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- All HBS Web
(1,040)
- People (1)
- News (45)
- Research (911)
- Events (2)
- Multimedia (1)
- Faculty Publications (843)
- October 2007 (Revised November 2010)
- Module Note
Evaluating M&A Deals-Equity Consideration
What the acquiring company pays for a target in a merger or acquisition is called "consideration." Consideration can be in the form of cash, shares, or a combination of the two. Lays out the basic mechanics of equity consideration. Derives formulas for the Deal NPV of... View Details
Baldwin, Carliss Y. "Evaluating M&A Deals-Equity Consideration." Harvard Business School Module Note 208-077, October 2007. (Revised November 2010.)
- November 2010 (Revised May 2014)
- Case
Dow's Bid for Rohm and Haas
By: Benjamin C. Esty and David Lane
This case analyzes Dow Chemical Company's proposed acquisition of Rohm and Haas in 2008. The $18.8 billion acquisition was part of Dow's strategic transformation from a slow-growth, low-margin, and cyclical producer of basic chemicals into a higher-growth,... View Details
Keywords: Mergers and Acquisitions; Financial Crisis; Capital Structure; Financial Condition; Financial Management; Contracts; Lawsuits and Litigation; Risk and Uncertainty; Valuation; Chemical Industry
Esty, Benjamin C., and David Lane. "Dow's Bid for Rohm and Haas." Harvard Business School Case 211-020, November 2010. (Revised May 2014.)
- 2013
- Working Paper
Financial vs. Strategic Buyers
By: Marc Martos-Vila, Matthew Rhodes-Kropf and Jarrad Harford
This paper introduces the impact of debt misvaluation on merger and acquisition activity. Debt misvaluation helps explain the shifting dominance of financial acquirers (private equity firms) relative to strategic acquirers (operating companies). The effects of... View Details
Martos-Vila, Marc, Matthew Rhodes-Kropf, and Jarrad Harford. "Financial vs. Strategic Buyers." Harvard Business School Working Paper, No. 12-098, April 2012. (Revised April 2014.)
- 07 Aug 2014
- News
M&A Market 'Very Healthy': Morgan Stanley's Head
- February 2011 (Revised June 2013)
- Case
Businesses for Sale by Briggs Capital, 2010
By: Richard S. Ruback and Royce Yudkoff
Briggs Capital was a regional mergers and acquisitions advisory firm that helped owners to sell their small firms. The case presents a company that was for sale in the fall of 2010—a troubled manufacturer of post and beam style homes and log homes. Using the actual... View Details
Keywords: Mergers and Acquisitions; Business Exit or Shutdown; Entrepreneurship; Financial Condition; Investment; Financial Services Industry; Boston
Ruback, Richard S., and Royce Yudkoff. "Businesses for Sale by Briggs Capital, 2010." Harvard Business School Case 211-088, February 2011. (Revised June 2013.)
- January 2002 (Revised July 2002)
- Case
Vialog Corporation
By: Richard G. Hamermesh and Michele Lutz
Traces the origin of Vialog Corp.--from its founding in 1996 through a roll-up of several independent teleconferencing companies in 1997 and its initial public offering (1999) and eventually to a potential merger or acquisition in June 2000. The company has grown... View Details
Keywords: History; Business Exit or Shutdown; Internet and the Web; Corporate Entrepreneurship; Partners and Partnerships; Initial Public Offering; Business Growth and Maturation; Mergers and Acquisitions; Business Processes; Information Technology Industry; Europe
Hamermesh, Richard G., and Michele Lutz. "Vialog Corporation." Harvard Business School Case 802-008, January 2002. (Revised July 2002.)
- 2009
- Simulation
Finance Simulation: Blackstone/Celanese: No. 3712.
By: Nabil N. El-Hage and Timothy A. Luehrman
The Finance Simulation: Blackstone/Celanese is based on the landmark acquisition of Celanese AG by the Blackstone Group in 2003. Students play the role of either Celanese or Blackstone and conduct due diligence, establish deal terms, respond to bids and counter-bids,... View Details
Justine Boudou
Justine Boudou is a doctoral student in the Technology and Operations Management (TOM) unit at Harvard Business School.
She is primarily interested in the economics of science and innovation. Justine holds a MSc from the engineering school... View Details
- August 2007 (Revised January 2008)
- Case
Dollar General Going Private
Intended to improve students' understanding and encourage their use of financial statement analysis. The context is Dollar General Corporation's acquisition by private equity sponsor KKR, which took the company private in 2007. Although the proposed merger generated a... View Details
Keywords: Financial Statements; Mergers and Acquisitions; Private Equity; Price; Privatization; Valuation; Retail Industry
Katz, Sharon P. "Dollar General Going Private." Harvard Business School Case 108-015, August 2007. (Revised January 2008.)
- 13 Dec 2021
- Research & Ideas
The Unlikely Upside of Mergers: More Diverse Management Teams
workers. Specifically, M&A deals can help women and people of color who are stuck in lower-level positions move up the ladder, according to research by Harvard Business School Assistant Professor Letian Zhang. In analyzing more than 37,000 View Details
Keywords: by Lane Lambert
- Article
Can the Virtuous Mouse and the Wealthy Elephant Live Happily Ever After?
What happens when small iconic socially oriented businesses are acquired by large corporations? Such mergers create significant opportunities for creating both business value and substantially expanded social value, but they also pose unusually difficult challenges... View Details
Keywords: Mergers and Acquisitions; Management Style; Agreements and Arrangements; Social Enterprise; Social Issues
Austin, James E., and Herman B. "Dutch" Leonard. "Can the Virtuous Mouse and the Wealthy Elephant Live Happily Ever After?" California Management Review 51, no. 1 (Fall 2008): 77–102.
- December 2001
- Case
Qwest Communications International Inc.
By: Thomas R. Eisenmann and Christopher Hackett
Describes the evolution of Qwest from a small fiber-optic construction firm in 1996 to a global telecommunications giant in 2001. Focuses on Qwest's pivotal acquisition of "Baby Bell" US West, a regional Bell operating company many times Qwest's size. Discusses the... View Details
Keywords: Mergers and Acquisitions; Asset Pricing; Business History; Knowledge Use and Leverage; Organizational Culture; Partners and Partnerships; Vertical Integration; Telecommunications Industry
Eisenmann, Thomas R., and Christopher Hackett. "Qwest Communications International Inc." Harvard Business School Case 802-133, December 2001.
- December 2008
- Supplement
Procter & Gamble in the 21st Century (B): Welcoming Gillette (Abridged)
By: Rosabeth M. Kanter and Matthew Bird
A.G. Lafley and P&G leaders decided to approach the Gillette integration differently from previous mergers. Using P&G's purpose, values, and principles (PVP) it treated the acquisition as a merger which sought to take the "best of both" from each company. In the... View Details
- June 2018
- Case
Burton Sensors, Inc.
By: William E. Fruhan and Wei Wang
Burton Sensors presents a realistic situation where a small, rapidly growing, and profitable temperature sensor original equipment manufacturer (OEM) reaches its debt capacity and seeks equity financing to sustain high growth. The president of the company must decide... View Details
Keywords: Financing and Loans; Acquisition; Investment; Financial Strategy; Decision Choices and Conditions
Fruhan, William E., and Wei Wang. "Burton Sensors, Inc." Harvard Business School Brief Case 918-539, June 2018.
- 2019
- Working Paper
U.S. Antitrust Law and Policy in Historical Perspective
By: Laura Phillips Sawyer
The key pieces of antitrust legislation in the United States—the Sherman Antitrust Act of 1890 and the Clayton Act of 1914—contain broad language that has afforded the courts wide latitude in interpreting and enforcing the law. This article chronicles the judiciary’s... View Details
Keywords: Antitrust; Trusts; Restraint Of Trade; Merger; Cartel; New Deal; Harvard School; Chicago School Of Law And Economics; Post-Chicago; Law; Competition; Policy; Vertical Integration; Horizontal Integration; Acquisition
Phillips Sawyer, Laura. "U.S. Antitrust Law and Policy in Historical Perspective." Harvard Business School Working Paper, No. 19-110, May 2019. (Revised September 2019.)
- 2008
- Working Paper
Can the Virtuous Mouse and the Wealthy Elephant Live Happily Ever After?
By: James E. Austin and Herman B. Leonard
What happens when small iconic socially-oriented businesses are acquired by large corporations? Such mergers create significant opportunities for creating both business value and substantially expanded social value, but also pose unusually difficult challenges because... View Details
Keywords: Mergers and Acquisitions; Management Style; Agreements and Arrangements; Social Enterprise; Social Issues
Austin, James E., and Herman B. Leonard. "Can the Virtuous Mouse and the Wealthy Elephant Live Happily Ever After?" Harvard Business School Working Paper, No. 09-047, September 2008.
- October 2008 (Revised September 2009)
- Supplement
Procter & Gamble in the 21st Century (B): Welcoming Gillette
By: Rosabeth M. Kanter and Matthew Bird
A.G. Lafley and P&G leaders decided to approach the Gillette integration differently from previous mergers. Using P&G's purpose, values, and principles (PVP) it treated the acquisition as a merger that sought to take the "best of both" from each company. In the... View Details
Keywords: Mergers and Acquisitions; Change Management; Decision Choices and Conditions; Management Skills; Organizational Change and Adaptation; Integration
Kanter, Rosabeth M., and Matthew Bird. "Procter & Gamble in the 21st Century (B): Welcoming Gillette." Harvard Business School Supplement 309-031, October 2008. (Revised September 2009.)
- April 2018
- Teaching Note
Publicis Groupe 2016: Maurice and the Millennials
By: Rosabeth Moss Kanter and Jonathan Cohen
This Teaching Note assists classroom instructors in teaching HBS case, “Publicis Groupe 2016: Maurice and the Millennials,” (HBS No. 316-127), which describes Levy's efforts to transform the Groupe. View Details
Keywords: Digital; Advertising; Managing Change; Collaboration; Synergies; Integration; Millennials; Innovation ＆ Entrepreneurship; Organizational Change and Adaptation; Information Technology; Change Management; Restructuring; Marketing; Mergers and Acquisitions; Transformation; Innovation and Management; Digital Marketing
- January 2016 (Revised January 2019)
- Case
The Allergan Board Under Fire (A)
By: Lynn S. Paine, Suraj Srinivasan, John C. Coates and David Lane
In 2014, the Allergan Inc. board of directors received a surprise takeover offer from Valeant Pharmaceuticals in alliance with hedge fund activist Bill Ackman's Pershing Square Capital Management. In the unprecedented arrangement between an acquirer and a hedge fund... View Details
Keywords: Allergan, Inc.; Valeant; Ackman; Pershing Square; Tender Offer; Activist Investors; Business Models; R＆D; Board Of Directors; Securities Litigation; Acquisition Strategy; Takeover Defenses; Hedge Funds; Shareholder Rights; Proxy Contest; Shareholder Special Meetings; Legal Issues In Contested Takeovers; Governing and Advisory Boards; Mergers and Acquisitions; Corporate Governance; Management Teams; Business and Shareholder Relations; Pharmaceutical Industry
Paine, Lynn S., Suraj Srinivasan, John C. Coates, and David Lane. "The Allergan Board Under Fire (A)." Harvard Business School Case 316-010, January 2016. (Revised January 2019.)