For this assignment you will evaluate one of the acquisition announcements listed below using the 3 Tests of an Acquisition. You will need to conduct research to complete all aspects of the assignment.
Create and upload a report of the results of your analysis, including the following:
Date of the announcement of the deal / price / any other details
What is the strategic intent of the acquisition (which of the 5 types of acquisition – Bower article)? Explain your reasoning.
At the time of the acquisition announcement, did it pass the 3 Tests of an Acquisition? Be sure to clearly state whether it passes or fails each of the 3 tests, providing support for your conclusions.
Attractiveness Test: Include Facts / Data on the target company’s industry and the target company to support your evaluation
Cost of Entry Test: Compare to similar recent acquisitions in the same or similar industry
Use the Earnings Multiple and/or Premium over Market Value (note: the Earnings Multiple is not applicable if the target company does not have positive EBITDA)
Use the terms and concepts from the Eccles article as support
Better Off Test: Synergy – Explain the types of synergies between the acquirer and target companies, and estimates of cost savings or value added.
Use terms and concepts from lecture video and the Eccles article
Based on your analysis, is this acquisition a good strategic move for the acquiring company? Why or why not?
Choose from the following recent acquisition announcements:
LVMH acquires Tiffany
CBS acquires Viacom
Google to acquire Fitbit
Salesforce acquires Tableau
AbbVie acquires Allergan
If you have a particular interest in a different recent acquisition or acquisition announcement, you are welcome to use it for this assignment However, be sure that both the acquiring and target firms are public companies.
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