm_campaign=what-is-a-merger-model
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https://wn.com/What_Is_A_Merger_Model
Financial Modeling | CFA | FRM | CMA | CIMA
- Get in touch with The Wall Street Expert on - 9953729651
- Get a call back from The Wall Street experts after filling this form : https://www.thewallstreetschool.com/financial-modelling-certification-course/?utm_source=youtube&utm_medium=description&utm_campaign=what-is-a-merger-model
Subscribe to our channel for regular tips on CFA, FRM, and Investment Banking.
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- published: 14 Jan 2022
- views: 20059
1:50
Reliance-Disney Merger Soon? Feb 17 Exclusivity Deadline Close | Reliance | Disney | Merger
Disney and Reliance Industries Limited (RIL) are in the final stages of negotiations to finalize a mega merger that would create India's largest media and enter...
Disney and Reliance Industries Limited (RIL) are in the final stages of negotiations to finalize a mega merger that would create India's largest media and entertainment business. The exclusivity period for bilateral negotiations is set to end on February 17. If merged, Viacom18 will emerge as the single largest shareholder in the combined entity, holding a stake of 42-45%. RIL, the parent company of Viacom18, is expected to inject up to $1.5 billion in cash into the new entity and will also acquire a direct stake. Under the proposed structure, Mukesh Ambani will hold 60% ownership, with Walt Disney holding the remaining 40%. Know all about the merger
#reliance #disney #rilmerger #disneymerger #reliancenews #mukeshambani #etnow #etnownews
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https://wn.com/Reliance_Disney_Merger_Soon_Feb_17_Exclusivity_Deadline_Close_|_Reliance_|_Disney_|_Merger
Disney and Reliance Industries Limited (RIL) are in the final stages of negotiations to finalize a mega merger that would create India's largest media and entertainment business. The exclusivity period for bilateral negotiations is set to end on February 17. If merged, Viacom18 will emerge as the single largest shareholder in the combined entity, holding a stake of 42-45%. RIL, the parent company of Viacom18, is expected to inject up to $1.5 billion in cash into the new entity and will also acquire a direct stake. Under the proposed structure, Mukesh Ambani will hold 60% ownership, with Walt Disney holding the remaining 40%. Know all about the merger
#reliance #disney #rilmerger #disneymerger #reliancenews #mukeshambani #etnow #etnownews
Subscribe To ET Now For Latest Updates On Stocks, share market, business News, Trading, Crypto Updates | https://bit.ly/SubscribeToETNow
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- published: 13 Feb 2024
- views: 489
1:50
Merger Analysis Cash Deal | Online Course Intro
M&A made easy - watch this short introduction video to our Merger Analysis Cash Deal online course. Learn the fundamentals of M&A and the mechanics of a cash de...
M&A made easy - watch this short introduction video to our Merger Analysis Cash Deal online course. Learn the fundamentals of M&A and the mechanics of a cash deal acquisition in detail for only £29.
Discover more here: https://www.fe.training/store/product/online-courses/merger-analysis-cash-deal/
To view other online accounting and finance courses, please visit https://www.fe.training/store/.
------------------------------------------------------------------------------------------------------------
Financial Edge delivers innovative financial training, specializing in advancing professionals’ investment banking, asset and wealth management skills. In the small space of two years, we’ve already partnered with 6 of the top 10 global investment banks and trained 8,400 new hires to the industry. Discover how FE could help you achieve your finance career goals at www.fe.training.
Facebook: https://www.facebook.com/fetraining/
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LinkedIn: https://www.linkedin.com/company/financial-edge-training/
https://wn.com/Merger_Analysis_Cash_Deal_|_Online_Course_Intro
M&A made easy - watch this short introduction video to our Merger Analysis Cash Deal online course. Learn the fundamentals of M&A and the mechanics of a cash deal acquisition in detail for only £29.
Discover more here: https://www.fe.training/store/product/online-courses/merger-analysis-cash-deal/
To view other online accounting and finance courses, please visit https://www.fe.training/store/.
------------------------------------------------------------------------------------------------------------
Financial Edge delivers innovative financial training, specializing in advancing professionals’ investment banking, asset and wealth management skills. In the small space of two years, we’ve already partnered with 6 of the top 10 global investment banks and trained 8,400 new hires to the industry. Discover how FE could help you achieve your finance career goals at www.fe.training.
Facebook: https://www.facebook.com/fetraining/
Instagram: https://www.instagram.com/fe.training/
LinkedIn: https://www.linkedin.com/company/financial-edge-training/
- published: 15 Jan 2019
- views: 114