Morgan Stanley Deal Sheet March 2018 - March 2019

Total Page:16

File Type:pdf, Size:1020Kb

Morgan Stanley Deal Sheet March 2018 - March 2019 Morgan Stanley Deal Sheet March 2018 - March 2019 Date Ann Target Name Acquiror Name Form Rank Value (1) Date Eff Business Description Business Description Status Value (2) Acquisition Date Unc Financial Advisors(s) Financial Advisor(s) Attitude Price/Sh Technique(s) -------- ------------------------------- ------------------------------- ---------------- -------------- ------------------------------ 03/01/18 Brunswick Corp-Fitness Bus Shareholders Acquisition - Divestiture Sporting and Athletic Goods Ma Investor group Pending - Spinoff Morgan Stanley Not Appl. - Consideration: Not Available ---------------------------------------------------------------------------------------------------------------------------------------- 03/01/18 Highway Toll Admin LLC Platinum Equity LLC Acq. of Assets - Leveraged Buyout 03/01/18 Other Support Activities For R Private Equity Firm Completed - Financial Acquiror Morgan Stanley Friendly - Institutional Buyout Consideration: Not Available ---------------------------------------------------------------------------------------------------------------------------------------- 03/05/18 XL Group Ltd AXA SA Merger 15,128.8 BER Rumored Deal 09/12/18 Direct Property and Casualty I Provide insurance, financial s Completed 15,128.8 BER Morgan Stanley JP Morgan Friendly 57.60 Ardea Partners Llc Consideration: BMD 57.6 (USD 57.6) cash/sh ord; plus, BMD 285.539 mil (USD 285.539 mil)/options ---------------------------------------------------------------------------------------------------------------------------------------- 03/06/18 CrownBet Pty Ltd Stars Group Inc Acq. Part. Int. 111.7 AU Privately Negotiated Purchase 04/24/18 Other Computer Peripheral Equi Other Gambling Industries Completed 111.7 AU Macquarie Capital (USA) Inc Friendly - PJT Partners LP Morgan Stanley Consideration: Not Available ---------------------------------------------------------------------------------------------------------------------------------------- 03/06/18 William Hill PLC-Australian Crownbet Holdings Pty Ltd Acq. of Assets 301.4 AU Divestiture 04/23/18 All Other Amusement and Recrea Other Gambling Industries Completed 301.4 AU Citi Macquarie Group Friendly - PJT Partners Inc Morgan Stanley Consideration: AUD 301.391 mil (USD 234 mil) cash/assets ---------------------------------------------------------------------------------------------------------------------------------------- 03/07/18 ABILITY Network Inc Inovalon Holdings Inc Merger 1,200.0 US * Divestiture 04/02/18 Provides healthcare informatio Provides data processing servi Completed 1,200.0 US * Rumored Deal JP Morgan Morgan Stanley Friendly - Consideration: An estimated USD 1.1 bil cash plus USD 100 mil shs restcom/ stock *Value Estimated ---------------------------------------------------------------------------------------------------------------------------------------- Source: Thomson Reuters Date: 4/29/2019 Brief Summary Report Morgan Stanley Deal Sheet March 2018 - March 2019 Date Ann Target Name Acquiror Name Form Rank Value (1) Date Eff Business Description Business Description Status Value (2) Acquisition Date Unc Financial Advisors(s) Financial Advisor(s) Attitude Price/Sh Technique(s) -------- ------------------------------- ------------------------------- ---------------- -------------- ------------------------------ 03/07/18 Stevens Hldg Co Inc Altra Industrial Motion Corp Merger 2,961.0 US Divestiture 10/01/18 Instruments and Related Produc Mechanical Power Transmission Completed 2,961.0 US Reverse Takeover UBS Investment Bank Goldman Sachs & Co Friendly - Stock Swap Morgan Stanley KeyBanc Capital Markets Inc Reverse Morris Trust Consideration: USD 1.4 bil in cash plus 35 mil shs com plus the assumption of undisclosed amount in liabilities/stock ---------------------------------------------------------------------------------------------------------------------------------------- 03/08/18 Express Scripts Holding Co Cigna Corp Merger 68,523.9 US * Rumored Deal 12/20/18 All Other Miscellaneous Ambula Pvd healthcare insurance svcs Completed 69,770.2 US * Centerview Partners LLC Morgan Stanley Friendly 96.03 Lazard Bank of Tokyo-Mitsubishi UFJ Consideration: USD 48.75 cash plus 0.243 sh com/sh com plus the assumption of USD 15 bil in liabilities; plus, USD 575. 684 mil/options *Value Estimated ---------------------------------------------------------------------------------------------------------------------------------------- 03/08/18 Fibria Celulose SA Suzano Papel e Celulose SA Merger 46,006.9 BR * Rumored Deal 01/14/19 Paper (Except Newsprint) Mills Own and operate pulp mills Completed 33,786.9 BR * Morgan Stanley Banco Itau-BBA SA Friendly 60.99 Bank of America Merrill Lynch Riza Capital Consultoria de JP Morgan Banco Bradesco SA Consideration: An estimated 0.4613 sh ord plus BRL 50.2 (USD 15.282) cash/sh ord *Value Estimated ---------------------------------------------------------------------------------------------------------------------------------------- 03/08/18 Global Eagle Entertainment Inc Searchlight Capital Partners Acq. Part. Int. 150.0 US Privately Negotiated Purchase 04/02/18 Pvd media content,info svc Financial Sponsor Completed 150.0 US Financial Acquiror Barclays Morgan Stanley Friendly - Consideration: USD 150 mil cash/com ---------------------------------------------------------------------------------------------------------------------------------------- 03/08/18 CAMESA Te Creemos SA de CV Sdad Fin Merger - Going Private 11/26/18 Consumer Lending Sales Financing Completed - Morgan Stanley Clairfield Partners Friendly - Consideration: Not Available ---------------------------------------------------------------------------------------------------------------------------------------- 03/08/18 Mongstad Administrasjon As Asset Buyout Partners AS Acq. of Assets - Divestiture Port and Harbor Operations Miscellaneous Intermediation Pending - Financial Acquiror Morgan Stanley Friendly - DnB Markets AS Consideration: Not Available ---------------------------------------------------------------------------------------------------------------------------------------- Source: Thomson Reuters Date: 4/29/2019 Brief Summary Report Morgan Stanley Deal Sheet March 2018 - March 2019 Date Ann Target Name Acquiror Name Form Rank Value (1) Date Eff Business Description Business Description Status Value (2) Acquisition Date Unc Financial Advisors(s) Financial Advisor(s) Attitude Price/Sh Technique(s) -------- ------------------------------- ------------------------------- ---------------- -------------- ------------------------------ 03/09/18 Renesas Electronics Corp Denso Corp Acq. Part. Int. 84,633.0 Y * Divestiture 03/14/18 Mnfr,whl semiconductors Other Motor Vehicle Electrical Completed 84,633.0 Y * Privately Negotiated Purchase Mitsubishi UFJ Morgan Stanley Friendly - Consideration: An estimated JPY 84.633 bil (USD 796.9 mil) cash/ord *Value Estimated ---------------------------------------------------------------------------------------------------------------------------------------- 03/12/18 Vietnam Technological & Commer Warburg Pincus LLC Acq. Part. Int. 8409090.9 VTD Privately Negotiated Purchase Bank (non-US) Financial Sponsor Pending 8409090.9 VTD Financial Acquiror Morgan Stanley Friendly - Consideration: VND 8409.091 bil (USD 370 mil) cash/undisclosed minority stake ---------------------------------------------------------------------------------------------------------------------------------------- 03/13/18 Fibria Celulose SA CA Investment Brazil SA Merger - Going Private Paper (Except Newsprint) Mills Miscellaneous Financial Invest Withdrawn - Rumored Deal Bank of America Merrill Lynch Unsolic. - Unsolicited Deal Morgan Stanley Consideration: Not Available ---------------------------------------------------------------------------------------------------------------------------------------- 03/13/18 FGH Bank NV-Loan Portfolio RNHB BV Acq. of Assets - Divestiture 06/29/18 Commercial Banking Commercial Banking Completed - Morgan Stanley Friendly - Consideration: Not Available ---------------------------------------------------------------------------------------------------------------------------------------- 03/13/18 Sahara Petrochemicals Co SJSC Sipchem Merger 7,662.0 SR Stock Swap Crude Petroleum and Natural Ga Inorganic Dye and Pigment Manu Pending 8,264.5 SR Morgan Stanley HSBC Holdings PLC Friendly 18.83 Consideration: 0.8356 new shs ord/sh ord ---------------------------------------------------------------------------------------------------------------------------------------- 03/13/18 Learning Care Group Inc Public Sector Pension Acq. Part. Int. - Divestiture 03/13/18 Child Day Care Services Portfolio Management Completed - Privately Negotiated Purchase Morgan Stanley Barclays Not Appl. - Rumored Deal BMO Capital Markets Consideration: Not Available ---------------------------------------------------------------------------------------------------------------------------------------- Source: Thomson Reuters Date: 4/29/2019 Brief Summary Report Morgan Stanley Deal Sheet March 2018 - March 2019 Date Ann Target Name Acquiror Name Form Rank Value (1) Date Eff Business Description Business Description Status Value (2) Acquisition Date Unc Financial Advisors(s) Financial Advisor(s) Attitude Price/Sh Technique(s) -------- ------------------------------- ------------------------------- ---------------- -------------- ------------------------------ 03/14/18 Abertis Infraestructuras SA Abertis Infraestructuras SPV Merger
Recommended publications
  • Mergers & Acquisitions
    MERGERS & ACQUISITIONS INTRODUCTION Why merge? Why sell? 1. A division of a company might no longer fit into larger corp’s plans, so corp sells division 2. Infighting between owners of corp. Sell and split proceeds 3. Incompetent management or ownership 4. Need money 5. Business is declining 6. Industry-specific conditions 7. Economies of scale BASIC DEFINITIONS: MERGER: Owners of separate, roughly equal sized firms pool their interests in a single firm. Surviving firm takes on the assets and liabilities of the selling firm. PURCHASE: Purchasing firm pays for all the assets or all the stock of the selling firm. Distinction between a purchase and a merger depends on the final position of the shareholders of the constituent firms. TAKEOVER: A stock purchase offer in which the acquiring firm buys a controlling block of stock in the target. This enables purchasers to elect the board of directors. Both hostile and friendly takeovers exist. FREEZE-OUTS (also SQUEEZE-OUTS or CASH-OUTS): Transactions that eliminate minority SH interests. HORIZONTAL MERGERS: Mergers between competitors. This may create monopolies. Government responds by enacting Sherman Act and Clayton Act VERTICAL MERGERS: Mergers between companies which operate at different phases of production (e.g. GM merger with Fisher Auto Body.) Vertical mergers prevents a company from being held up by a supplier or consumer of goods. LEVERAGED BUYOUTS (LBOs): A private group of investors borrows heavily to finance the purchase control of an ongoing business. RECAPITALIZATIONS: Does not involve the combination of two separate entities. Here, a firm reshuffles its capital structure. In a SWAP, the corp takes back outstanding equity stocks in return for other types of securities (usually long term bonds or preferred stock) RESTRUCTURINGS: This term refers to a corporation’s changing form to downsize their operations.
    [Show full text]
  • Boston University Journal of Science & Technology
    4 B.U. J. SCI. & TECH. L. 1 January 23, 1997 Boston University Journal of Science & Technology Law Symposium Financing the Biotech Industry: Can the Risks Be Reduced? Ronald Cass, Joshua Lerner, Farah H. Champsi, Stanley C. Erck, Jonathan R. Beckwith, Leslie E. Davis, Henri A. Termeer Table of Contents Speeches..........................................................................................................................[1] Dean Ronald Cass.............................................................................................[1] Joshua Lerner....................................................................................................[2] Farah Champsi..................................................................................................[8] Stanley Erck.....................................................................................................[18] Jonathan Beckwith.........................................................................................[24] Leslie Davis......................................................................................................[37] Henri Termeer.................................................................................................[47] Question and Answer Session..................................................................................[60] Financing the Biotech Industry: Can the Risks Be Reduced?† Jonathan R. Beckwith, Farah H. Champsi, Leslie E. Davis,* Stanley C. Erck, Joshua Lerner, Henri A. Termeer Dean Ronald Cass: 1. The biotechnology
    [Show full text]
  • Breaking News for Immediate Release
    BREAKING NEWS FOR IMMEDIATE RELEASE Winners of the 4th Annual International M&A Advisor Awards Announced New York, NY, October 15, 2012 – The M&A Advisor announced the winners of the 2012 International M&A Advisor Awards at the 4th Annual International M&A Awards Gala to a festive, sold-out crowd at the New York Athletic Club on Wednesday, October 10th. Bloomberg Television Market Reporter Dominic Chu and Miss Universe China Luo Zilin hosted the event with a guest appearance by the Grammy award winning Violinist and international hip-hop/R&B star Miri Ben-Ari. "We are currently witnessing the unprecedented transformation of firms and dealmakers into Global leaders whose intimate knowledge and expertise in the cultural, financial and legal arenas are redefining our industry,” says David Fergusson, Sr. Managing Director of The M&A Advisor. “During this period of continued uncertainty, inter-country M&A activity again outperformed domestic M&A, laying testament to the claim that business truly knows no boundaries.” The International Awards Gala honored the leading deal-teams, deal-makers and firms whose activities set the standard for cross-border transactions. This year, 228 nominees representing over 400 companies were finalists for the awards. An independent judging committee of cross-border industry experts determined the ultimate recipients of the awards. In addition to the honorees, Lifetime Achievement Awards were given to the leading global M&A industry pioneers. Dr. Mario Garnero, Chairman, Brasilinvest; Rajiv K. Luthra, Co-Founder, Luthra and Luthra; Alex Rodzianko, CEO, IFC Metropol and Wang Wei, Chairman, China M&A Group were awarded for their achievements.
    [Show full text]
  • Paper-18: Business Valuation Management
    Group-IV : Paper-18 : Business Valuation Management [ December ¯ 2011 ] 33 Q. 20. X Ltd. is considering the proposal to acquire Y Ltd. and their financial information is given below : Particulars X Ltd. Y Ltd. No. of Equity shares 10,00,000 6,00,000 Market price per share (Rs.) 30 18 Market Capitalization (Rs.) 3,00,00,000 1,08,00,000 X Ltd. intend to pay Rs. 1,40,00,000 in cash for Y Ltd., if Y Ltd.’s market price reflects only its value as a separate entity. Calculate the cost of merger: (i) When merger is financed by cash (ii) When merger is financed by stock. Answer 20. (i) Cost of Merger, when Merger is Financed by Cash = (Cash - MVY) + (MVY - PVY) Where, MVY = Market value of Y Ltd. PVY = True/intrinsic value of Y Ltd. Then, = (1,40,00,000 – 1,08,00,000) + (1,08,00,000 – 1,08,00,000) = Rs. 32,00,000 If cost of merger becomes negative then shareholders of X Ltd. will get benefited by acquiring Y Ltd. in terms of market value. (ii) Cost of Merger when Merger is Financed by Exchange of Shares in X Ltd. to the shareholders of Y Ltd. Cost of merger = PVXY - PVY Where, PVXY = Value in X Ltd. that Y Ltd.’s shareholders get. Suppose X Ltd. agrees to exchange 5,00,000 shares in exchange of shares in Y Ltd., instead of payment in cash of Rs. 1,40,00,000. Then the cost of merger is calculated as below : = (5,00,000 × Rs.
    [Show full text]
  • 18Th Annual M&A Advisor Awards Finalists I. Sector
    18TH ANNUAL M&A ADVISOR AWARDS FINALISTS I. SECTOR DEAL OF THE YEAR ENERGY DEAL OF THE YEAR Acquisition of Oildex by DrillingInfo Vaquero Capital Intertek Restructuring of PetroQuest Energy FTI Consulting Heller, Draper, Patrick, Horn & Manthey, LLC. Houlihan Lokey Akin Gump Seaport Global Securities Porter Hedges LLP Dacarba Subordinated Preferred Equity Investment into Energy Distribution Partners Jordan, Knauff & Company Energy Distribution Partners Acquisition of Westinghouse Electric Company by Brookfield Business Partners Pillsbury Winthrop Shaw Pittman LLP Milbank, Tweed, Hadley & McCloy LLP Weil, Gotshal & Manges Willkie Farr & Gallagher LLP Recapitalization of kV Power by Rock Hill Capital Romanchuk & Co. Rock Hill Capital Atkins, Hollmann, Jones, Peacock, Lewis & Lyon, Inc. Restructuring of Jones Energy, Inc. Epiq Jackson Walker L.L.P Kirkland & Ellis Davis Polk & Wardwell LLP Merger of Transocean and Ocean Rig Seward & Kissel LLP King & Spalding LLP Transocean Ltd. Hamburger Ocean Rig UDW Inc. Maples and Calder Ogier Wenger & Vieli Ltd Acquisition of EQT Core Conventional Appalachia by Diversified Gas & Oil PLC Stifel RBC FINANCIALS DEAL OF THE YEAR Acquisition of First Team Resources Corporation by King Bancshares, Inc. GLC Advisors & Co. K Coe Isom Morris Laing King Bancshares, Inc. First Team Resources Corporation Stinson Merger of LourdMurray with Delphi Private Advisors, with an investment from HighTower Republic Capital Group HighTower LourdMurray Solomon Ward Seidenwurm & Smith, LLP Delphii Private Advisors 1 Acquisition of 1st Global Inc. by Blucora Inc. Haynes and Boone, LLP PJT Partners Foley & Lardner, LLP Blucora ERG Capital Merger of National Commerce Corporation with and into CenterState Bank Corporation Maynard Cooper & Gale P.C. Raymond James Nelson Mullins Riley & Scarbrough Keefe, Bruyette & Woods Inc.
    [Show full text]
  • Acquisitions Driven by Stock Overvaluation: Are They Good Deals? Fangjian FU Singapore Management University, [email protected]
    View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Institutional Knowledge at Singapore Management University Singapore Management University Institutional Knowledge at Singapore Management University Research Collection Lee Kong Chian School Of Lee Kong Chian School of Business Business 8-2011 Acquisitions Driven By Stock Overvaluation: Are They Good Deals? Fangjian FU Singapore Management University, [email protected] Leming LIN University of Florida Micah OFFICER Loyola Marymount University Follow this and additional works at: https://ink.library.smu.edu.sg/lkcsb_research Part of the Corporate Finance Commons, and the Finance and Financial Management Commons Citation FU, Fangjian; LIN, Leming; and OFFICER, Micah. Acquisitions Driven By Stock Overvaluation: Are They Good eD als?. (2011). European Finance Association Meeting, 17-20 August 2011. Research Collection Lee Kong Chian School Of Business. Available at: https://ink.library.smu.edu.sg/lkcsb_research/3157 This Conference Paper is brought to you for free and open access by the Lee Kong Chian School of Business at Institutional Knowledge at Singapore Management University. It has been accepted for inclusion in Research Collection Lee Kong Chian School Of Business by an authorized administrator of Institutional Knowledge at Singapore Management University. For more information, please email [email protected]. Acquisitions Driven by Stock Overvaluation: Are They Good Deals?* Fangjian Fu Singapore Management University Lee Kong Chian School of Business
    [Show full text]
  • Lecture 4 (Notes by Leora Schiff) 15.649 - the Law of Mergers and Acquisitions (Spring 2003) - Prof
    Lecture 4 (Notes by Leora Schiff) 15.649 - The Law of Mergers and Acquisitions (Spring 2003) - Prof. John Akula Types of Acquisitions Governed by state law: 1. Delaware a. Flexible for corporate managers b. Body of precedent 2. California a. Other end of spectrum – heavy regulations I. Statutory Merger/Consolidation A. Stock Swap Statutory Merger 1. B merges into A 2. A and B merge into C – consolidation 3. stock-for-stock merger a. shareholders of B get stock in A (or C) b. A or C absorbs assets and liabilities of B corp c. Tax free - Type A reorganization B. Cash-out Statutory Merger 1. shareholders of B receive cash, debentures or non-voting equity 2. Taxable merger C. Procedure for Statutory Merger a. BOD both A and B pass resolution approving Agreement of Merger b. A and B shareholder vote - majority of outstanding shares entitled to vote must ratify agreement c. Certificate of Merger filed with DE Secy of State to become effective on date specified d. On date, reps. of both corporations meet and close transaction D. Three Exceptions to Voting Procedures 1. small-scale merger exception 2. parent-sub merger exception 3. holding company exception E. Conditions for Closing 1. Material Adverse Condition clause – depending on terms, could choose not to close. 1 II. Asset Acquisition A. Cash-for-Assets Acquisition 1. Taxable transaction 2. A can select assets and liabilities of B 3. A shareholders do not vote on asset acquisition 4. B shareholders are cashed out 5. A corp. gets new basis in B assets based on allocation of purchase price B.
    [Show full text]
  • The Role of Stock Liquidity in Mergers and Acquisitions: Evidence from a Quasi-Natural Experiment*
    The Role of Stock Liquidity in Mergers and Acquisitions: Evidence from a Quasi-natural Experiment* Nishant Dass Georgia Institute of Technology Email: [email protected] Sheng Huang Singapore Management University Email: [email protected] Johan Maharjan Rensselaer Polytechnic Institute Email: [email protected] Vikram Nanda University of Texas at Dallas Email: [email protected] May 2016 *We thank Itay Goldstein, Todd Gormley, Jarrad Harford, and seminar participants at Singapore Management University and Tshinghua University for helpful comments. All remaining errors are our own. The Role of Stock Liquidity in Mergers and Acquisitions: Evidence from a Quasi-natural Experiment Abstract We examine how stock liquidity – of both acquirers and targets – affects acquisitions. We contend, relying on a simple model, that liquidity enhances acquirer stock value as an acquisition currency, especially when target stock is less liquid. Supportive of this acquisition-currency hypothesis: greater acquirer (lower target) liquidity increases acquisition likelihood and payment with stock, reduces acquisition premium, and improves acquirer announcement returns in equity deals. Our identification strategy relies on the exogenous variation in stock liquidity induced by changes in the composition of Russell-1000/2000 indices to establish causality. Consistent with the beneficial role of stock liquidity, firms take steps to improve stock liquidity prior to acquisitions. JEL classification: G30, G34 Keywords: Stock liquidity, mergers and acquisitions, Russell index reconstitution “The Covance board also discussed with Goldman Sachs [its financial advisor] the liquid market for LabCorp stock, which would allow Covance stockholders to either keep or trade the stock portion of the consideration.” From Board of Directors of Covance Inc.
    [Show full text]
  • Bfm Sem – Vi Corporate Restructuring
    BFM SEM – VI CORPORATE RESTRUCTURING Multiple Questions:- 1. _________ merger involves firm engaged in unrelated types of activities. a. Vertical b. Horizontal c. Conglomerate d. Demerger 2. When existing company is dissolved to form few new companies, it is called as ________ a. Sin off b. Split off c. Split up d. All of the above 3. __________means an acquirer takes over the control of the target company. a. Joint Venture b. Takeover c. Disinvestment d. Demerger 4. The ___________means changing the structure of an organization such as reducing the hierarchical levels. a. Financial Restructuring b. Organizational Restructuring c. Corporate Restructuring d. All of the above 5. ________parties work together or a single project for a finite period of time. a. Strategic Alliance b. Joint Venture c. Disinvestment d. Franchising 6. __________means the action of an organization or government selling or liquidating an asset or subsidiary. a. Merger b. Joint Venture c. Takeover d. Disinvestment 7. __________ is an arrangement whereby the assets of two or more companies come under the control of one company. a. Merger b. Buyout c. Joint Venture d. Demerger 8. ________may be defined as an arrangement where one party grants another party the right to use trade name. a. Alliance b. Franchising c. Slump sale d. Joint Venture 9. ________merger is a merger of two or more companies that compete in the same industry. a. Vertical b. Horizontal c. Co generic d. Conglomerate 10. ____________ helps a firm to grow and expand. a. Corporate Restructuring b. Merger c. Takeover d. Demerger 11. In _________, company distributes its shareholding in subsidiary to its shareholders thereby not changing the ownership pattern.
    [Show full text]
  • S&P DJI's Equity Indices Policies and Practices Methodology
    Equity Indices Policies & Practices Methodology August 2021 S&P Dow Jones Indices: Index Methodology Table of Contents Introduction 4 Overview 4 Corporate Action Treatment by Index Categorization 4 Additions and Deletions 5 Mandatory Events 6 Mergers & Acquisitions 6 Reverse Mergers/Takeovers 6 Spin-Offs 7 Treatment of Spin-Offs in Market Capitalization Indices 7 Treatment of Spin-Offs in Certain Non-Market Capitalization Indices 8 Rights Offerings (or “Rights Issues”) 9 S&P DJI’s Calculation of Rights Offerings 9 Non-Market Capitalization Weighted Indices 11 Warrants, Options, Partly Paid Shares, Convertible Bonds, and Other Ineligible Securities & Share Types 11 Non-Mandatory Share and Investable Weight Factor (IWF) Updates 13 Accelerated Implementation Rule 13 Exception to the Accelerated Implementation Rule 13 Announcement Policy 14 IWF Updates 14 Share Updates 15 Rebalancing Guidelines – Share/IWF Reference Date & Freeze Period 15 Certain Share Types and Designations 16 Multiple Share Classes 16 Designated Listings 16 Depositary Receipt Shares 17 Brazil Units 17 Dividends, Stock Splits, and Consolidations 18 Dividends 18 Regional Variations in the Treatment of Cash Dividends 19 Post Ex-date Dividend Adjustment 21 Foreign Exchange Conversions for Dividends 21 Multiple Dividend Distributions on a Single Day 22 S&P Dow Jones Indices: Equity Indices Policies & Practices 1 Dividend Not Quoted Ex by the Exchange 22 Bonus Issues of Shares Not Entitled To Cash Dividend 22 Total Return and Net Return Indices 22 Stock Split and Consolidation
    [Show full text]
  • Two Essays on Media Connections and Corporate Finance Policies
    TWO ESSAYS ON MEDIA CONNECTIONS AND CORPORATE FINANCE POLICIES by Md Miran Hossain A Dissertation Submitted to the Faculty of College of Business In Partial Fulfillment of the Requirements for the Degree of Doctor of Philosophy Florida Atlantic University Boca Raton, FL August, 2018 Copyright 2018 by Md Miran Hossain ii ACKNOWLEDGEMENTS I am highly grateful to my dissertation chair Dr. David Javakhadze for his supervision throughout the doctoral program. He has persistently encouraged me to work on high quality research projects. I feel blessed to have such an extraordinary scholar as my supervisor, mentor, instructor, and role model. Without his guidance and help this dissertation would not have been possible. I would also like to thank Dr. Luis Garcia- Feijoo for his invaluable advice and direction. His feedbacks were instrumental in shaping my dissertation. Besides, I have learnt a lot from his courses and I thank him for his outstanding leadership in the finance PhD program. I am thankful to my other committee member, Dr. Daniel Gropper, for his advice and encouragement. I greatly appreciate his time despite his extremely busy schedule. My sincere appreciation goes to the other faculty members of the finance department. I am thankful to Dr. Anna Agapova for her investments seminar class and collaboration in multiple research projects. Working with her has broadened my research agenda. I would like to thank Dr. Anita Pennathur for her capital markets seminar as her course furthered my understanding of research on financial markets. I am also grateful to Dr. Zarruk, Dr. Cole and other professors for creating a supportive environment in the department.
    [Show full text]
  • Monthly M&A Insider
    A mergermArket report on globAl m&A Activity Monthly M&A InsIder mArcH 2010 CONTENTS GlobAl overvIew 01 AsiA-PAcific 05 AmericAs: LAtin AmericA 16 North AmericA 24 euroPe 34 middLe eAst & AfricA 44 mergermarket Monthly M&A InsIder Part of the mergermarket group www.mergermarket.com 80 strand 895 Broadway #4 suite 2401-3 London, Wc2r 0rL new York, nY 10003 Grand millennium Plaza united Kingdom usA 181 Queen’s road, central hong Kong t: +44 (0)20 7059 6100 t: +1 212 686-5606 t: +852 2158 9700 f: +44 (0)20 7059 6101 f: +1 212 686-2664 f: +852 2158 9701 [email protected] [email protected] [email protected] global overview global overview global large-CaP TransforMaTioNal M&a appearS To be FirMly oN the CorPoraTe agenda. reMarKably, 2010 HaS So Far witnesseD SeveN US$10bN+ Transactions, exCeeDiNg announceD activiTy iN each oF the last three yearS over the SaMe TiMeFraMe. THe UNCerTaiN eCoNoMiC oUTlooK reMaiNS aN obSTaCle To M&a, However, iT DoeS NoT SeeM To be DeTerriNg MaNy woUlD-be aCqUirerS. a number oF Cash-rich and robust CorPoraTeS Clearly DeeM “Now” a gooD TiMe To Move, with Deal Flow beiNg DriveN by a DeSire To exPand and increaSe busiNess offeriNgS iN Key HigH growth MarKets. The largest deal of the year is a case in point in this regard in comparison to corporate M&a, private equity dealmaking with UK-based Prudential moving to acquire AIA group, at the top end of the market has remained relatively subdued. the pan-asian insurance provider, from AIG group for a However, activity is slowly beginning to return with buyout consideration of US$35.5bn.
    [Show full text]