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The Maple Acquisition of the TMX Group Inc.
內容大綱
In mid-March 2011, the vice-chairman of National Bank Financial had to decide what price to recommend to his Maple consortium partners for the TMX Group Inc. (TMX). The TMX was the owner and operator of Canada’s leading cash and derivatives exchanges. The vice-chairman was leading a consortium of Canadian banks that was planning an unsolicited bid in response to merger talks between the TMX and the London Stock Exchange Group. The case allows for a discussion of mergers and acquisitions and the factors behind merger waves, the mechanics of a hostile bid for a publicly listed company, the changing landscape for stock and derivative exchanges, the valuation of a target company, and the distinction between strategic and financial buyers. An Excel spreadsheet for students is available.
學習目標
This case is designed for both an introductory and an advanced finance course.<br><br><ul><li>To learn about the global exchange industry, the competitive environment and the value drivers for this business.</li><li>To discuss the market for corporate control, specifically the difference between a friendly merger and a hostile takeover.</li><li>To understand the different objectives and incentives of the players in a merger situation.</li><li>To highlight the different approaches taken by financial buyers versus strategic buyers.</li><li>To examine the impact of a leveraged recapitalization on earnings per share.</li><li>To value a target company using market multiples of comparable firms.</li></ul>