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Essay / Research Paper Abstract
A 5 page paper discussing Harvard case 9-802-160, "Martin Smith: May 2002." The paper discusses the three choices before Martin and recommends that Martin promote the selection of Yellowstone Cattle Bank for his company. Bibliography lists 3 sources.
Page Count:
5 pages (~225 words per page)
File: CC6_KSfinAcqui.rtf
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Unformatted sample text from the term paper:
assessing which of three possible companies he should recommend for acquisition by his investment firm. The goal of any acquisition is to secure majority interest or outright ownership of
a promising firm that either has an IPO in its midterm future or can attract the interest of a larger firm seeking to acquire ownership of it. The three
companies that Martin is assessing all are very different and operate in three diverse industries. The companies are Rustica Industries, Yellowstone Cattle Bank (YCB) and Wildflower Corporation. General Considerations
In addition to the profit goal above, Martins company has other criteria. Observations and recommendations here assume that all of the companies
meet financial and general growth requirements; otherwise they would not be under consideration. Often, "acquirers prefer a high level of leverage because it enables them to maximize the magnitude
of post-merger performance gains relative to the cost of achieving those gains" (Hannan and Pilloff, 2006; p. 14). Rustica Industries Rustica looked attractive
in that it was the largest US "manufacturer of industrial wire and polymer systems" (Hardymon, Lerner and Leamon, 2002; p. 3) and held a 65 percent share of its market.
Martin was concerned that it carried low capacity utilization, however, particularly in light of the fact that it operated essentially in a saturated market that it had saturated.
Hannan and Pilloff (2006) address the point of high market share. Though a large share of the market often is classified as an
attractive characteristic of possible takeover targets (Curtis, n.d.), the reason for that is unclear: The business press is filled with claims that acquirers seek market share in choosing acquisition targets.
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