Creation of Shareholder Value in the Pfizer-AstraZeneca Deal - Couverture souple

B�der, Markus

9783668225930: Creation of Shareholder Value in the Pfizer-AstraZeneca Deal

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ISBN 10 : 3668225931 ISBN 13 : 9783668225930

Editeur : Grin Verlag, 2016

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Essay from the year 2015 in the subject Business economics - Investment and Finance, grade: 1.0, Northumbria University (Newcastle Business School), course: International Finance and Financial Management, language: English, abstract: The pharmaceutical sector has experienced a year of heavy consolidations, with a record breaking M&A volume of $250bn in 2014. From a shareholder perspective this should, however, cause serious concern as the deals very rarely maximise the owner's wealth. An illustration of this is the failed acquisition of AstraZeneca by US pharmaceutical giant Pfizer in spring 2014, when the British, despite strong strategic synergies, decided to reject an $117bn takeover bid, due to an insufficient price-offer. This essay is going to critically evaluate the concepts of shareholder wealth creation, in light of appropriate evaluation methods for bids and the influence of capital structure. It will be concluded that information asymmetry was one of the core issues in the case, as both parties ultimately misestimated potential synergies. Moreover, it is argued that irrational decisions, made by executive, can significantly impact and eventually destroy shareholder value.

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�diteurGrin Verlag
Date d'�dition2016
ISBN 10 3668225931
ISBN 13 9783668225930
ReliureBroch�
Langueanglais
Nombre de pages24
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Creation of Shareholder Value in the Pfizer-AstraZeneca Deal

Markus B�der

Edit� par GRIN Publishing, 2016

ISBN 10 : 3668225931 ISBN 13 : 9783668225930

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Taschenbuch. Etat : Neu. nach der Bestellung gedruckt Neuware - Printed after ordering - Essay from the year 2015 in the subject Business economics - Investment and Finance, grade: 1.0, Northumbria University (Newcastle Business School), course: International Finance and Financial Management, language: English, abstract: The pharmaceutical sector has experienced a year of heavy consolidations, with a record breaking M&A volume of $250bn in 2014. From a shareholder perspective this should, however, cause serious concern as the deals very rarely maximise the owner's wealth. An illustration of this is the failed acquisition of AstraZeneca by US pharmaceutical giant Pfizer in spring 2014, when the British, despite strong strategic synergies, decided to reject an $117bn takeover bid, due to an insufficient price-offer. This essay is going to critically evaluate the concepts of shareholder wealth creation, in light of appropriate evaluation methods for bids and the influence of capital structure. It will be concluded that information asymmetry was one of the core issues in the case, as both parties ultimately misestimated potential synergies. Moreover, it is argued that irrational decisions, made by executive, can significantly impact and eventually destroy shareholder value. N� de r�f. du vendeur 9783668225930

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Creation of Shareholder Value in the Pfizer-AstraZeneca Deal

Markus B�der

Edit� par GRIN Publishing Jul 2016, 2016

ISBN 10 : 3668225931 ISBN 13 : 9783668225930

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Vendeur : BuchWeltWeit Ludwig Meier e.K., Bergisch Gladbach, Allemagne

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Taschenbuch. Etat : Neu. This item is printed on demand - it takes 3-4 days longer - Neuware -Essay from the year 2015 in the subject Business economics - Investment and Finance, grade: 1.0, Northumbria University (Newcastle Business School), course: International Finance and Financial Management, language: English, abstract: The pharmaceutical sector has experienced a year of heavy consolidations, with a record breaking M&A volume of $250bn in 2014. From a shareholder perspective this should, however, cause serious concern as the deals very rarely maximise the owner's wealth. An illustration of this is the failed acquisition of AstraZeneca by US pharmaceutical giant Pfizer in spring 2014, when the British, despite strong strategic synergies, decided to reject an $117bn takeover bid, due to an insufficient price-offer. This essay is going to critically evaluate the concepts of shareholder wealth creation, in light of appropriate evaluation methods for bids and the influence of capital structure. It will be concluded that information asymmetry was one of the core issues in the case, as both parties ultimately misestimated potential synergies. Moreover, it is argued that irrational decisions, made by executive, can significantly impact and eventually destroy shareholder value. 24 pp. Englisch. N� de r�f. du vendeur 9783668225930

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