--> Section I (11 points) 第一節(jié)（11分）
該公司是一家具有3大部門的大型企業(yè)集團。這些分歧在電器、飛機發(fā)動機、與可再生能源行業(yè)–平均公司在這些行業(yè)的交易在6倍，8倍和10倍EBIT分別。公司當前的股價為每股40美元，共有5億股流通股。它沒有債務(wù)。
對于GEC的三部門的銷售預測如下。在過去的五年中，這三個部門的銷售成本平均為60%，，50%和75%。銷售一般和管理費用平均為10%的家電和飛機發(fā)動機部門，和15%的可再生能源。折舊及資本開支占公司銷售總額的5%。假設(shè)營運資金沒有變動。稅金占銷售額的1%。
GEC Inc. is a large conglomerate with 3 major divisions. These divisions are in the Appliances, Aircraft Engines, and Renewal Energy industries – the average firm in these industries trades at a multiple of 6, 8 and 10 times EBIT respectively. GEC’s current share price is $40 per share, and it has 500 million shares outstanding. It has no debt. 
Sales projections for GEC’s three divisions are provided below. Cost of Goods Sold at the three divisions has averaged 60%, 50% and 75% over the last five years. Selling General and Admin expenses have averaged 10% for the appliances and aircraft engine divisions, and 15% for the renewables. Depreciation and capital expenditure are 5% of total corporate sales. Assume no change in working capital. Taxes are 1% of sales. 

Below are projected divisional sales for 2015, in $millions.

(a) Does GEC’s corporate valuation show a conglomerate discount? If so, what is its magnitude? 
(b) If you found a discount above, does it mean that braking up the company into its 3 divisions will eliminate the discount? Why or why not? 

Section II (24 points) 
1. Provide two reasons why mergers appear to come in waves. 

2. For a firm that is being taken private in a Leveraged Buy Out, describe how its bondholders and shareholders would react to the LBO proposal. Are bondholders less likely to support LBOs vis-à-vis stockholders? Why or why not? 

3. Anti-takeover defense mechanisms allow a firm to resist unsolicited takeover bids. Explain why anti-takeover amendments are on the whole not associated with a negative stock price impact for the firm. 

4. International mergers involve buyers and sellers from different countries. What are the main motivations for international acquirers that are different from domestic acquirers? 




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