個案資料
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Bankinter Growth Options During the Spanish Crisis
內容大綱
The president of Bankinter, a Spanish bank, decided that the time was right to expand. At the time, the Spanish economy was experiencing a severe downturn and the banking system was going through major reforms. He believed that growth could occur either organically or through acquisitions — as long as the target business complemented Bankinter’s present operations and preserved the company’s values and organizational culture. His goal was to choose one option, while determining the price that should be paid if an acquisition offer was made. In this case, the purchase would be funded entirely through the issue of additional shares. The offer price would have to be justified to existing shareholders, who would only agree if the acquisition created value for them. At the same time, the success of the merger depended on the offer being accepted, so the price had to be attractive to the target company’s shareholders.
學習目標
<ul><li>Learn how to choose among several takeover candidates.</li><li>Analyze the merits of restructuring as an alternative to a takeover.</li><li>Discuss techniques for forecasting synergies that can accrue from different takeover candidates in an uncertain environment characterized by incomplete information.</li><li>Evaluate ways of estimating the discount rate applied to the synergies.</li></ul>