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Lec2

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Lec2

  1. 1. “ Technology does not replace the hard work” Blog: - finance-chetana.blogspot.com Email: - dhandhania.atul@gmail.com
  2. 2. Corporate Restructuring <ul><ul><li>Merger </li></ul></ul><ul><ul><li>Consolidation </li></ul></ul><ul><ul><li>Acquisition </li></ul></ul><ul><ul><li>Divestiture </li></ul></ul><ul><ul><li>De-merger (Spin Off /Split Up / Split Off) </li></ul></ul><ul><ul><li>Carve Out </li></ul></ul><ul><ul><li>Joint Venture </li></ul></ul><ul><ul><li>Reduction of Capital </li></ul></ul><ul><ul><li>Buyback of Securities </li></ul></ul><ul><ul><li>Variation of the Shareholders’ Rights </li></ul></ul><ul><ul><li>LBO & MBO </li></ul></ul>
  3. 3. Takeover Tactics <ul><ul><li>Dawn Raid </li></ul></ul><ul><ul><li>Bear Hug </li></ul></ul><ul><ul><li>Saturday Night Special </li></ul></ul><ul><ul><li>Direct Offer to the Shareholders of the Target Company </li></ul></ul>
  4. 4. Defence Tactics <ul><ul><li>Crown Jewels </li></ul></ul><ul><ul><li>Blank Cheque </li></ul></ul><ul><ul><li>Shark Repellents </li></ul></ul><ul><ul><li>Poison Pill </li></ul></ul><ul><ul><li>Pacman </li></ul></ul><ul><ul><li>Green Mail </li></ul></ul><ul><ul><li>White Knight </li></ul></ul><ul><ul><li>Grey Knight </li></ul></ul><ul><ul><li>Golden Parachute </li></ul></ul><ul><ul><li>Legal Aspect of M&A </li></ul></ul>
  5. 5. Investment Banking & Merchant Banking <ul><li>Assisting capital market in the function of capital intermediation </li></ul><ul><li>Counterparts of commercial banks in capital market </li></ul><ul><li>“ Investment banking is what investment banks do” </li></ul><ul><li>-John F Marshall & M E Ellis </li></ul><ul><li>Trade Financing / Underwriting </li></ul><ul><li>Large blocks / Medium Blocks </li></ul><ul><li>M&A, Research, Fin. Consulting / Intl. financing </li></ul><ul><li>IPO & large offering / Bridge financing & Mezzanine financing </li></ul><ul><li>Fund based / Non fund based </li></ul>
  6. 6. FOREX <ul><li>Least volatile market </li></ul><ul><li>High leverage </li></ul><ul><li>Supply & demand </li></ul><ul><li>OTC </li></ul><ul><li>Spot, Forward & Future </li></ul><ul><li>Direct & Indirect quote </li></ul><ul><li>Cross currency </li></ul><ul><li>Bid & Ask, Spread & pips </li></ul><ul><li>Theories –PPP, Interest rate parity, Intl. Fisher effect, BOP </li></ul>

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