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Spreadsheet for case UV2260

A hedge fund is trying to decide whether to capitalize on a seeming risk arbitrage opportunity that exists during the Abbott Labs acquisition of ALZA.

Spreadsheet for case UV3846

Paul Fletcher, CEO of CDC Capital Partners, a private equity group investing in the world's poorest countries, is wrestling with questions raised by the imminent reorganization of the firm. Previously an arm of the United Kingdom's international aid agency, CDC is becoming a public-private partnership, which requires that it refocus its efforts and rearrange its widespread portfolio into a form that outside investors will recognize. The proposed organization, separating government money from fund management, appears to solve a number of the problems from a strategic perspective, yet a host remain. Given the generally poor risk/return ratio of emerging market investing over the past decade, Fletcher and his executives must decide how they can position their organization to compete with other investment vehicles and still remain true to the mission of mobilizing capital to invest in poor countries.

Describes an Excel spreadsheet workbook that facilitates the analysis of AccuFlow, Inc.

Describes the investment strategy of risk arbitrage.

Spreadsheet Supplement for case 203001

DigaMem is a semiconductor firm with a promising new technology, but its CEO faces a difficult financing problem. He is considering issuing a new security: a floorless convertible bond, also known as a "toxic" convertible.

This case examines the equity options market and studies the major parties involved and the options trading process. It takes an in-depth look at the path taken by the International Securities Exchange as it entered a mature exchange industry and transformed itself into a major competitor. The concepts of liquidity and transaction costs are presented.

Concerns the decision by Brett Keith and Owen Colligan to purchase Hudson Manufacturing, a maker of heaters and air filtration units for the military. Keith and Colligan have organized a search fund and identified Hudson as a potential buyout. The decline in the trucking market and potential environmental contamination, however, stand to stop the deal.

In spring 2001, with the venture market crashing all around, the London office of Accel Partners, a major west coast venture capital firm, needs to make a decision about investing in an Irish software company. As the first investment of the new European operation, the decision will serve as a proof of concept for the process that the organization has set up. This case presents Accel's strategy in moving into Europe and staying there even as many other firms shuttered or reduced their overseas' operations. In addition, the protagonists must decide how to structure a term sheet and whether to include another venture firm in the deal.

Spreadsheet Supplement for case 803021

The account manager at a national bank is reviewing the file of a client - Northstar Aerospace - that wants to renew and increase its line of credit and term loan. Northstar Aerospace is a public conglomerate that had operations in four areas: semiconductors, pumps, aerospace and industrial technology. After a number of years with moderate success, the company reduced its diversity and focused on the aerospace industry. Most of the company's revenue comes from military contracts; however, due to the manufacturing cycle the company was experiencing a backlog of orders worth $260 million. The account manager must size up the business and project the balance sheet and income statement for the upcoming year to decide whether or not to approve the line of credit and if so, what the terms should be.

Spreadsheet Supplement for case 803161

Introduces the issues attendant to valuing privately held portfolios and distributing thinly traded stock. Although they have existed since the beginning of the formal venture capital industry, they have received increasing amounts of attention as the money invested in private equity has grown. Presents the perspectives of the many participants in the industry.

A U.S. venture capital firm has just learned that the deal structure for purchasing an illiquid U.K. software firm is unacceptable to institutional investors. The group must decide if it still wants to go through with the deal. This decision hinges on whether the investors are confident that their due diligence has uncovered all the issues that affect both the price the investors will pay for the company and the additional amount they need to provide to help it recover.

Provides real estate market data for the analysis of an office lease or buy decision. Demonstrates what is known as the "leasing puzzle"--the answer simply being that the two forms of financing are not cost equivalent in the presence of capital market imperfections, despite both being credit forms. Explores asset-specificity arguments to support the view that generally, a firm should not own an office unless it is dictated by its core business. Presents two opposing anecdotes to illustrate why trading companies should not take the opportunity to capitalize on a buoyant real estate market. The argument is that shareholders do not need trading companies to invest in properties for them, because they can do this through their own investment portfolio activities. Also explores issues such as shareholder rights and accounting and tax implications. Analysis provides ample materials for debate.

Spreadsheet Supplement for case 803104

Compania Minera Antamina S.A. is a consortium of three large multinational Canadian mining companies set up to exploit a very large copper-zinc deposit north central Peru. The project requires about US$2 billion of financing for the development and exploitation of the deposit. The finance committee needs to determine the best means to raise the necessary funds: loans guaranteed by the sponsors or project finance. The costs and benefits are different across alternatives because the project involves both business and political risks to which the exposure for all of the stakeholders is different.

National IR is a large communications consulting firm. The firm is working with a client, Catalyst Investment, in preparation of a hostile takeover bid. A senior consultant with National IR must determine if the acquisition price offer is appropriate, the perceptions of value by shareholder investors, assessment of investor reaction to alternative deal structures and assessment of the public reaction to acquisition strategies in a politicized environment to create a communication strategy for investors.