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1、Case 2: Consolidated Rail Corporation (A)組員:R94724037 陳柏瀚 R94724079 陳佳汎 R94724019 李禧宜 R93724098 趙恬嘉 R94724027 蔡馥仰 1. (1)Why does CSX want to buy Conrail? (2)How much should CSX be willing to pay for it?Ans: (1)CSX購(gòu)倂Conrail之後能夠產(chǎn)生的綜效(synergy)列示如下:(a)降低成本:鐵公路事業(yè)原本就具有高固定成本的特性,因此當(dāng)兩家公司合併之後若能有效分散費(fèi)用(spreadin
2、g overhead),整合資源、人力及兩者間重複或相鄰的鐵道網(wǎng)絡(luò),則可因降低成本而達(dá)到規(guī)模經(jīng)濟(jì)的效果。CSX預(yù)測(cè)在購(gòu)倂Conrail之後因成本降低所帶來(lái)的營(yíng)運(yùn)收益在2000年可達(dá)$370 million。(b)增加市場(chǎng)競(jìng)爭(zhēng)力及獨(dú)占力:由於Norfolk的鐵路網(wǎng)只連結(jié)了美國(guó)中西部及南部,所以將喪失連結(jié)至東北部的遠(yuǎn)程市場(chǎng)競(jìng)爭(zhēng)力,必須向CSX-Conrail借道而行,讓CSX-Conrail增加額外收入。即使是短程載運(yùn),CSX-Conrail由於合併後成本降低,也擁有較強(qiáng)的競(jìng)爭(zhēng)力及價(jià)格的獨(dú)占力。(c)增加收益:CSX預(yù)估合併後於2000年時(shí)可增加收益計(jì)$180 million,其主要來(lái)源為:Nor
3、folk所支付的鐵路使用費(fèi)。搶下部份貨車運(yùn)輸市場(chǎng)(trucking industry)的業(yè)務(wù)。(d)市占率的提升:兩者屬於水平式合併,合併之後營(yíng)運(yùn)規(guī)模擴(kuò)大,合計(jì)在Railway revenue部份可擴(kuò)增至每年$8.5 billion,由於成本降低、營(yíng)運(yùn)效率增加,原本兩家公司相加近70%的市占率應(yīng)可再提升而增加收益。此外若能有效降低價(jià)格,不僅能從Norfolk搶得更多的客源,也能夠搶攻原本貨車運(yùn)輸?shù)氖袌?chǎng)。(e)所得稅利益:合倂之後,CSX可享受Conrail帳上的遞延所得稅資產(chǎn)(deferred tax asset),得到租稅抵減的效果。(2) Valuation:(a)PV of Synerg
4、y: 首先,我們先從尋找該公司Cost of Equity(Rs)著手,所謂的Rs也就是投資人所要求的報(bào)酬率,可根據(jù)CAPM理論推導(dǎo),但需先找出值及市場(chǎng)報(bào)酬率(Rm),推導(dǎo)過(guò)程詳Appendix I。假設(shè)合併後CSX-Conrail存續(xù)10年: levered =1.166 Rm = 8% Rf = 6.54% (10-year), Rb = 8.08% (假設(shè)rating = Baa) D/E ratio (market value) = 33% D/A = 25%, E/A = 75% 由CAPM:Ri=Rf + (Rm-Rf)推導(dǎo) Rs = Rf + equity (Rm-Rf) = 6
5、.54% + 1.166 (8%-6.54%) Rs = 8.24% The Weighted Average Cost of Capital:Rwacc Rwacc = () RB (1-Tc) + () RS = 25% 8.08% (1-35%) + 75% 8.24% = 7.5% Rwacc = 7.5% PV of Synergy = 1,917 million $21.2 per share (詳Appendix II) 目前市價(jià)為$71,若加計(jì)合併後的Synergy,CSX可支付blended value of two tiered offer的價(jià)格上限為$92.2 per s
6、hare。(b)市場(chǎng)Valuation的參考指標(biāo)TargetOffer Price per share as a Multiple ofTotal Enterprise Valueas a Multiple ofEPSBVSalesEBITDA Santa Fe Pacific21.4X4.5X2.6X13.1X Kansas City Southern14.61.73.69.9 Santa Fe Pacific13.42.81.89.2 Chicago and North Western18.35.52.48.5 Southern Pacific18.43.71.712.2 Average1
7、7.2X3.6X2.4X10.6X 換算Conrail的價(jià)格($)83.3116.975.696.0 Conrail Financial Data: Debt = 2,094 million Sales = 3,722 mn EBITDA = 1,017 mn Acquisition shares = 90.5 shares EPS = $4.84 BV = $32.46扣除最高及最低的偏離值,可參考EPS 及EBITDA mutiple的試算結(jié)果: 在無(wú)競(jìng)標(biāo)者出現(xiàn)的情況下,CSX出價(jià)價(jià)格可介於每股$83.3 $96之間。 (a)所算出的每股$92.2亦介於此區(qū)間內(nèi)2. Analyze the
8、 structure of CSXs offer for Conrail. (1)Why did CSX make a two-tiered offer? What effect does this structure have on the transaction?(2)What are the economic rationales for and the takeover implications of the various provisions in the merger agreement?Ans: (1)Before answer this question, we should
9、 point out some factors that might affect the structure of this transaction : (a) General tax and financial effects between cash tender offer and stock offer: Effects Cash offerStock offerCSX:Acquisition costFixedUncertainDiluted effect on CSXs EPSNoYesShort-term funds needYesNoLeverageYesNoConrails
10、 shareholders:Sharing of future earnings(losses)NoYesTax on transactionTaxable(capital gain)Tax-free(when exchange)PayoffsFixedUncertain (b)Acquisition cost comparison: (stock offer is cheaper relatively) SituationABCDE First stage(Cash offer)0.0%34.3%40%50.1%100.0% Second stage(Share Swap)100%65.7%
11、60%49.9%0% Blended Stock price ($)86.7888.7489.0789.6492.50 (c)From the comparison above, being aware of huge short term fund needs and cheaper acquisition cost, stock offer seems more attractive to the CSX.But for some other factors, CSX made a two-tiered offer structure as bellowed:(i)Front-end te
12、nder offer (40% of acquisition shares):Efficiency and strategy concerns:In the beginning of tender offer, CSX intended to require the majority of Conrails shares to make the acquisition successfully, cash tender offer of $92.5 (better price added a premium on the market value of $71.0) per share pro
13、bably be more attractive to the Conrails shareholders in the sense of “cash is king”, and it could complete the first stage tender offer more quickly and efficiently.The fair value statute concern: (cut the front-end offer into two stages) Pennsylvanias Business Corporation Law regulated Conrail sha
14、reholders would have to “opt-out “of this statute before CSX could purchase more than 19.9% of the shares. For this regulation, CSX execute the first-end offer in two stages. They bought 19.7% of acquisition shares first and executed the second stage cash offer till Conrails shareholders approved th
15、e deal as required under Pennsylvanias law. The majority concern: Conrails management approved the merger, so CSX satisfied the “voting rights statute” to get the right to vote all the shares. Intended to get the support of merger, CSX at least should control 50.1% of Conrails shares. Support partie
16、s are as following:Support Parties%DescriptionConrail Management1.44%Employee Trusts14.36%Reportedly supportFirst stage of Cash offer19.7%34.3%Additional shares needed14.6%Total50.1% CSX decided to require other 20.3% of acquisition shares conservatively in their merger agreement rather than 14.6% b
17、ecause employee trusts are reportedly supported the merger.(ii)Back-end offer (remaining 60% of acquisition shares)After CSX got the majority support of Conrail, parties in support of the merger would vote in favor of opting-out for merger to pass and execute the back-end offer for the remaining Con
18、rails shares. CSX can use stock offer to complete this stage and cost less than using cash. After the STBs approval, the second-end offer would be completed. (d)The final outcome of this acquisition: The front-end offer: 40% of shares (cash tender offer) (i)The first stage: 19.7% of shares (ii)The s
19、econd stage: 20.3% of shares The back-end offer: 60% of shares (stock offer)(2)(a)Fair value statute:此條規(guī)定說(shuō)明,如有收購(gòu)者擁有目標(biāo)公司超過(guò)20%的股權(quán),往後再收購(gòu)其他股東股票時(shí),每股價(jià)格須和之前的價(jià)格同等,除非目標(biāo)公司的股東投票同意不行使此項(xiàng)規(guī)定。此法規(guī)應(yīng)是爲(wèi)避免少數(shù)股東為求自己利益,而將公司的控制權(quán)以不合理的價(jià)格私相授與收購(gòu)者。(b)Voting rights statute:不管收購(gòu)者實(shí)際的股權(quán)比例多少,而限制其投票權(quán)最高為20%,除非股東投票同意其得以按股權(quán)比例計(jì)算投票權(quán)。此爲(wèi)避免收購(gòu)
20、者以惡意收購(gòu)的手段,做出不利於其他股東的決議。(c)Constituency statute: 規(guī)定CSX要保護(hù)Conrail員工、股東、社會(huì)的福利,工會(huì)的因素尤為重要,在合併消息宣布時(shí),有近90%的員工尚未表態(tài)。(d)Break-up fee:此協(xié)議是如果合併的交易沒(méi)有完成Conrail須賠償CSX三億美元,在1990年代這種協(xié)議十分普遍,一般來(lái)說(shuō)金額約佔(zhàn)總交易額數(shù)13%。此應(yīng)是為了彌補(bǔ)收購(gòu)者損失,如先前可能已支付的相關(guān)併購(gòu)費(fèi)用。(e)Lock-up options: 即目標(biāo)公司提供收購(gòu)者以一定價(jià)格購(gòu)買到一定數(shù)額未來(lái)新發(fā)行股份的選擇權(quán),一般來(lái)說(shuō)是佔(zhàn)目標(biāo)公司股本擴(kuò)大後的10%20%。其用意是防
21、止其他競(jìng)爭(zhēng)者的出現(xiàn),確保收購(gòu)者在股權(quán)競(jìng)爭(zhēng)上有一定的優(yōu)勢(shì)。在這個(gè)Case裡面Conrail就保證CSX有以每股$92.5元購(gòu)買15.96 million股的選擇權(quán)。(f)Poison pill: 假如目標(biāo)公司要避免被收購(gòu)或接管,他們可以發(fā)行大量的新股給原始股東以折扣價(jià)格認(rèn)購(gòu),如此不僅稀釋掉競(jìng)標(biāo)者的持份比例,也可達(dá)到財(cái)富移轉(zhuǎn)的功能。以本例來(lái)說(shuō),如果有任一家公司收購(gòu)Conrail股份達(dá)到10%的情況下,Conrail有權(quán)以50%折扣的價(jià)格發(fā)行新股給原始股東認(rèn)購(gòu)。(g)No talk clause: 此例來(lái)說(shuō),Conrail跟CSX協(xié)議Conrail在合併消息公佈後的六個(gè)月內(nèi)禁止與其他公司商議有關(guān)併購(gòu)
22、的議題,即禁止Conrail尋求其他競(jìng)標(biāo)者。但如果Conrail要終止合併協(xié)議,有以下方法: (a)Conrail有所謂的classified board,佔(zhàn)全部董事的三分之一,這些董事是唯一 經(jīng)過(guò)每年選舉產(chǎn)生的,只要董事會(huì)同意動(dòng)用anti-takeover law,則即使這些董事改選後,此決議仍然有效。 (b)如果在其他競(jìng)標(biāo)者的競(jìng)爭(zhēng)下,CSX無(wú)法完成併購(gòu)或是無(wú)法通過(guò)十一月中opt-out的投票,則Conrail也得終止合併協(xié)定。(h)總評(píng):這些法規(guī)目的在於促進(jìn)和保護(hù)競(jìng)爭(zhēng),其最終目的是優(yōu)化配置資源,保護(hù)社會(huì)大眾,推動(dòng)社會(huì)福利。並不是要限制生產(chǎn)者和經(jīng)營(yíng)者在市場(chǎng)活動(dòng)中的自由,而是通過(guò)限制和阻止市場(chǎng)
23、勢(shì)力和反對(duì)不正當(dāng)?shù)氖袌?chǎng)行為,以維護(hù)和擴(kuò)大經(jīng)營(yíng)者在市場(chǎng)活動(dòng)中的自由權(quán)利,排除進(jìn)入市場(chǎng)的障礙。3. As a Conrail shareholder, would you tender your shares to CSX at $92.50 in the first-stage offer?Ans:If CSX succeeded(1)以$92.5繼續(xù)second stage offer(2)以1.85619:1(CSX: Conrail )參加換股If CSX failed(1)賣給Norfolk(2)可能Norfolk亦放棄併購(gòu),股價(jià)慘跌v若第一階段放棄$92.5的cash tender o
24、ffer: (1)Simulation I:CSX第一階段成功收購(gòu)19.7%: 若股東選擇參加換股:需承受未來(lái)CSX股價(jià)波動(dòng)的風(fēng)險(xiǎn)以Binomial Tree Analysis來(lái)分析,假設(shè):a. S0=$46.75b. 未來(lái)股價(jià)漲跌幅均為20%c. 無(wú)風(fēng)險(xiǎn)利率為5.55% (1-year treasury notes interest rate)Su=56.146.75 Sd=37.4上漲機(jī)率 P=63.875%,下跌機(jī)率(1-P)=36.125 %則持有該股票一年後的股價(jià)估計(jì)=56.1*63.875%+37.4*36.125%=49.35換股後的價(jià)值為$49.35*1.85619 = $91
25、.6報(bào)酬率= 7.6%(2)Simulation II:若CSX收購(gòu)失敗,股東雖可選擇賣給Norfolk(此為不確定因素),但市場(chǎng)價(jià)格亦可能因CSX及Norfolk皆放棄併購(gòu)而下跌。假設(shè):a. So=$85.13b. 未來(lái)股價(jià)漲跌幅均為20%c. 無(wú)風(fēng)險(xiǎn)利率為5.55%(1-year treasury notes interest rate)Su=102.15685.13Sd=68.104上漲機(jī)率 P= = 63.875%,下跌機(jī)率(1-P)=36.125%則持有該股票一年後的股價(jià)=$102.156*63.875%+68.104*36.125% = $89.85報(bào)酬率為= 5.5%(3)購(gòu)併消息公佈後,Conrail股價(jià)上漲至$85.13,故股東選擇cash tender offer的 報(bào)酬率為8.7% ()。茲以簡(jiǎn)單賽局理論分析如下:Me (小股東)TenderNot
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