Examinando por Materia "Fusiones y adquisiciones"
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Ítem A private equity firm to acquire the furniture company La-Z-Boy(Universidad EAFIT, 2019) Puyo Velásquez, Martín; N/AA leveraged buyout (LBO) is a common transaction within private equity firms, although not restricted to them. It refers to a transaction in which a company buys out another company, often buying the entirety of the outstanding shares and funding the transaction with debt. This type of transaction has both proponents and opponents, because while it may be true that the use of debt increases the return on equity, it may also be the case that an otherwise company with a strong balance sheet be turned into a financially distressed company. This paper goes through the process of structuring an LBO and assessing the implications that it could have for both the company and its investors.Ítem La cláusula del cambio material adverso(Universidad EAFIT, 2021) Echavarría López, Marcela Isabel; Palacio Botero, MarcelaThe Material Adverse Clause is used in mergers and acquisitions with the intent to allow the parties to determine the acquirer’s possibility to terminate the contract without incurring in breach of contract. This Clause has had its main development in The United States, especially through jurisprudence of the Delaware Court, that seek to resolve conflicts when an acquirer alleges the existence of a material adverse change in order to terminate the contract. From these, the essential elements will be taken into account in order to understand the concept and legal effects, and from here on, analyze the possibility of using it and applying the Clause and concept of the material adverse change in Colombia.Ítem Determinación de la rentabilidad posfusiones : un estudio de caso(Universidad EAFIT, 2022) Londoño Cortes, Anthony; Gaitán Riaño, Sandra ConstanzaThe present investigation determined the post-merger profitability of the companies Tropitiendas, Surticaldas, Serviventas and Serviexpress, which are dedicated to the wholesale and retail distribution and marketing of all kinds of food and home consumption products. For this, a quantitative analysis was carried out to determine if the merger generates or destroys economic value once the business restructuring process has been carried out. To achieve this objective, financial and accounting information was collected from the companies mentioned during the years 2016 to 2019. The main historical and projected financial indicators were analyzed and the DuPont and Altman Z-score analyzes were made. Afterwards, the three individual firms and the organization resulting from the merger were valued using the methodology of discounted cash flows and added economic value. The results showed that the merger generated synergy, increasing value for shareholders through process optimization and greater competitiveness in the market.Ítem Factores influyentes de las adquisiciones y fusiones de generación eléctrica en el mundo(Universidad EAFIT, 2020) Zea Cano, María Fernanda; Pérez Mejía, María del Mar; Bohórquez Correa, SantiagoThe mergers and acquisitions (M&A) in the area of electricity generation is caused by many factor such as macroeconomics variables, technology, and institutions of the countries. In this document we chose different variables from the groups mentioned earlier with the target to analyze the behavior of the M&A with regard to the variables chosen. This was stimulated with a model based in the metodogic panel data with fixed effect. Our findings include the macroeconomics variables chosen aren't significant in the model, while the institutions vary significantly at 10% as well as with some of the electric generation tecnologiesÍtem Fusiones y adquisiciones como estrategia para la integración vertical en la industria del alambrón(Universidad EAFIT, 2019) Arias Arbeláez, Felipe Alonso; Bravo Valbuena, Juan Sebastián; Gaitan Riaño, Sandra ConstanzaIn the following case, the process of acquiring an asset package offered by the Spanish company Aceros y Aceros S.L. for the sustained growth of the Brazilian company Ferro e Aço da Bahia S.A.R.L through vertical integration is presented. The purchase process and the consequences of this process are treated in the development of the case to illustrate the importance of the experience beyond the technical knowledge and how a comprehensive management achieves, among other things, increase the economic group's income and generate an environment of stability.Ítem Fusiones y adquisiciones en Latinoamérica, gobierno corporativo y modelo gravitacional(Elsevier, 2014) Vasco, Mateo; Cortés, Lina M; Gaitán, Sandra; Durán, Iván A.; Escuela de Economía y Finanzas, Universidad EAFIT, Medellín, Colombia; Escuela de Economía y Finanzas, Universidad EAFIT, Medellín, Colombia, Facultad de Economía y Empresa, Departamento de Economía, Salamanca, España; Escuela de Economía y Finanzas, Universidad EAFIT, Medellín, Colombia, A.B. Freeman School of Business, Tulane University, New Orleans, United States; Finance Department, Prince Sultan University, Riyadh, Arabia Saudita; Economía y Finanzas; Finanzas; Grupo de Investigación Finanzas y BancaÍtem Modelo resultante de la fusión entre Almacén París S. A. y una empresa del sector de la construcción en Colombia(Universidad EAFIT, 2022) Hernández Toro, Juan Pablo; Pérez Arbeláez, SebastiánÍtem Proceso de ASC - DESEMPEÑO EMPRESARIAL: EFECTO SOBRE LA CREACION DE VALOR EN EMPRESAS COLOMBIANAS POST-M&A(Universidad EAFIT, 2019) Cortés, Lina M.; Cárdenas, Santiago; Daza, Geraldine; Moreno, Alejandro; Universidad EAFITMergers and acquisitions (M&A) are a strategy for companies to achieve different objectives, including the creation of shareholder value. The objective of this study is to explore methodologies and variables that allow quantifying results on the creation of value after strategic alliances via M&A. This research studies events of Colombian companies belonging to the manufacturing sector in the period 1998-2017.Ítem Reforma regulatoria energética en Europa: impacto de los cambios de control corporativo sobre el valor de las empresas(Universidad EAFIT, 2012-10-15) García, John J.; Gutiérrez, Luis H.; Trillas, FrancescThe deregulation process of the European power sector generated strategic moves by the power companies leading to a complete reordering of the European electric market that brought out an upsurge of mergers and acquisitions. This paper researches how the following wave of mergers and acquisitions that took place in the 2000 impacted the market value for the acquiring and selling companies that took part of it. With this objective and making use of the event study methodology, and OLS, GARCH, and SURE econometric techniques, we found that mergers and acquisitions had a positive and significant effect on the average market price in public stock exchanges for the companies that were target which is consistent with previous studies.Ítem The stock market reaction to mergers and acquisitions : evidence from the banking industry(Universidad EAFIT, 2020) Lozada Hernández, Juan Manuel; Cortés Durán, Lina MarcelaMergers and acquisitions (M&As) are mainly a mechanism used in the Latin American banking industry to carry out business consolidation. This paper focuses on the effect of M&A announcements on stocks of Latin American banks and their rivals between 2000 and 2019. We evaluate two impacts of M&A announcements: impacts on cumulative abnormalreturns(CAR)andimpactsonevent-inducedvariance(EIV).WeusetheGARCHbased event-study method. We find that acquirers and target banks have a statistically significant CAR, however, the sign is inconclusive. Rivals of acquirers and targets are not affected by M&A announcements. In general, we observe that EIV is negative for acquirers, targets, and rivals. Finally, we estimate a multivariate GARCH model to isolate the effects of co-movements of volatility between the acquirer and the target, and we find that the results remain qualitatively equal.