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Stock split A 3-for-l stock split increases the number of shares threefold, and reduces the price per share by two-thirds; the overall value of the stock is unchanged None of the changes add value Preferred Stock Given to Common Stockholders With common stock earning X and no preferred stock the investor earns an ROI of X
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7 Second offer First offer Difference Number of shares Change in value Debt: Second offer Debt: First offer Increase in debt Change in value (tB)
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$ 5239 ________ 5183 56 145,700,000 $ 81,900,000 $4,500,000,000 4,322,000,000 178,000,000 _________ x 46 $ 81,900,000
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CHAPTER 15 Owens-Corning Finerglas Corporation (1986)
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1 Wickes offered $74 per share for all shares How would Wickes finance the purchase Using OCF's debt capacity A fair offer but insulting to management 2 Value of $35 debenture Will mature on December 1, 2006 and pay $35 Time till maturity 20 years No interest paid until June 1, 1992 (51/2 years) 15% per annum, paid semiannually Callable
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Using 15 as the discount rate: PV at Dec 1991 = $35 PV of Dec 1986 = 35(115)-5 = 35(4972) = $1740
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$5200 1740 470 $7410
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*The severance pay will also require debt **'Can be increased by operating efficiencies
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Stockholders who exchange receive value of: Cash Debentures Stock Total $5200 1740 394 $7334
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The ESOP receives the same value On August 5, 1986, the day OCF was advised of Wickes' interest, the closing sales price for the common shares was $74
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Allen, J "Reinventing the Corporation: The Satellite Structure of Thermo Electron," Journal of Applied Corporate Finance Summer 1998, pp 38-47 Asquith, P and TA Wizman "Event Risk, Covenants, and Bondholder Returns in Leveraged Buyouts," Journal of Financial Economics September 1990, pp 195-214 Baker, GP "Beatrice: A Study in the Creation and Destruction of Value," Journal of Finance July 1992, pp 1,081-1,120 Black, F and M Scholes "The Pricing of Options and Corporate Liabilities," Journal of Political Economy 81 (1993), pp 637-659 Brealey, RA and SC Myers Principles of Corporate Finance Boston: Irwin, McGraw-Hill, 2000 Burrough, B and J Helya Barbarians at the Gate, New York: Harper & Row, 1970 DeAngelo, H and L DeAngelo "Management Buyouts of Publicly Traded Corporations," TE Copeland, Modern Finance & Industrial Economics New York: Blackwell, 1987, pp 92113 DeAngelo, H, L DeAngelo, and EM Rice "Going Private: Minority Freeze-outs and Stockholder Wealth," Journal of Law and Economics October 1984, pp 307-401 DeAngelo, H, L DeAngelo, and EM Rice "Going Private: The Effects of a Change in Corporate Ownership Structures," Midland Corporate Finance Journal Summer 1994, pp 35-43 Diamond, SC Leveraged Buyouts Homewood, Illinois: Dow Jones-Irwin, 1985
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186 ________________________________________________ REFERENCES
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Jensen, MC "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review May 1986, pp 323-329 Jensen, MC "Corporate Control and the Politics of Finance," The New Corporate Finance Edited by DH Chew, Jr, New York: McGraw-Hill, Inc, 1993, pp 620-640 Jensen, MC "The Eclipse of the Public Corporation," Harvard Business Review September/October 1989, pp 61-74 Jensen, MC and WH Meckling "Theory of the Firm: Management Behavior, Agency Costs and Ownership Structure," Journal of Financial Economics October 1976, pp 305360 Kaplan, SN "The Effect of Management Buyouts on Operating Performance and Value," Journal of Financial Economics October 1989, pp 217-254 Kaplan, SN "The Staying Power of Leveraged Buyouts," Journal of Applied Corporate Finance Spring 1993, pp 15-24 Kaplan, SN and JC Stein "The Evolution of Buyout Pricing and Financial Structure (or What Went Wrong) in the 1980's," Journal of Applied Corporate Finance Spring 1993, pp 72-88 Kleiman, RT "The Shareholder Gains from Leveraged Cash-Outs: Some Preliminary Evidence," Journal of Applied Corporate Finance Spring 1988, pp 46-53 Megginson, WL, RC Nash, and M vanRadenburgh "The Record on Privatization," Journal of Applied Corporate Finance Spring 1996, pp 23-34 Michel, A and I Shaked "RJR Nabisco: A Case Study of a Complex Leveraged Buyout," Financial Analysts Journal SeptemberOctober 1991, pp 15-27 Miller, MH and F Modigliani "Dividend Policy, Growth and the Valuation of Shares," The Journal of Business University of Chicago, October 1961, pp 411-433 Stern, JM and DH Chew, Jr The Revolution in Corporate Finance Maiden, Mass: Blackwell, 1998, pp 351-444 Weston, JF, JA Siu, and BA Johnson Takeovers, Restructuring,
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References _______________________________________________________ 187
& Corporate Governance Upper Saddle River, NJ: PrenticeHall, 2001 Wruck, KH "What Really Went Wrong at Revco," The New Corporate Finance Edited by DH Chew, Jr, New York: McGrawHill, Inc, 1993, pp 654-667
Accounting methods, 20 Acquisition bid, 26-28 Advantages of private equity, 2-5 See also Tax advantages Agency theory, 2 American Brands Corporation, 21 American Stock Exchange, 4 Analysts, functions of, 79 Annual reports: Metromedia, 104 Antitrust, 110 Asset(s): dividends, impact on, 35 economic characteristics, impact of, 57-59 purchase of, 52 valuation, 20-21, 26 Audits, 87 Averages, in price-earnings multiplier, 11-12 Balance sheets, 18 Bankruptcy, 56, 149 Basis, see Tax basis Berkshire Partners, 127-128, 130 Beta, 56, 147 Black-Scholes option pricing, 148 Board of directors: debt and, 61-62 dividends and, 35-37 functions of, 35, 44, 47 Marietta Corporation, LBO deal, 116-123
selection of, 2 US Can, 129 Boeschenstein, Bill, 143-144, 148 Bondholders, 31 Bonus program, 29 Book value, 18, 20, 22 Boston Ventures, 104 Brand names, 82 Capital, generally: budget, 32 cost of, 55 raising, 5, 87 sources, 25 structure, see Capital structure; Capital structure changes venture, 1, 3-5 Capital gains: capital structure, 63 dividends and, 37, 39, 75, 88 retention and, 69 value accretion and, 3 zero tax, 75 Capital market, 86, 100 Capital structure, 3, 31 See also Capital structure changes Capital structure changes: cash, 52 corporate borrowing, 53 costs of, 62-63 debt, 47-54, 56-59 financial distress, 53-54, 56, 59-61
18 9
190 Capital structure changes (Continued) implications of, 18 management preferences, 61-62 tax considerations, 54-55 Cash, generally: debt and use of, 52 distributions, 35, 37, 44 See also Dividend(s); Dividend policy Cash flow: discounted, 9, 121-122, 128 discretionary, 15 dividends vs, 19-20 forecasting, 7 free, 9-10, 15, 18 internal rate of return (IRR) and, 70-71 management, 81 in multidivision corporations, 81 partial LBO and, 95-96 projections, 19-20 CEO, functions of, 47 Chair of the Board, functions of, 61-62 Closely held corporations, 8 Common stock: as capital source, 2-3, 25, 28, 63-64 dividends, 3, 35 going public, 87 management ownership, 47, 92-97 market capitalization, 87 market value, 8 tax basis, 63 valuation strategies, 12-15 Competition, 32 Consolidations, 82 Convertible preferred stock, 25 Corporate borrowing, 49, 53