Spotless Group: Is it Worth A$1.15 Per Share?
商品編號：9B20N041
出版日期：2020/12/07
再版日期：2020/12/07
商品來源：
商品主題：Finance
商品類型：Case (Pub Mat)
涵蓋議題：valuation;discounted cash flow;multiples;mergers & acquisitions
難易度：4 - Undergraduate/MBA
內容長度：16 頁
地域：Australia
產業：Other Services;
事件年度：2017
On March 21, 2017, Downer EDI Limited, a leading provider of engineering, construction, and infrastructure management services in the Australasia region, announced an unsolicited offer for Spotless Group Holdings at A$1.15 per share, to be funded largely by a fully underwritten renounceable two-for-five rights issue at A$5.95 per share. Although an offer for Spotless Group Holdings was not unexpected, the market was surprised at the considerable premium of 58 per cent above the previous day’s closing price of A$0.725. With the institutional portion of the rights offering due to close the following day, an equity analyst with a large institutional fund that was a major shareholder of Downer EDI Limited, had little time to complete a thorough valuation analysis of Spotless Group Holdings. If the analyst determined that Downer EDI Limited was overpaying for Spotless Group Holdings, she would recommend that the fund turn down the rights offering and sell its stake in Downer EDI Limited.
教學手冊：8B20N041;
補充材料：7B20N041;