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Airgas Inc. / Air Liquide SA: Acquisition premium, Merger arbitrage, Value creation in Cash-offers

F0535(GB)
Résumé
On November 17th, 2015, Air Liquide, the world leader in gases, technologies and services for industry and health announced a cash offer of 143 USD per share for Airgas, Inc., one of the leading suppliers of industrial gases and associated products and services in the U.S. On the eve of the acquisition, Airgas' share price closed at 106.18 USD. Hence, the acquisition represents a substantial premium for Airgas' shareholders. Given this acquisition premium, the value creation for Airgas' shareholders was undoubtedly high but to what extent exactly? When did the Airgas' shareholders decide to sell their shares? If Airgas' shareholders sold their shares, who bought them and for what purpose? Was this acquisition also beneficial for Air Liquide shareholders?
Objectifs pédagogiques
- Learn how to calculate the acquisition premium.
- Analyse and forecast the market reaction on the announcement of a merger.
- Learn how to conduct merger arbitrage in a cash offer.
- Learn how to calculate the expected gains/losses of an arbitrager if the deal succeeds/fails.
- Analyse the long-term performance of the merger arbitrage strategy.
- Analyse the impact of a merger on shareholder wealth.
- Learn how to calculate the total return of a merger.
Mots-clés
Merger - Acquisition - M&A - Premium - Value creation - Arbitrage
Public
M1, M2, Mastères spécialisés, écoles d'ingénieurs
Executive Education : MBA, Executive MS
Secteur d'activité
Industry
Caractéristiques particulières
- PPT : debriefing (50 slides)
2015
Livraison par lien de téléchargement
6 avec 11 page(s) annexe(s)
3h00
40 - Production et distribution d'électricité, de gaz et de chaleur
Oui (14 pages) - incluse

Adhérents : 360,00 € HT / Non adhérent : 720,00 € HT
Campus*
* Usage illimité pour un campus sans limite de nombre d'étudiants.