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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Financial Policy Decisions | 15% | - Development of Financial Strategy
|
| Topic 2: Business Valuation | 40% | - Business Valuation Techniques
|
| Topic 3: Financial Risks | 20% | - Currency Risk Management
|
| Topic 4: Sources of Long-Term Funds | 25% | - Debt Finance
|
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NEW QUESTION # 397
The competition authorities are investigating the takeover of Company Z by a larger company, Company Y.
Both companies are food retailers.
The takeover terms involve using a part cash, part share exchange means of payment.
Company Z is resisting the bid, arguing that it undervalues its business, while lobbying extensively among politicians to sway public opinion against the bidder.
Which of the following actions by Company Y is most likely to persuade the competition authorities to approve the acquisition?
Answer: A
Explanation:
Competition authorities focus primarily on market structure and competition, not on whether the bid is generous or on employment promises. Their concern is: Will this merger substantially lessen competition?
In food retailing, a key issue is local market concentration - for example, a single group owning too many supermarkets in particular towns or regions. A classic remedy is for the bidder to divest overlapping outlets so that effective competition remains.
B). Agreeing to dispose of specified outlets which overlap geographically directly addresses the competition authority's main concern and is the standard structural remedy used in practice.
A (more cash) is irrelevant to competition issues.
C (job guarantees) is mainly a political/employment concern, not an antitrust one.
D (promise to pass on cost savings) is difficult to monitor and enforce and is normally viewed as less credible than structural remedies.
So the action most likely to persuade the competition authorities is B.
NEW QUESTION # 398
Company A plans to acquire Company B in a 1-for-1 share exchange.
Pre-acquisition information is as follows:
Post-acquisition information is as follows:
Annual earnings are expected to increase by $4 million.
The P/E multiple of the combined company is expected to be 12 times.
If the acquisition proceeds, what is the expected percentage increase in the post acquisition share price of Company A?
Answer: A
Explanation:
Pre-acquisition
Company A
Earnings = $50m
P/E = 12 # Market value = 50 × 12 = $600m
Shares = 100m # Share price = 600 / 100 = $6.00
Company B
Earnings = $16m
Combined current earnings = 50 + 16 = $66m.
Post-acquisition assumptions
Earnings increase by $4m # New total earnings
= 66 + 4 = $70m
Combined P/E = 12
# Total market value = 70 × 12 = $840m
Effect of the 1-for-1 share exchange
Company B has 40m shares, so Company A issues 40m new shares.
New total shares in Company A = 100m + 40m = 140m
Post-acquisition share price:
New price=Total valueTotal shares=840m140m=$6.00\text{New price} = \frac{\text{Total value}}{\text
{Total shares}} = \frac{840m}{140m} = \$6.00New price=Total sharesTotal value=140m840m=$6.00 This is the same as the original $6.00, so the percentage increase in Company A's share price is:
6.00#6.006.00=0%\frac{6.00 - 6.00}{6.00} = 0\%6.006.00#6.00=0%
So the expected increase in share price is 0%.
NEW QUESTION # 399
A geared and profitable company is evaluating the best method of financing the purchase of new machinery. It is considering either buying the machinery outright, financed by a secured bank borrowing and selling the machinery at the end of a fixed period of time or obtain the machinery under a lease for the same period of time.
Which is the correct discount rate to use when discounting the incremental cash flows of the lease against those of the buy and borrow alternative?
Answer: B
NEW QUESTION # 400
B has a S3 million loan outstanding on which the interested rate is reset every 6 months for the following 6 month and the interested is payable at the end of that 6 month period. The next 6 monthly reset period starts in
3 months and the treasurer of B thinks interested rates are likely to raise between and then.
Current 6-month rates are 6.4% and the treasurer can get a rate of 6.9% for a 6-month forward rate agreement (FRA) starting in 3 months time. By transacting an TRA the treasurer can lock in a rate today of 6.9%.
If interested rates are 7.5% in 3 months' time, what will the net amount payable be?
Give your answer to the nearest thousand dollars.
Answer:
Explanation:
104
NEW QUESTION # 401
Hospital X provides free healthcare to all members of the community, funded by the central Government.
Hospital Y 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,D,E
NEW QUESTION # 402
......
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