The case describes the lead-up to the offer to acquire Baxalta Inc by Shire PLC in the summer of 2015, weeks after Baxalta was spun out of Baxter's BioScience business. The setting is the biopharmaceutical sector - the fastest-growing in the global pharmaceutical industry in 2014, when M&As reached a record $219.4 billion. Shire, a leader in the treatment of rare diseases whose share price had quadrupled since 2010, had sustained strong sales growth. Baxalta was specialised in haematology, immunology and oncology, with product sales of $6 billion in 2014. After a private proposal to Baxalta's management in July 2015 was rebuffed, Shire considered making a public tender offer at $45.23 per share in August, valuing Baxalta at $30.6 billion. It estimated annual cost synergies to be $500 million, with additional tax and revenue synergies. The case puts students in the shoes of Shire's senior management as they decide whether to pursue the acquisition on the terms envisaged. Instructors can obtain a discounted cash flow (DCF) Excel template (for an in-class valuation exercise) as well as the model solutions on request from [email protected]

K-pop is thriving for industry veterans and entrepreneurs alike, but is a complex industry. This case is about launching a disruptive media brand that helps artists secure lucrative sponsorships and partnerships through strategic integration and content marketing. How should a start-up in the K-pop industry strategize to cater to A-listers and/or the under-served part of the market? Is catering purely to the under-served market a better strategy? While disrupting the existing business model and trying to create a two-sided marketplace, how important is communication and research in the K-pop industry?

Constance and Gopal have both quit their jobs at reputed organisations to join the Entrepreneur First (EF) programme to realise their entrepreneurial ambitions. They bring different sets of skills to the table but are united in their desire to do something meaningful at the forefront of technology. They have been admitted to the EF programme in Singapore, which is where their paths first crossed and where they co-founded AIMLedge.

Malaysian publicly-listed Hartalega has grown to become one of the world's largest nitrile glove manufacturers. Still predominantly managed by the founder's family, it is renowned for its innovation and quality. Its growth and operational achievements have translated into a stellar financial performance, boosting its stock price 20-fold since 2008 (while the Malaysian stock market has been flat). Among other factors, its success is the result of a commitment to innovation and technology, as well as a competitive strategy that builds upon Hartalega's strengths. Having grown into a billion-dollar company (by market capitalization) and one of the largest glove manufacturers in the world, Hartalega still has ambitious plans to almost triple its production capacity in the next four years. However, the planned expansion comes at a challenging time. First, Hartalega's competitors are enjoying substantial economies of scale and are investing in technology and product quality to rival that of Hartalega. Second, if the expected increase in supply outstrips that of demand, there is a possibility of overcapacity in the glove market, which could shrink margins and harm profitability. In this regard, Hartalega's margins have already fallen by approximately seven percent since 2011. Finally, as Hartalega embarks on its ambitious plan, given its size and complexity, it must transform itself from a traditional family business into a business with a professionalized management and a more formalized structure and governance. Thus, despite its great success, Hartalega is faced with substantial challenges.

The case illustrates a wide range of strategic and implementation issues that companies face in mergers and acquisitions (M&A), particularly in an emerging market such as China. The three-part case is about Sunac, a real estate company listed on Hong Kong Stock Exchange (HKSE), and its various attempts to expand by acquiring other real estate businesses in China. Case (A) describes the overall industry environment, value chain, and analyses of Sunac (the acquirer) and Greentown (the target). It explains the macroeconomic background and the details of proposed transaction in May 2014. Case (B) reveals what happened after Sunac had paid HKD6.3 billion for Greentown. Case (C) describes two further acquisition attempts by Sunac in 2015 - of Kaisa and Yurun.

Supplement to case IN1274. The case illustrates a wide range of strategic and implementation issues that companies face in mergers and acquisitions (M&A), particularly in an emerging market such as China. The three-part case is about Sunac, a real estate company listed on Hong Kong Stock Exchange (HKSE), and its various attempts to expand by acquiring other real estate businesses in China. Case (A) describes the overall industry environment, value chain, and analyses of Sunac (the acquirer) and Greentown (the target). It explains the macroeconomic background and the details of proposed transaction in May 2014. Case (B) reveals what happened after Sunac had paid HKD6.3 billion for Greentown. Case (C) describes two further acquisition attempts by Sunac in 2015 - of Kaisa and Yurun.

Supplement to case IN1274. The case illustrates a wide range of strategic and implementation issues that companies face in mergers and acquisitions (M&A), particularly in an emerging market such as China. The three-part case is about Sunac, a real estate company listed on Hong Kong Stock Exchange (HKSE), and its various attempts to expand by acquiring other real estate businesses in China. Case (A) describes the overall industry environment, value chain, and analyses of Sunac (the acquirer) and Greentown (the target). It explains the macroeconomic background and the details of proposed transaction in May 2014. Case (B) reveals what happened after Sunac had paid HKD6.3 billion for Greentown. Case (C) describes two further acquisition attempts by Sunac in 2015 - of Kaisa and Yurun.