Sample on Strategic Finance for Managers by global assignment help

Sample Report On Strategic Finance for Managers

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Table of Contents TASK 1................................................................................................................................................. 3 PART A ................................................................................................................................................ 3 Brief description of the two companies involved in the merger ...................................................... 3 Initial offer and any subsequent offer ............................................................................................... 4 Reaction of the target by management ............................................................................................. 6 Defence mechanism ......................................................................................................................... 6 Role of takeover panel ...................................................................................................................... 7 SHARE ANALYSIS ............................................................................................................................ 7 AR calculations ................................................................................................................................ 7 Value of beta ................................................................................................................................... 10 CAR calculations............................................................................................................................ 10 AR and CAR Graphs ...................................................................................................................... 11 Relationship with research ............................................................................................................. 15 PART B .............................................................................................. Error! Bookmark not defined. CONCLUSION .................................................................................................................................. 16 REFERENCES................................................................................................................................... 18

TASK 1 PART A Brief description of the two companies involved in the merger Microsoft Corporation is a multinational technology company, listed on NASDAQ and headquartered in Redmond, Washington. Company design and manufacture computer software, personal computers, consumer electronics products and devices. It is one of the leading software developing company that have a strong product portfolio such as Windows, Offices, Skype, Dynamics, Visual Audio and Servers etc. The aim of the company is to empower each and every person

the

improvements.

plant

the

to other

achieve hand,

LinkedIn is a social networking sites traded on

NYSE

and

operates

worldwide.

Company renders professional networking services especially to the recruiters and sales professionals to create their profiles to interact

with

each

other

via

social

networking. So that, users can interact each other

without

the

need

website

development. It is the worldâ&#x20AC;&#x2122;s biggest professional networking company which aimed at building a strong and growing business (McNeil, Frey & Embrechts, 2015). As a strategic and savvy move, Microsoft acquired LinkedIn Corporation worth $26.2 billion dollar. The main purpose of this merger is to jump towards software packages by having vast network of LikedIn Corporation. It proves as one of the largest and riskiest acquisition in the corporate history. One main reason behind such behind such merger is to use LinkedIn wide network to deliver best value to the customers in return for their money invested. There are number of parties involved in this merger as, Microsoft Corporationâ&#x20AC;&#x2122;s Certified Executive Officer (CEO), named Satya Nadella announced a definitive agreement in 2016 to acquire LinkedIn valued at $196 each share while the total value of acquisition valued at $26.2

billion. While, in the agreement, it has been decided that LikedIn Corp’s CEO, Jeff Weiner will remain in this position and report to the Satya Nadella (Gara, 2016.). Moreover, board members such as Reid Hoffman, Board Chairman and Co-founder of LikedIn group are also involved in this acquisition and give their acceptance for approval of merger. This merger gives an opportunity to the Microsoft to bring significant level of changes to connect entire world (Lind & et.al., 2012). Moreover all the investors are also considered as important stakeholder involved in the merger because without their approval, it is not possible to acquire LinkedIn by Microsoft Corp (4 Reasons why Microsoft wasted $26.2 billion to buy LikedIn, 2016). In addition to this, Chief Financial Officer (CFO) named Amy Hood, Chief Legal Officer (CLO) Brad Smith, Co-founder Bill Gates. Microsoft’s President, financial advisor Morgan Stanley, legal advisor Simpson Thacher and Barlett, LikedIn’s financial advisor and Qatalyst Partners, Allen & Company and legal advisor Wilson Sonsini Goodrich & Rosati, are the parties who are involved in this acquisition (Microsoft News Center, 2016). LikedIn’s BOD and associated members given their consent on the offer presented by Microsoft and deal is expected to close down at the end of the year. Initial offer and any subsequent offer On 13 June, 2016 at 8:30 AM, Microsoft and LinkedIn organized a joint conference call with the investors to present initial acquisition offer via web telecast at Microsoft’s official website. The web

telecast

hosted

the

company’s

CEO, Amy Hood,

President,

Brad

Smith

Microsoft News Center.

In the

press release, a forward-looking statement

has

been

released

containing the information about potential impact of the offer such as result, inherent risk, legal proceeding, effect on business relationship and result in the forthcoming period (Green, 2016). Initially, MSFT announced to takeover LinkedIn at lower price, but due to bidding from sales force, it pushed deal prices by 22%

or roughly by $5 billion during a period of two months. It increased acquisition price per share to $196 (Green. 2016). Although, LIâ&#x20AC;&#x2122;s share price has been declined by 40% and generate lower yield than expected resulted in net loss of $165 billion. But still, health premium offered by MSFT to 50% over the trading price $133/share is a beneficial deal for LI, as a result, LI agreed to merge with Microsoft (Green. 2016). As per the graph, it can be seen that offer

value

$26.2

billion

approximately 91 times of its EBITDA (Earnings

before

interest,

taxes,

depreciation and amortization), however, excluding net cash, it is about 84 times to EBITDA. Moreover, Microsoft also held decisions to acquire Likedin at $250 million as venture capitalists and deal has been finalised. M&A offer that Microsfot Corp presented to LikedIn indicates that it will result in 19% year by year (YOY) growth by having more than 433 million across world, 9% YOY growth by having more than 105 million members each month, 49% YOY by increasing mobile usage to 60%, 49% YOY growth by maximizing mobile usage to 60%, 34% growth YOY by increasing member page views to 45 billion and increasing 101% growth by having more than 7 million active job listing. This M&A offer has been presented by MSFT so as to boost its overall productivity via maximizing the viral growth of social media. However, it will be beneficial for the LI because although company has strong social network revenue base, but still, recently its turnover growth rate slowed down. Henceforth, it becomes essential for the board of directors and CEO Weinner to rethink and redesign its business strategies to make it easier for the users to use their products and services (GordiÄ&#x2021; & et.al., 2010). This

acquisition will enable LikedIn Corp to enlarge their customer base and make it useful for the people to share their updates. This skepticism will jeopardy rival bidders and bring huge market opportunity to maximize target consumer base and maximize profitability to a great extent.

Reaction of the target by management

With regards to planned M&A, both MSFT and LI’s CEO Satya Nadella and Jeff Weinger were excited and tell their staff member about the deal. They assumed that this deal will bring together world’s largest professional cloud company and leading professional networking company. It will bring fantastic and excellent network by having more than 433 million professionals. Moreover, potential increase in number of commercial and dynamic offices to 365 will assist business to reinvent its productivity and operational processes (McKinney, 2015). Henceforth, it is a profound opportunity for both the companies to reinvent business functions like selling, marketing and talent managerial functioning. Linkedin’s mission is to connect whole world’s professional to increase their productivity. Henceforth, merger with Microsoft is an opportunity exists to LinkedIn to accomplish the business target. Thus, it will accelerate business growth and build-up a strong corporate image in the market. Defence mechanism In order to manage high cost of acquisition, MSFT decided to finance first by issuance of new indebtedness. Moreover, for proper reporting, it has been agreed to report LI’s finance as MSFT’s Productivity and Business segment. In order to get acquisition rights, MSFT expects minimal

dilution of 1% to non-GAAP earnings per share consists of reporting practices, integration, transaction-based expenses (Aula, 2010). Implementing post-acquisition integration strategy works as a keystone of a successful acquisition with LikedIn Corporation. Role of takeover panel Takeover panel, shortened to PTM is a regulatory body situated in London, England. The body is responsible and accountable to regulate and monitor takeovers and mergers undertaken by the company. This panel has been established under the 171 section of ASIC act (Australian Securities and Investment Commission Act). It plays an essential role to make sure that all the shareholders are treated equally and well during the period of takeover bids (Ugboro, beng & Spann, 2010). PTM has wider authority and power to declare such circumstances that are unacceptable. Moreover, it also plays an inevitable role in mitigating issues and resolve complexities associated with the acquisition of LinkedIn with Microsoft Corporation. Both the companies are liable to follow PTMâ&#x20AC;&#x2122;s rules, regulations and principles to have successful merger plan.

SHARE ANALYSIS AR calculations Abnormal return, shortened to AR represents the surplus or shortage of estimated return on share over actual return. In other words, it can be stated that abnormal return indicates differences between expected or actual return on an event date. In such respect, actual return is computed by identifying the percentage changes in share prices through comparing the prices with earlier date, whilst, expected return is computed by taking into account industrial benchmark and market volatility through beta (Frigo & Anderson, 2011). With the help of this, both the companies MSFT and LI can compare their stock performance with the investorsâ&#x20AC;&#x2122; expectations. Regarding to current scenario; Microsoft Corporation announced acquisition with LinkedIn on 13 June, 2013. Its share performance by measuring expected and actual return before the period of announcement date and post-announcement are done below:

Date

Microso ft

Actual return(% change)

LinkedI n

Actual return(% change)

NYSE prices

29-Jul16 28-Jul16 27-Jul16 26-Jul16 25-Jul16 22-Jul16 21-Jul16 20-Jul16 19-Jul16 18-Jul16 15-Jul16 14-Jul16 13-Jul16 12-Jul16 11-Jul16 8-Jul-16

56.68

0.008362

192.73

-0.00279

10785.51

56.21

0.000356

193.27

0.005044

56.19

-0.01004

192.3

56.76

0.000529

56.73

Actual return(% change)

E[R] of Microsof t

Abnorma l return (MSFT)

0.003849

1.066095

-1.05773

10744.16

0.000409

1.062655

-1.0623

-0.0013

10739.77

-0.00308

1.059163

-1.06921

192.55

0.003178

10772.99

0.001912

1.064159

-1.06363

0.002828

191.94

0.010476

10752.43

-0.00487

1.057377

-1.05455

56.57

0.013799

189.95

0.002005

10805.04

0.004315

1.066561

-1.05276

55.8

-0.00197

189.57

0.000106

10758.62

-0.00319

1.059052

-1.06102

55.91

0.053117

189.55

-0.00163

10793.1

0.003212

1.065459

-1.01234

53.09

-0.01612

189.86

0.001371

10758.54

-0.00321

1.059038

-1.07516

53.96

0.004842

189.6

0.000158

10793.17

0.001861

1.064108

-1.05927

53.7

-0.00074

189.57

0.001373

10773.12

-0.00125

1.060994

-1.06174

53.74

0.004298

189.31

-0.0029

10786.63

0.004884

1.067131

-1.06283

53.51

0.005638

189.86

-0.00231

10734.2

0.000691

1.062937

-1.0573

53.21

0.011789

190.3

0.000158

10726.79

0.009371

1.071618

-1.05983

52.59

0.005545

190.27

-0.00089

10627.2

0.005242

1.067489

-1.06194

52.3

0.017906

190.44

0.001262

10571.78

0.015154

1.0774

-1.05949

7-Jul-16

51.38

190.2

-0.00131

10413.97

-0.00264

1.059602

-1.0596

6-Jul-16

51.38

0.004104

190.45

0.002316

10441.58

0.003078

1.065324

-1.06122

5-Jul-16

51.17

0.000195

190.01

0.002691

10409.54

-0.0101

1.052145

-1.05195

1-Jul-16

51.16

-0.0002

189.5

0.001321

10515.76

0.002479

1.064725

-1.06492

E[R] of LI

0.90057 0.90401 -0.9075 0.90251 0.90929 -0.9001 0.90761 -0.9012 0.90763 0.90256 0.90567 0.89953 0.90373 0.89505 0.89918 0.88926 0.90706 0.90134 0.91452 -

Abnor mal return of Linke din 0.897 775 0.909 053 0.906 203 0.905 683 0.919 763 0.902 107 0.907 717 0.899 572 0.908 997 0.902 714 0.907 043 0.896 636 0.901 414 0.895 204 0.898 282 0.890 525 0.905 749 0.903 655 0.917 21 0.903

30-Jun16 29-Jun16 28-Jun16 27-Jun16 24-Jun16 23-Jun16 22-Jun16 21-Jun16 20-Jun16 17-Jun16 16-Jun16 15-Jun16 14-Jun16 13-Jun16 10-Jun16 9-Jun-16

51.17

0.012465

189.25

-0.00179

10489.76

0.013451

1.075698

-1.06323

50.54

0.022249

189.59

0.000475

10350.53

0.018637

1.080883

-1.05863

49.44

0.020855

189.5

0.000317

10161.16

0.018812

1.081058

-1.0602

48.43

-0.0281

189.44

-0.00352

9973.54

-0.02062

1.041628

-1.06972

49.83

-0.04007

190.11

-0.00179

10183.51

-0.04301

1.019238

-1.05931

51.91

0.018043

190.45

0.000683

10641.17

0.016052

1.078298

-1.06026

50.99

-0.00391

190.32

-0.00246

10473.06

-0.00169

1.060557

-1.06446

51.19

0.022369

190.79

-0.0001

10490.78

0.0039

1.066146

-1.04378

50.07

-0.0012

190.81

5.24E-05

10450.03

0.009866

1.072112

-1.07331

50.13

-0.00516

190.8

-0.00277

10347.94

0.002432

1.064678

-1.06984

50.39

0.014087

191.33

0.000209

10322.84

0.002494

1.06474

-1.05065

49.69

-0.00281

191.29

-0.00177

10297.16

0.00025

1.062496

-1.06531

49.83

-0.00618

191.63

-0.00302

10294.59

-0.00527

1.056972

-1.06315

50.14

-0.02603

192.21

0.466356

10349.18

-0.00928

1.052968

-1.079

51.48

-0.00271

131.08

-0.03985

10446.1

-0.01357

1.048675

-1.05139

51.62

-0.00807

136.52

0.019948

10589.82

-0.00456

1.057684

-1.06575

8-Jun-16

52.04

-0.00115

133.85

0.001122

10638.36

0.003693

1.065939

-1.06709

7-Jun-16

52.1

-0.00058

133.7

-0.01474

10599.22

0.004207

1.066453

-1.06703

6-Jun-16

52.13

0.006565

135.7

0.004664

10554.82

0.006377

1.068623

-1.06206

3-Jun-16

51.79

-0.01315

135.07

-0.01048

10487.94

3.43E-05

1.062281

-1.07543

2-Jun-16

52.48

136.5

10487.58

0.90194 0.89097 0.88578 0.88561 0.92504 0.94743 0.88837 0.90611 0.90052 0.89455 0.90199 0.90192 0.90417 0.90969 -0.9137 0.91799 0.90898 0.90072 0.90021 0.89804 0.90438 0.90057

26 0.889 172 0.886 256 0.885 922 0.921 512 0.945 64 0.889 049 0.903 643 0.900 413 0.894 604 0.899 216 0.902 132 0.902 393 0.906 675 1.380 052 0.878 141 0.928 928 0.901 846 0.885 472 0.902 705 0.893 907 0.897 775

Value of beta It indicates volatility in portfolio in comparison to the overall market and helps to compute expected return of an individual companyâ&#x20AC;&#x2122;s stock and assets. With reference to both the MSFT and LinkedIn, it beta value by taking into account volatility in NYSE index is calculated here as under: Value Beta Alpha

MSFT 1.061083 0.001164

LinkedIn -0.91613 0.01171

CAR calculations CAR is just the cumulative values of abnormal return for the event, in other words, it refers to sum of abnormal returns (Green. 2016). With reference to the given scenario, cumulative abnormal return for pre and post-announcement of MSFT and LinkedIn are computed below: Date 29-Jul-16 28-Jul-16 27-Jul-16 26-Jul-16 25-Jul-16 22-Jul-16 21-Jul-16 20-Jul-16 19-Jul-16 18-Jul-16 15-Jul-16 14-Jul-16 13-Jul-16 12-Jul-16 11-Jul-16 8-Jul-16 7-Jul-16 6-Jul-16 5-Jul-16 1-Jul-16 30-Jun-16 29-Jun-16 28-Jun-16

AR (Microsoft) -1.05773 -1.0623 -1.06921 -1.06363 -1.05455 -1.05276 -1.06102 -1.01234 -1.07516 -1.05927 -1.06174 -1.06283 -1.0573 -1.05983 -1.06194 -1.05949 -1.0596 -1.06122 -1.05195 -1.06492 -1.06323 -1.05863 -1.0602

CAR (Microsoft)

AR (LikedIn)

-1.05773 -2.12003 -1.06921 -2.13283 -1.05455 -2.10731 -1.06102 -2.07336 -1.07516 -2.13443 -1.06174 -2.12457 -1.0573 -2.11713 -1.06194 -2.12144 -1.0596 -2.12082 -1.05195 -2.11687 -1.06323 -2.12187 -1.0602

0.897775 0.909053 0.906203 0.905683 0.919763 0.902107 0.907717 0.899572 0.908997 0.902714 0.907043 0.896636 0.901414 0.895204 0.898282 0.890525 0.905749 0.903655 0.91721 0.90326 0.889172 0.886256 0.885922

CAR (LikedIn) 0.897775 1.806827 2.71303 3.618713 4.538476 5.440583 6.3483 7.247873 8.15687 9.059584 9.966627 10.86326 11.76468 12.65988 13.55816 14.44869 15.35444 16.25809 17.1753 18.07856 18.96773 19.85399 20.73991

27-Jun-16 24-Jun-16 23-Jun-16 22-Jun-16 21-Jun-16 20-Jun-16 17-Jun-16 16-Jun-16 15-Jun-16 14-Jun-16 13-Jun-16 10-Jun-16 9-Jun-16 8-Jun-16 7-Jun-16 6-Jun-16 3-Jun-16 2-Jun-16

-1.06972 -1.05931 -1.06026 -1.06446 -1.04378 -1.07331 -1.06984 -1.05065 -1.06531 -1.06315 -1.079 -1.05139 -1.06575 -1.06709 -1.06703 -1.06206 -1.07543

-2.12993 -1.05931 -2.11956 -1.06446 -2.10824 -1.07331 -2.14315 -1.05065 -2.11596 -1.06315 -2.14215 -1.05139 -2.11714 -1.06709 -2.13412 -1.06206 -2.13749

0.921512 0.94564 0.889049 0.903643 0.900413 0.894604 0.899216 0.902132 0.902393 0.906675 1.380052 0.878141 0.928928 0.901846 0.885472 0.902705 0.893907

21.66142 22.60706 23.49611 24.39976 25.30017 26.19477 27.09399 27.99612 28.89851 29.80519 31.18524 32.06338 32.99231 33.89416 34.77963 35.68233 36.57624

AR and CAR Graphs

Figure 1 Pre-announcement abnormal return of Microsoft

Figure 2Pre-announcement abnormal return of LinkedIn

Figure 3 Pre-announcement cumulative abnormal return of Microsoft

Figure 4 Post-announcement abnormal return of Microsoft

Figure 5 Pre-announcement cumulative abnormal return of LinkedIn

Figure 6 Post-announcement abnormal return of LikedIn

Figure 7 Post-annoucement cumulative abnormal return of Microsoft

Figure 8 LinkedIn's post-announcement cumulative abnormal return Relationship with research As per the calculation, it can be seen that before the announcement of acquisition, in the initial period, MSFT’s stock performance tends to increase, but at the closure of announcement, it goes decrease. However, on the other hand, after the announcement, suddenly its stock price moves upward while, thereafter, it dropped down and then fluctuations continuously. Volatile trends in actual and expected return are the reasons for the movement in share’s abnormal return (Sofat & Hiro, 2015). However, its CAR shows a constant movement whether before and after the announcement of acquisition. From the presented graph, it can be seen that actual return of the MSFT Corporation got increased from negative 0.01315 to positive return of 0.0065, while, thereafter, it is showing volatile trend till acquisition. Moreover, on 21st June 2016, actual return suddenly goes to peak level of 0.022369 as stock prices got changed from 50.07 to 51.19. However, after the period, it is continuously decreased to 50.54 on 29 June 2016 (Warren, 2016). During the period of 1st July to 29th July, stock price got improved from 51.16 to 56.58 which show that MSFT’s share price got improved, but still, the rate of growth in the stock prices is fluctuating. Fluctuations in beta value are the main reason behind volatile return as it measures the volatility or systematic risk of a portfolio comparison to the market as a whole. In relation to Microsoft

Corporation, volatility in NYSE index and its movement is the reason for fluctuating return in the MSFT. Moreover, in comparison to actual return, expected return is increasing or decreasing at lower rate, resulted in fluctuating abnormal and cumulative abnormal return after announcement. However, in context to LinkedIn Corporation, it has been found that cumulative abnormal return (CAR) of LinkedIn was higher. For example, on 3rd June CAR was 36.57 which is continuously decreasing till 13th June. At the same time, abnormal return (AR) is also fluctuating with the passage of time. According to the table, AR on 3 June was .89 which increased on 6 th till .90 but on next day again it decreased and reached to 88. Furthermore, the period post merger is showing that AR has been decreased on 14th June to .9066 and on next day minor changes were observed as .9023. This is showing that merger does not have significant impact on magnitude of expected and actual return generated by the corporation. Linkedin already was already having variation in its return which tends to affect overall performance of the business in the marketplace. Apart from this, CAR has been reduced to a great extent after the announcement of merger. This affected performance of the corporation to a great extent. It is because on 14th June CAR was 29.80 but on 1 July it reached to 18.07. Moreover, till the end of July month CAR reduced to .89. Therefore, on the basis of AR and CAR, it can be said that announcement of company has significant impact because initially return was decreasing the amount of variation was less. It can be critically evaluated, that prior announcement of merger both AR and CAR were reducing continuously (Li & Zhang, 2015). However, difference was greater in the reduction of CAR whereas AR was having fluctuating trend. Owing to this, CAR can be considered as the imperative aspect in assessing the impact of merger announcement on overall performance of the firm. Thus, CAR indicates that performance of company is going down which and cumulative abnormal return generated by the firm is showing continuous downward trend.

CONCLUSION After examining the fluctuations in stock performance of both the MSFT and LikedIn, it has been examined that after announcement, MSFTâ&#x20AC;&#x2122;s AR shows a sudden increase in the positive

abnormal return immediately after announcement and thereafter shows a volatile trend. However, LinkedIn’s share prices is increased after some days of announcement adversely due to higher investors return expectation as compare to actual return. However, on the other hand, both the company’s pre and post announcement shows a constant movement, but still, MSFT’s share price is increasing or decreasing at same rate, whilst, LI’s stock price shows a continuous upward trend.

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