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- W2261768992 abstract "SUBJECT AREAS: Corporate valuation (WACC method), assessment of strategic fit, financing decisions, corporate governance, defensive measures, corporate control contests, role of risk arbitragers. CASE SETTING: 1991, France/USA, Electrical distribution and industrial automation industries. REQUEST FOR COPIES: To receive a free copy of the case and teaching note (hard copy only) write or send email to author, and mention FEN. Case Synopsis/Teaching Strategy: Didier Pineau-Valencienne (DPV), the CEO of Schneider SA, a leading French multinational company in the electrical distribution and industrial automation industry is faced with the prospect of failure of joint venture discussions that have gone on for two-and-a-half years with the US company, Square D. He must decide whether to call of the discussions and go ahead with a tender offer for the US company, and if so, how much he should pay for Square D's equity. The case addresses issues of strategic fit between the bidder and the target, target performance, valuation (both base-case and synergies), financing decisions associated with the acquisition, and whether and how the target's poison pills and antitakeover amendments might affect outcomes in the battle for corporate control. An additional aspect of the case involves putting participants in the shoes of risk-arbitragers on Wall Street through a bidding game to make buy-sell-hold decisions. This involves forming judgments about Schneider's moves and Square D's countermoves, and DPV's (and their own) assessments of how high a price is likely to be paid if the acquisition goes through. The case has been successfully used numerous times in both core corporate finance courses and advanced international corporate finance (or financial management) courses, as well as for executive education at both the top and middle management levels. It ties together issues of strategic fit, valuation, financing, and corporate control and governance. It also works well as a vehicle for detailed student presentations focusing on the nuts and bolts of corporate valuation (derivation of free cash flows, cost of capital, unlevering and relevering betas, etc.). The risk-arbitrager portion of the case takes participants through a bidding game and is optional. It gives participants not only a real flavor of how corporate control contests work in the Anglo-American setting (and the roles played by lawyers, courts, investment bankers and so forth), but it also gives them a sense of closure. There is a follow-up case which can be handed out to the participants at the end of class. It describes the outcomes, how the acquisition is working, and provides students with a sense of how the protagonists in the case feel about the events pre- and post-acquisition. Case Origin: In developing the case, the author had access to the bidding firm's CEO, his board members, investment bankers and lawyers. The follow-up case also includes insights from a number of interviews with the main protagonists in the case." @default.
- W2261768992 created "2016-06-24" @default.
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- W2261768992 date "1998-09-16" @default.
- W2261768992 modified "2023-09-23" @default.
- W2261768992 title "Schneider SA and Square D Company" @default.
- W2261768992 hasPublicationYear "1998" @default.
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