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个人收集整理 勿做商业用途

30.1 The new corporation issues $300,000 in new debt. The merger creates $100,000 of

goodwill because the merger is a purchase.

Balance Sheet Lager Brewing (in $ thousands)

Current assets $480 Current liabilities $200 Other assets 140 Long-term debt 400 Net fixed assets 580 Equity 700 Goodwill 100 Total assets $1,300 Total liabilities $1,300

30.2 If the balance sheet for Philadelphia Pretzel shows assets at book value instead of market

value, the goodwill will be only $60,000 (=$300,000 - $240,000). Thus, the net fixed assets are $620,000 (=$1,300,000 - $480,000 - $140,000 - $60,000).文档收集自网络，仅用于个人学习 Balance Sheet Lager Brewing (in $ thousands)

Current assets $480 Current liabilities $200 Other assets 140 Long-term debt 400 Net fixed assets 620 Equity 700 Goodwill 60 Total assets $1,300 Total liabilities $1,300

30.3

Balance Sheet Lager Brewing (in $ thousands)

Current assets $480 Current liabilities $280 Other assets 140 Long-term debt 100 Net fixed assets 580 Equity 820 Total assets $1,200 Total liabilities $1,200

30.4 a. False. Although the reasoning seems correct, the Stillman-Eckbo data do not support

the monopoly power theory.文档收集自网络，仅用于个人学习 b. True. When managers act in their own interest, acquisitions are an important control

device for shareholders. It appears that some acquisitions and takeovers are the consequence of underlying conflicts between managers and shareholders.文档收集自网络，仅用于个人学习 c. False. Even if markets are efficient, the presence of synergy will make the value of

the combined firm different from the sum of the values of the separate firms.

Incremental cash flows provide the positive NPV of the transaction.文档收集自网络，仅用于个人学习 d. False. In an efficient market, traders will value takeovers based on “Fundamental

factors” regardless of the time horizon. Recall that the evidence as a whole suggests efficiency in the markets. Mergers should be no different.文档收集自网络，仅用于个人学习 e. False. The tax effect of an acquisition depends on whether the merger is taxable or

non-taxable. In a taxable merger, there are two opposing factors to consider, the capital gains effect and the write-up effect. The net effect is the sum of these two effects.文档收集自网络，仅用于个人学习 个人收集整理 勿做商业用途

f. True. Because of the coinsurance effect, wealth might be transferred from the

stockholders to the bondholders. Acquisition analysis usually disregards this effect and considers only the total value.文档收集自网络，仅用于个人学习 30.5

Net Cash Flow Discount Value Per Year Rate (%) (Perpetual) Small Fry 8 16% 50 Whale 20 10% 200 Benefits from Acquisition: 5 11.76% 42.5 Revenue Enhancement 2.5 20% 12.5 Cost Reduction 2 10% 20 Tax Shelters 0.5 5% 10 Whale-Fry $33 11.28% $292.5 Per share price = ($292.5-100)/5 = $38.5 30.6 a. The weather conditions are independent. Thus, the joint probabilities are the

products of the individual probabilities.文档收集自网络，仅用于个人学习 Possible states Joint probability Rain Rain 0.1 x 0.1=0.01 Rain Warm 0.1 x 0.4=0.04 Rain Hot 0.1 x 0.5=0.05 Warm Rain 0.4 x 0.1=0.04 Warm Warm 0.4 x 0.4=0.16 Warm Hot 0.4 x 0.5=0.20 Hot Rain 0.5 x 0.1=0.05 Hot Warm 0.5 x 0.4=0.20 Hot Hot 0.5 x 0.5=0.25

Since the state Rain Warm has the same outcome (revenue) as Warm Rain, their probabilities can be added. The same is true of Rain Hot, Hot Rain and Warm Hot, Hot Warm. Thus the joint probabilities are文档收集自网络，仅用于个人学习 Possible Joint probability states Rain Rain 0.01 Rain Warm 0.08 Rain Hot 0.10 Warm Warm 0.16 Warm Hot 0.40 Hot Hot 0.25

The joint values are the sums of the values of the two companies for the particular state.文档收集自网络，仅用于个人学习 Possible states Joint value Rain Rain $200,000 Rain Warm 300,000 Warm Warm 400,000 Rain Hot 500,000 Warm Hot 600,000 Hot Hot 800,000

b. Recall, if a firm cannot service its debt, the bondholders receive the value of the assets. Thus, the value of the debt is the value of the company if the face value of the debt is

(in $ millions) 个人收集整理 勿做商业用途

greater than the value of the company. If the value of the company is greater than the value of the debt, the value of the debt is its face value. Here the value of the common stock is always the residual value of the firm over the value of the debt.文档收集自网络，仅用于个人学习 Joint Prob. Joint Value Debt Value Stock Value 0.01 $200,000 $200,000 $0 0.08 300,000 300,000 0 0.16 400,000 400,000 0 0.10 500,000 400,000 100,000 0.40 600,000 400,000 200,000 0.25 800,000 400,000 400,000

c. To show that the value of the combined firm is the sum of the individual values, you must show that the expected joint value is equal to the sum of the separate expected values.文档收集自网络，仅用于个人学习 Expected joint value

= 0.01($200,000) + 0.08($300,000) + 0.16($400,000) + 0.10($500,000) + 0.40($600,000) + 0.25($800,000) 文档收集自网络，仅用于个人学习 = $580,000

Since the firms are identical, the sum of the expected values is twice the expected value of either.文档收集自网络，仅用于个人学习 Expected individual value = 0.1($100,000) + 0.4($200,000) + 0.5($400,000) = $290,000文档收集自网络，仅用于个人学习 Expected combined value = 2($290,000) = $580,000

d. The bondholders are better off if the value of the debt after the merger is greater than the value of the debt before the merger.文档收集自网络，仅用于个人学习 Value of the debt before the merger: The value of debt for either company

= 0.1($100,000) + 0.4($200,000) + 0.5($200,000) = $190,000文档收集自网络，仅用于个人学习 Total value of debt before the merger = 2($190,000) = $380,000文档收集自网络，仅用于个人学习