• March 28th, 2016

Mergers and Acquisitions

Paper, Order, or Assignment Requirements

The class is a major finance course named Mergers and Acquisitions. It is a group project about the acquisition of National Semiconductor by Texas Instruments.

Texas and national

* Integration – timeline – horizon

* Market share?

* Ruled out competition?

* Improve their pricing?

* Refer initial goals of the merger.

o Compare S&P, STTECH, Texas

* 1 month, 1 quarter, 6 months, 3rd quarter, 1 year, 2 year, now (5 years ish)

The professor told us to hit these points also:

post merger analysis ( part of recommendation.) , how well the target did , ( consideration)
*what happened to SP , before and after , compare to benchmark ( different index for a particular company) /
*period of time to examine ( integration take place on a different horizon) time after merger to evaluate ( 1yr to 2yr)
*argue benchmark
Integration period; day after, month after , ( 6m to 1yr)
*Dont focus too much on hist. data
*look from perspective of bidder
motives , synergies , sensitivity analysis , valuation(value of synergy) , comparable
*Analysis of premium : offer price / ( previous day , or 41th day , or average)
* True premium: non anticipated value of firm ( inflated share price due to merger anticipation) < In other words, use an appropriate target share price that reflect their true value

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