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  • January 2018
  • Supplement

OldTown Berhad

By: Benjamin C. Esty and Greg Saldutte
In December 2017, Jacobs Douwe Egberts (JDE, a Dutch coffee company) made an offer to acquire OldTown Berhad (OTB), a Malaysian coffee company. Three large shareholders, representing more than half of the outstanding shares, have agreed to tender their shares and... View Details
Keywords: Mergers ＆ Acquisitions; Discounted Cash Flow (DCF); Malaysia; Coffee; Consumer Packaged Goods (CPG); Free Cash Flow (FCF); Multiples; Bidding Premia; Netherlands; Tender Offer; Mergers and Acquisitions; Valuation; Value Creation; Food; Investment Return; Food and Beverage Industry; Food and Beverage Industry; Food and Beverage Industry; Malaysia; Netherlands; Singapore; Asia
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  • February 2017
  • Supplement

JCDecaux, 2016: Global Leader ... Again

By: John R. Wells and Gabriel Ellsworth
In 2016, JCDecaux was number one in the world in outdoor advertising. This was a far cry from the situation in 2003; at that time, JCDecaux had been unseated by Clear Channel from the number-one spot that it had held for decades, and it was fighting for second place... View Details
Keywords: JCDecaux; Clear Channel Outdoor; OUTFRONT Media; Lamar Advertising Company; Jean-François Decaux; Jean-Charles Decaux; Outdoor Advertising; Street Furniture; Airports; Billboards; Bicycles; Digital Devices; Digital Marketing; Bidding; Advertising; Advertising Campaigns; Acquisition; Mergers and Acquisitions; Business Growth and Maturation; Business Model; Business Organization; Family Business; For-Profit Firms; Joint Ventures; Design; Price; Profit; Revenue; Geographic Location; Geographic Scope; Global Range; Globalization; Global Strategy; Globalized Firms and Management; Multinational Firms and Management; Globalized Markets and Industries; Government Legislation; Business History; Human Resources; Laws and Statutes; Business or Company Management; Goals and Objectives; Growth and Development Strategy; Growth Management; Marketing; Brands and Branding; Marketing Channels; Marketing Strategy; Product Marketing; Demand and Consumers; Supply and Industry; Operations; Distribution; Infrastructure; Logistics; Product; Product Design; Production; Organizational Structure; Property; Public Ownership; Renting or Rental; Problems and Challenges; Business and Community Relations; Business and Government Relations; Family and Family Relationships; Sales; Situation or Environment; Luxury; Strategy; Business Strategy; Commercialization; Competition; Competitive Advantage; Competitive Strategy; Consolidation; Corporate Strategy; Customization and Personalization; Expansion; Segmentation; Mobile Technology; Wireless Technology; Air Transportation; Bicycle Transportation; Rail Transportation; Transportation Networks; Advertising Industry; France; Paris
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  • March 1992 (Revised December 1992)
  • Case

Salomon and the Treasury Securities Auction

By: Dwight B. Crane
Set in June 1991, two months prior to Salomon Brothers' announcement that the firm had violated the Treasury Department's rules governing the auctions of new Treasury securities. Salomon Vice Chairman John Meriwether must decide how to address problems that continue to... View Details
Keywords: Debt Securities; Managerial Roles; Ethics; Market Transactions; Bonds; Investment Banking; Crisis Management; Auctions; Legal Liability; Banking Industry
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  • March 2014 (Revised September 2015)
  • Case

ACA and the Union Bank Acquisition

By: Josh Lerner and Nathaniel Burbank
Okey Enelamah is the CEO of the African Capital Alliance (ACA), a private equity firm based in Nigeria. ACA has spent more than a year arranging a $500 million consortium bid to acquire and recapitalize Union Bank, Nigeria's sixth largest bank. Several weeks before the... View Details
Keywords: Nigeria; African Capital Alliance; Africa; Bank Capital; ACA; Union Bank; Development Finance Institutions; Capital Alliance Private Equity; Private Equity; Central Banking; Banking Industry; Financial Services Industry; Nigeria; Africa
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  • November 2005 (Revised October 2012)
  • Case

The Auction for Burger King (A)

By: Carliss Y. Baldwin and James Quinn
Paul Walsh, CEO of Diageo, must evaluate bids received in an auction of the Burger King restaurant unit. Describes how Diageo came to own Burger King, the attempts to turn the unit around, the strategic reasons for its sale, the auction process, and various bidders'... View Details
Keywords: Management Teams; Leveraged Buyouts; Bids and Bidding; Valuation; Auctions; Decision Choices and Conditions; Negotiation Tactics; Food and Beverage Industry; Food and Beverage Industry
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    Best-selling and New Cases by Ben Esty

    Best-Selling Cases:  

      1) Eaton: Portfolio Transformation & Cost of... View Details

    • July 2012
    • Case

    Transatlantic Holdings, Inc. - The Belle of the Ball

    By: Clayton S. Rose and Aldo Sesia
    In November of 2011 Transatlantic Holdings, Inc., a global property and casualty reinsurance company, announced it had agreed to sell itself to Alleghany Corporation, ending "the most frenzied takeover battle" of 2011, which involved competitors, Warren Buffett's... View Details
    Keywords: Mergers ＆ Acquisitions; Finance; Insurance And Reinsurance; Governance; Insurance; Mergers and Acquisitions; Strategy; Valuation; Financial Services Industry; Insurance Industry; United States; Bermuda; Switzerland
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    • February 2004
    • Case

    Czech Mate: CME and Vladimir Zelezny (A)

    By: Mihir A. Desai, Alberto Moel and Kathleen Luchs
    This case examines how insiders can expropriate value from shareholders in emerging markets when property rights are ill-defined. As such, it provides a platform for considering how institutions and legal rules impact financing patterns and economic outcomes. CME,... View Details
    Keywords: Developing Countries and Economies; Fairness; Financial Institutions; Corporate Governance; Rights; Ownership Stake
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    • July 2007 (Revised May 2008)
    • Case

    Cable & Wireless America

    By: Guhan Subramanian and Eliot Sherman
    Describes the auction of Cable & Wireless America (CWA), a bankrupt subsidiary of the British telecommunications company Cable & Wireless. While an initial "stalking-horse" bid valued the assets at $125 million, after a long day and night of bidding between eight... View Details
    Keywords: Mergers and Acquisitions; Insolvency and Bankruptcy; Auctions; Bids and Bidding; Negotiation Process
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    • November 2007
    • Case

    AXA MONY

    By: Lucy White and Andre F. Perold
    AXA's friendly bid for MONY is contested by activist hedge funds suspicious of management's generous change in control contracts. Votes trade after the record date. AXA financed the bid using an unusual conditionally convertible bond which may have affected incentives... View Details
    Keywords: Bonds; Ethics; Bids and Bidding
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    • March 2007 (Revised December 2007)
    • Supplement

    Parmalat Uruguay (B)

    By: Paul W. Marshall and Gustavo A. Herrero
    Three young MBAs create a partnership to acquire the assets of Parmalat in Uruguay. Focuses on their analysis prior to submitting a bid and their plan for improving the operations once their bid is accepted. In addition to improving operations, they must negotiate with... View Details
    Keywords: Mergers and Acquisitions; Partners and Partnerships; Bids and Bidding; Borrowing and Debt; Performance Improvement; Planning; Uruguay
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    • July 1986 (Revised May 1993)
    • Supplement

    Mason Instrument, Inc.--1986 (C): Electronics Guidance System for the Cherokee Missile

    Part of a series on a bidding situation involving missile guidance systems. View Details
    Keywords: Bids and Bidding; Technology Industry; Public Administration Industry; United States
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    • April 1998 (Revised May 2001)
    • Supplement

    Acquisition of Consolidated Rail Corporation (B), The

    By: Benjamin C. Esty, Lori A. Flees and Mathew M Millett
    Eight days after CSX announced it was going to buy Consolidated Rail (Conrail) for $88.65 per share, Norfolk Southern made a hostile $100 per share bid for Conrail. Over the next several months, the potential acquirers upped their bids while exchanging criticism in the... View Details
    Keywords: Law; Valuation; Rail Transportation; Bids and Bidding; Governance Controls; Mergers and Acquisitions; Business Strategy; Corporate Finance; Rail Industry; United States
    Related
    • December 2005 (Revised April 2007)
    • Case

    The Pilgrim Assurance Building

    By: Robin Greenwood, David S. Scharfstein and Arthur I Segel
    A local real estate developer has to decide how much to bid for a Boston office building in 2005. View Details
    Keywords: Buildings and Facilities; Decisions; Investment; Bids and Bidding; Real Estate Industry; Boston
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    • July 1983 (Revised July 1991)
    • Case

    Hintz-Kessels-Kohl A.G.

    By: Thomas R. Piper
    A truck manufacturer must decide whether to bid on the sale of 120 trucks to a private firm in Costa Rica. If a bid is submitted, a decision must be made on whether to protect against the credit, exchange rate, and sovereign risks. View Details
    Keywords: Risk Management; Currency Exchange Rate; Truck Transportation; Cross-Cultural and Cross-Border Issues; Manufacturing Industry; Auto Industry; Germany; Costa Rica
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    • January 2004
    • Case

    Bob Holgrom and the Buyout of the Carlson Division

    By: Thomas R. Piper
    The head of the Carlson Division stands to benefit substantially in financial terms if a private equity firm wins the bid for the division. The division is in the early stages of a performance turnaround, with only three quarters of profit improvement and no audited... View Details
    Keywords: Private Equity; Leveraged Buyouts; Corporate Disclosure; Ethics; Financial Reporting; Laws and Statutes; Performance Improvement
    Related
    • June 2005 (Revised May 2008)
    • Case

    Yamanote Kaikan

    By: Robin Greenwood, Arthur I Segel and Joshua Katzin
    In 2001, James O'Connell, president of Holyoke Japan, an affiliate of Larson Capital, a distress debt private equity firm, wants to bid on a 90 billion yen loan currently in default by the borrower, Sanjo Enterprises, for a popular wedding and banquet facility with an... View Details
    Keywords: Borrowing and Debt; Private Equity; Price; Bids and Bidding; Competition; Japan
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    • spring 1987
    • Article

    Second-Sourcing and the Experience Curve: Price Competition in Defense Procurement

    By: James J. Anton and Dennis A. Yao
    We examine a dynamic model of price competition in defense procurement that incorporates the experience curve, asymmetric cost information, and the availability of a higher cost alternative system. We model acquisition as a two-stage process in which initial production... View Details
    Keywords: Acquisition; Government and Politics; Price; Competition; Mathematical Methods
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    • January 1997
    • Case

    Dr. Sergio Ceccuzzi and SMI: Negotiating Cross-Border Acquisitions in Europe (B)

    By: James K. Sebenius
    Since the 1960s, SMI has quietly executed a series of brilliantly negotiated takeovers throughout Europe, often acquiring companies much larger than itself. Despite formidable obstacles, SMI has managed to acquire state-owned competitors in Italy and France, as well as... View Details
    Keywords: Acquisition; Corporate Governance; International Relations; Negotiation Tactics; Consolidation; Mining Industry; Europe
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    • 29 Mar 2016
    • News

    In Starwood Deal, Conventional Wisdom Upended