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  • August 2014 (Revised March 2015)
  • Case

Molycorp: Issuing the 'Happy Meal' Securities (B)

By: Benjamin C. Esty and E. Scott Mayfield
Molycorp, the Western hemisphere's only producer of rare earth minerals, was in the middle of a $1 billion capital expansion in its effort to become a vertically integrated supplier of rare earth minerals, oxides, and metals. After reporting lower than expected... View Details
Keywords: Convertible Debt; Uncertainty; Startup; Growth; Rare Earth Minerals; Mining; Hedge Funds; Short Selling; Equity Capital; Capital Structure; Financial Strategy; Valuation; Metals and Minerals; Equity; Capital; Debt Securities; Stock Shares; Financial Management; Mining Industry; Industrial Products Industry; Canada; California
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  • March 2009 (Revised September 2010)
  • Case

HOYA Corporation (A)

By: W. Carl Kester and Masako Egawa
In 2007, HOYA of Japan must decide whether to change its friendly exchange offer for Pentax into a hostile cash tender offer. A surprising sequence of events had caused a friendly merger agreement to fall apart, resulting in a boardroom coup at Pentax and the... View Details
Keywords: Mergers and Acquisitions; Investment Activism; Corporate Governance; Governance Controls; Governing and Advisory Boards; Negotiation Tactics; Business and Shareholder Relations; Valuation; Japan
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  • 08 Jul 2008
  • First Look

First Look: July 8, 2008

valuation methodology. The agreement allowed Dow Jones to offer a family of indexes based on the Transparent Value methodology. The methodology viewed stock prices as the clearest and most reliable signals of the market's expectations... View Details
Keywords: Martha Lagace
  • November 2020
  • Supplement

Valuing Celgene's CVR

By: Benjamin C. Esty and Daniel Fisher
When Bristol-Myers Squibb (BMS) acquired Celgene Corporation in November 2019, Celgene shareholders received cash, BMS stock, and a contingent value right (CVRs) that would pay $9 if the U.S. Food and Drug Administration (FDA) approved three of Celgene’s late stage... View Details
Keywords: Mergers and Acquisitions; Value; Valuation; Judgments; Decision Making; Cash Flow; Financial Instruments; Cognition and Thinking; Pharmaceutical Industry; Biotechnology Industry; United States
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  • November 2005 (Revised October 2012)
  • Case

The MCI Takeover Battle: Verizon versus Qwest

By: Malcolm P. Baker and James Quinn
MCI's board of directors is considering competing bids from Verizon and Qwest. Qwest, a smaller company with a weaker balance sheet, is offering almost a billion dollars more. But Verizon, one of the largest telecommunications companies in the world, has a history of... View Details
Keywords: Mergers and Acquisitions; Decision Choices and Conditions; Capital Markets; Financial Strategy; Governing and Advisory Boards; Valuation; Telecommunications Industry; United States
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  • May 1999 (Revised September 2003)
  • Case

Advanced Inhalation Research, Inc.

This case presents a look at the early start-up phase and development of Advanced Inhalation Research (AIR), a company engaged in the development of a new drug-delivery technology. Focuses on the risks, the steps taken to manage it, and the manner in which the company... View Details
Keywords: Technological Innovation; Risk Management; Valuation; Financing and Loans; Health Care and Treatment; Acquisition; Business Startups; Medical Devices and Supplies Industry
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  • September 1997 (Revised May 1999)
  • Case

Precision Controls, Inc.

By: James K. Sebenius and David T. Kotchen
Precision Controls is a Minnesota-based manufacturer of electronic control devices. To enhance its product line, Precision would like to establish an artificial intelligence research group, either through internal development or, preferably, by merging with or... View Details
Keywords: Information Technology; Valuation; Research and Development; Negotiation Process; Stock Shares; Negotiation Tactics; Mergers and Acquisitions; Manufacturing Industry; Electronics Industry; Minnesota
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  • January 2011
  • Supplement

Matrix Capital Management (C)

By: Malcolm P. Baker and David Lane
Ben Balbale, a partner at hedge fund Matrix Capital, must decide whether to exit their investment in Rovi Corporation, a company with a diverse portfolio of patents used primarily for digital interactive guides. Rovi's shares are up over 50% from the time Balbale... View Details
Keywords: Public Ownership; Cash Flow; Management Analysis, Tools, and Techniques; Investment Funds; Financial Strategy; Valuation; Partners and Partnerships; Markets; Performance Efficiency; Patents; Stock Shares; Decisions; Financial Services Industry
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  • April 1991 (Revised December 1997)
  • Case

Southland Corp. (A)

By: Richard S. Ruback
Examines the Thompson's $4.9 billion leveraged buyout of the Southland Corp. in 1987. As the original founders of Southland, the Thompsons were concerned about losing control over the company upon learning of the Belzberg family's acquiring interest. The teaching... View Details
Keywords: Leveraged Buyouts; Governance Controls; Corporate Governance; Bids and Bidding; Valuation; Forecasting and Prediction; Management Analysis, Tools, and Techniques; Strategy; Cash Flow
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  • June 2016 (Revised May 2017)
  • Case

FANUC Corporation: Reassessing the Firm's Governance and Financial Policies

By: Benjamin C. Esty, Nobuo Sato and Akiko Kanno
In February 2015, Daniel Loeb (a U.S.–based activist investor) announced his firm had a large investment in FANUC Corporation, a leading producer of industrial robots and software for machine tools. Loeb was demanding that the Japanese firm change its financial and... View Details
Keywords: Hedge Funds; Economic Policy; Investments; Government Policy; Deregulation; Financial Management; Valuation; Investment Funds; Policy; Corporate Governance; Macroeconomics; Investment Activism; Change Management; Financial Strategy; Cross-Cultural and Cross-Border Issues; Japan; United States
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  • 16 Jun 2009
  • First Look

First Look: June 16

a valuation objective, are critical features of an economic GAAP. We recognize the advantage of using fair values in circumstances where these are based on observable prices in liquid secondary markets, but caution against expanding fair... View Details
Keywords: Martha Lagace
  • 13 Mar 2019
  • News

The First Five Years: Sierra Smith and Taylor Wiegele (both MBA 2017)

were filming and Lori came in with Charles, we had to do everything we could to fight our smiles (for fear of giving up our negotiating leverage!). It was tough, too, seeing the other Sharks come in at better valuations and trying to... View Details
  • March 1995
  • Case

Donald Salter Communications, Inc.

By: Stuart C. Gilson and Jeremy Cott
A new CEO is hired to manage the turnaround of a family-owned newspaper publisher. In a departure from previous management, he implements a new compensation scheme that explicitly ties executive pay to market-value-based measures of firm performance. Because the... View Details
Keywords: Family Business; Transformation; Asset Management; Wages; Balanced Scorecard; Family Ownership; Motivation and Incentives; Valuation; Journalism and News Industry
Related
  • 11 Dec 2018
  • First Look

New Research and Ideas, December 11, 2018

Pflueger, Carolin E., Emil Siriwardane, and Adi Sunderam Abstract—We propose a new measure of the economy’s risk appetite based on the valuation of volatile stocks. Unlike proxies for risk appetite derived from aggregates, our measure is... View Details
Keywords: Dina Gerdeman
  • 14 Apr 2009
  • First Look

First Look: April 14, 2009

an increase in the P/E ratios in the year after the investment. By way of contrast, funds with politicians involved invest in higher P/E industries, which have a negative valuation change in the year after the investment. Download the... View Details
Keywords: Martha Lagace
  • 31 Jan 2023
  • News

Female Founders' Dilemmas; UK Tech Startups

ambitious visions for a better world,” she says. “This VC model is inherently built on making big bets. VCs are after mega-hits who can return the fund with their stratospheric valuations that are calculated primarily on top-line growth.... View Details
Keywords: Margie Kelley
  • 24 Jan 2017
  • First Look

First Look at New Research: January 24, 2017

Matrix's management team wonders whether the recent market volatility presents an opportunity to add to their existing long position. This case highlights a variety of methodologies to valuate a high-growth company in the tech sector and... View Details
Keywords: Sean Silverthorne
  • 05 Mar 2013
  • First Look

First Look: March 5

of Einhorn's arguments and the counter claims. The case exposes students to a detailed strategic, financial, and accounting analysis of a business and provides an example of how a thorough business and accounting analysis using primarily public information can change... View Details
Keywords: Sean Silverthorne
  • 24 Apr 2012
  • First Look

First Look: April 24

case:http://cb.hbsp.harvard.edu/cb/web/product_detail.seam?E=3985220&R=112702-MMC-ENG&conversationId=189822 China Magic Going Home Li Jin, Zhihong Yi, and Jun JiangHarvard Business School Case 211-036 The largest Chinese energy company is thinking about a... View Details
Keywords: Carmen Nobel
  • 02 Nov 2010
  • First Look

First Look: November 2, 2010

and how to finance those opportunities, including raising external capital. The case focuses on the decision of what opportunities Windward should consider and on the valuation of the firm if it decides to raise external capital. Purchase... View Details
Keywords: Sean Silverthorne