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《公司并购重组》期末案例分析

每人均须完成案例并按时上交案例。

案例一： HONY, CIFA, and Zoomlion: Creating Value and Strategic Choices in a Dynamic

Market

Suggested Questions1. What are the risks pursuing CIFA acquisition? What are the potential benefits?

2. How is investing in Zoomlion’s acquisition of CIFA different from investing in Zoomlion itself ?

Does this poses fewer or more risk for Hony?

3. What is the value of CIFA? Please use cash flow and cost of capital data from the case. You

may wish to assume that CIFA will grow at 5% per year through 2012 and 2% per year thereafter.

4. Another source of profit for Zoomlion is sales of its own product through CIFA’s distribution

network. This might be assumed to begin in 2010 and to grow at the same rate as CIFA’s sales.

How significant will the after-tax profit from such sales need to be (if any) to justify a valuation of

500 million Euros?

5. How much do you believe should Zoomlion bid for CIFA, based on answers above?

6. What is the estimated return of CIFA deal for HONY? Assume that a) Hony will exit in 5 years;

b)Hony will exercise the option at the time; c)CIFA’S entry trailing EV/EBITDA multiple was 10,

and Zoomlion would be trading at average EV/EBITDA multiple of 20, at the time of exit.

7. Should Hony participate in the Zoomlion acquisition?

案例二： Seagate Technology Buyout

Suggested QuestionsAssume that the transaction is expected to be completed on December 31, 2000.

1. Why is Seagate undertaking this transaction? Is it necessary to divest Veritas shares in a

separate transaction? Who are the winners and losers resulting from the transaction?

2. What are the benefits of leveraged buyouts? Is the rigid disc drive industry conducive to a

leveraged buyout?

3. Luczo and the buyout team plan to finance their acquisition of Seagate’s operating assets using

a combination of debt and equity. How much debt would you recommend that they use? Why?

4. Based on the scenarios presented in Exhibit 8, and on your assessment on the optimal amount to

be...