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NEW QUESTION # 433
Company C has received an unwelcome takeover bid from Company P.
Company P is approximately twice the size of Company C based on market capitalisation.
Although the two companies have some common business interests, the main aim of the bid is diversification for Company P.
The offer from Company P is a share exchange of 2 shares in Company P for 3 shares in Company C.
There is a cash alternative of $5.50 for each Company C share.
Company C has substantial cash balances which the directors were planning to use to fund an acquisition.
These plans have not been announced to the market.
The following share price information is relevant. All prices are in $.
Which of the following would be the most appropriate action by Company C's directors following receipt of this hostile bid?
Answer: C
NEW QUESTION # 434
Company A has made an offer to acquire Company Z.
Both companies are quoted and their current market share prices are:
* Company A - $4
* Company Z - $5
Shareholders in company Z have been given three alternative offers:
* Cash of $5.50 per share
* Share for share exchange on the basis of 3 for 2
* 10.5% long dated bond for every 20 shares
The bond is has a nominal value of $100 and the expected yield on bonds of similar risk is 10%.
You are advising a Company Z shareholder on the three offers.
She requires a 15% premium if she is to accept the offer.
In providing your advice, which of the following statements is correct?
Answer: A
Explanation:
Quick check of each offer (per Company Z share):
Current price of Z: $5
Required 15% premium:
5×1.15=5.755 \times 1.15 = 5.755×1.15=5.75
Cash offer = $5.50
Premium = (5.50 # 5) / 5 = 10% # below 15%
Share-for-share: 3 A shares for every 2 Z shares
For 1 Z share # 1.5 A shares
A's price = $4 # value = 1.5 × 4 = $6.00
Premium = (6 # 5) / 5 = 20% # above 15%
Bond offer: 1 bond for every 20 Z shares
Coupon = 10.5% of 100 = 10.5
Required yield = 10% # bond value # 10.5 / 0.10 = $105
Value per Z share = 105 / 20 = $5.25
Premium = (5.25 # 5) / 5 = 5% # below 15%
So only the share exchange meets her required premium # C is correct.
NEW QUESTION # 435
Clinic A provides free healthcare to all members of the community, funded by the central Government.
Clinic B provides healthcare which has to be paid for by the individual patients. It is a listed company, owned by a large number of shareholders.
In comparing the above two organisations and their objectives, which THREE of the following statements are correct?
Answer: C
NEW QUESTION # 436
A listed company plans to raise new capital which will be required for future investment projects. The company has a gearing ratio of 50%, which is just below the company's target ratio.
The directors are comparing the benefits and drawbacks of each of the following two alternative sources of finance;
* Unsecured bank borrowings.
* Convertible bonds.
Which of the following statements is correct?
Answer: D
NEW QUESTION # 437
Company T is a listed company in the retail sector.
Its current profit before interest and taxation is $5 million.
This level of profit is forecast to be maintainable in future.
Company T has a 10% corporate bond in issue with a nominal value of $10 million.
This currently trades at 90% of its nominal value.
Corporate tax is paid at 20%.
The following information is available:
Which of the following is a reasonable expectation of the equity value in the event of an attempted takeover?
Answer: C
Explanation:
In CIMA F3, equity valuation using P/E multiples is based on earnings available to ordinary shareholders (i.e.
profit after interest and tax). The syllabus emphasises that when valuing a potential takeover target, you should (1) derive maintainable post-tax earnings and then (2) apply a P/E multiple that reflects prices actually paid in comparable acquisitions, not just average stock-market multiples.
Calculate maintainable earnings:
Profit before interest and tax (PBIT) = $5m
Less interest on 10% bonds: 10% × $10m = $1m
Profit before tax = $4m
Tax at 20% = $0.8m
Earnings for equity = $3.2m
Select the appropriate P/E multiple:
F3 explains that "takeover P/Es" are usually higher than sector trading P/Es, reflecting the control premium.
Here we have:
Overall market P/E = 20
Retail sector P/E = 10
Recent retail takeovers P/E = 13
For a takeover valuation we use the 13× multiple from recent sector takeovers.
Compute equity value:
Equity value=3.2m×13=41.6m\text{Equity value} = 3.2\text{m} \times 13 = 41.6\text{m}Equity value=3.
2m×13=41.6m
Debt's market value (90% of $10m) is not added here because the P/E method already gives the equity value.
So, a reasonable expected equity value in a takeover is $41.6 million.
NEW QUESTION # 438
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