Corporate restructuring refers to changes in ownership, business mix, assets, and alliances to enhance shareholder value. It involves ownership restructuring, business restructuring, and asset restructuring through mergers, acquisitions, divestitures, and other methods. Mergers can be horizontal, vertical, or conglomerate. Motives for restructuring include limiting competition, utilizing underused resources, achieving economies of scale, and gaining access to new markets. Legal procedures and valuation methods are required for mergers and acquisitions.
This presentation enumerates the practical aspects of merger, demerger and reduction of capital and the strategies involved therein. It also highlights certain key issues involved in corporate restructuring.
The Concept
A stable strategy arises out of a basic perception by the management that the firm should concentrate on using its present resources for developing its competitive strength in particular market areas.
In simple words, stability strategy refers to the company’s policy of continuing the same business and with the same objectives
A firm pursues stability strategy when
1. It continues to serve the public in the same product or service, market, and function sectors as defined in its business definition.
2. Its main strategic decisions focus on incremental improvement of functional performance.
2. Corporate Restructuring is the process of redesigning one or more aspects of a company.
3. The process of reorganizing a company may be implemented due to a number of different factors, such as positioning the company to be more competitive, surviving a currently adverse economic climate, or acting on the self confidence of the corporation to move in an entirely new direction.
This presentation enumerates the practical aspects of merger, demerger and reduction of capital and the strategies involved therein. It also highlights certain key issues involved in corporate restructuring.
Organizations are human systems and their system structure includes the worldview, beliefs, and mental models of their leaders and members. Changing organizational
behavior requires changing the belief system of its personnel. This process of changing beliefs, learning, requires clear, open communications throughout the organisation.
Organizational performance ultimately rests on human behavior and improving performance requires changing behavior. Therefore corporate restructuring should have as a fundamental goal the facilitation of clear, open communication that can enable organizational ongoing learning and clarify accountability for results.
Continuous organizational learning is necessary to stay up to date. Organizations that cannot or will not learn will become obsolete. Leaders must periodically examine the structure of their organization to assure that it continues to provide an environment for organizational learning. The points of leverage in organizations are the beliefs and worldview of their decision makers. The sense of purpose, vision and commitment of an organization's leadership play a critical role in the results it can accomplish.
This presentation enumerates the practical aspects of merger, demerger and reduction of capital and the strategies involved therein. It also highlights certain key issues involved in corporate restructuring.
The Concept
A stable strategy arises out of a basic perception by the management that the firm should concentrate on using its present resources for developing its competitive strength in particular market areas.
In simple words, stability strategy refers to the company’s policy of continuing the same business and with the same objectives
A firm pursues stability strategy when
1. It continues to serve the public in the same product or service, market, and function sectors as defined in its business definition.
2. Its main strategic decisions focus on incremental improvement of functional performance.
2. Corporate Restructuring is the process of redesigning one or more aspects of a company.
3. The process of reorganizing a company may be implemented due to a number of different factors, such as positioning the company to be more competitive, surviving a currently adverse economic climate, or acting on the self confidence of the corporation to move in an entirely new direction.
This presentation enumerates the practical aspects of merger, demerger and reduction of capital and the strategies involved therein. It also highlights certain key issues involved in corporate restructuring.
Organizations are human systems and their system structure includes the worldview, beliefs, and mental models of their leaders and members. Changing organizational
behavior requires changing the belief system of its personnel. This process of changing beliefs, learning, requires clear, open communications throughout the organisation.
Organizational performance ultimately rests on human behavior and improving performance requires changing behavior. Therefore corporate restructuring should have as a fundamental goal the facilitation of clear, open communication that can enable organizational ongoing learning and clarify accountability for results.
Continuous organizational learning is necessary to stay up to date. Organizations that cannot or will not learn will become obsolete. Leaders must periodically examine the structure of their organization to assure that it continues to provide an environment for organizational learning. The points of leverage in organizations are the beliefs and worldview of their decision makers. The sense of purpose, vision and commitment of an organization's leadership play a critical role in the results it can accomplish.
Training FUTURUM : Restructuring Transactions under Common Controlmputrawal
Training FUTURUM : Restructuring Transactions under Common Control
Date : See at the website “futurum corfinan” (2-day training)
Venue : Hotel at Jakarta Pusat
Notes :
Presentation slides will be distributed in softcopy
Minimum participants = 10 persons
After the training, participants are allowed to discuss about the training materials via email in the website
Contact email : futurumcorfinan@gmail.com
Visit Website and Training Testimonials : google “futurum corfinan”
Corporate planning ,Inventory Management,Capitalization of Profit,Under-Capitalization,Ownership Securities,Gearing of Capital,Capital structure,Right Issue,Receivable Management,Creditorship securities,Financial Forecasting,Trading on Equity,Over capitalization, Control of Capital,Valuation of corporate securities,Long-Range Financial Planning,Factors that Influence a Company's Capital-Structure Decision,Meaning and Definition of Over-Capitalization,The main advantages or merits of over capitalization,Over Capitalization Demerits/ Disadvantages
Corporate restructuring is an action taken by the corporate entity to modify its capital structure or its operations significantly. Generally, corporate restructuring happens when a corporate entity is experiencing significant problems and is in financial jeopardy.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
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How to get verified on Coinbase Account?_.docxBuy bitget
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how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
2. Meaning
Corporate restructuring refers to the changes in ownership,
business mix, assets mix and alliances with a view to enhance the
shareholder value.
Hence, corporate restructuring may involve ownership
restructuring, business restructuring and assets restructuring.
3. Forms of Corporate Restructuring
1) Merger or Amalgamation
Merger or amalgamation may take two forms:
• Absorption
• Consolidation
In merger, there is complete amalgamation of the assets and liabilities as
well as shareholders’ interests and businesses of the merging companies.
There is yet another mode of merger. Here one company may purchase
another company without giving proportionate ownership to the
shareholders’ of the acquired company or without continuing the business
of the acquired company.
4. Forms of Merger
Forms of Corporate Restructuring (cont..)
(1) Horizontal Merger
Acquisition of a company in the same industry in which the acquiring
firm competes increases a firm’s market power by exploiting
5. (2) Vertical Merger
Acquisition of a supplier or distributor of one or more of the
firm’s goods or services
(3) Conglomerate Merger
Acquisition by any company of unrelated industry
6. Forms of Corporate Restructuring (cont..)
Acquisition may be defined as an act of acquiring effective
control over assets or management of a company by another
company without any combination of businesses or
companies.
A substantial acquisition occurs when an acquiring firm
acquires substantial quantity of shares or voting rights of the
target company.
7. Takeover – The term takeover is understood to connote hostility. When
an acquisition is a ‘forced’ or ‘unwilling’ acquisition, it is called a
takeover.
A holding company is a company that holds more than half of the
nominal value of the equity capital of another company, called a
subsidiary company, or controls the composition of its Board of
Directors. Both holding and subsidiary companies retain their separate
legal entities and maintain their separate books of accounts.
Forms of Corporate Restructuring (cont..)
8. Limit competition.
Utilise under-utilised market power.
Overcome the problem of slow growth and profitability
in one’s own industry.
Achieve diversification.
Gain economies of scale and increase income with
proportionately less investment.
Establish a transnational bridgehead without excessive
start-up costs to gain access to a foreign market
Motives of Corporate Restructuring
9. Utilise under-utilised resources–human and physical
and managerial skills.
Displace existing management.
Circumvent government regulations.
Reap speculative gains attendant upon new security
issue or change in P/E ratio.
Create an image of aggressiveness and strategic
opportunism, empire building and to amass vast economic
powers of the company.
Motives of Corporate Restructuring (Cont..)
10. Legal Procedures for merger and acquisition
Payment by cash or securities
Transfer of assets and liabilities
Filing of the Court order
Sanction by the High Court
Shareholders’ and creditors’ meetings
Application in the High Court
Approval of board of directors
Information to the stock exchange
Permission for merger
10
12. Process (Cont…)
Approval of Merger Information to stock
Exchange
Approval of Board of
Directors
Application in High CourtShareholders & Creditors
meeting
Sanction by High Court
13. Process (Cont…)
Filing of Court Order Transfer of Assets &
Liabilities
Payment By cash or
Securities
14. Methods of Valuation
In order to apply DCF technique, the following
information is required:
• Estimating Free Cash Flows
Revenues and expenses
Cor.tax and depreciation:
Working capital changes
• Estimating the Cost of Capital
• Terminal Value
Discounted Cash flow Method
15. Calculation of financial synergy
(1) Pooling of Interests Method:
In the pooling of interests method of accounting,
the balance sheet items and the profit and loss items
of the merged firms are combined without
recording the effects of merger. This implies that
asset, liabilities and other items of the acquiring and
the acquired firms are simply added at the book
values without making any adjustments.
16. Calculation of financial synergy (cont..)
Particulars
Share Capital
Fixed Assets
Liabilities
Current Assets
Company X
200
150
250
250
Company y
240
170
200
120
After Merger
= 440
= 320
= 450
= 370
After merger both balance sheet will be combined is called
pooling of interest method
17. (2) Purchase Method
Under the purchase method, the assets and
liabilities of the acquiring firm after the
acquisition of the target firm may be stated at their
exiting carrying amounts or at the amounts
adjusted for the purchase price paid to the target
company.
Calculation of financial synergy (cont..)
18. Particulars
Share Capital
Fixed Assets
Liabilities
Current Assets
Company X
200
150
250
250
Company X
240
170
200
120
If you paid for the company X Rs. 100 than the value of firm is equal to
Firm value = Total Assets – total liabilities
150 = 400-250
So share capital is shown at Rs.100. and Rs.50 is shown as capital premium
19. A divestment involves the sale of a company’s assets, or
product lines, or divisions or brand to the outsiders.
It is reverse of acquisition.
Motives:
Strategic change
Selling cash cows
Disposal of unprofitable businesses
Consolidation
Unlocking value
Divestiture
20. Strategic Alliance
“A strategic alliance is a voluntary, formal arrangement
between two or more parties to pool resources to achieve a
common set of objectives that meet critical needs while
remaining independent entities.”
Example -
21. Joint Ventures
A joint venture (JV) is a business agreement in which
parties agree to develop, for a finite time, a new entity
and new assets by contributing equity. They exercise
control over the enterprise and consequently share
revenues, expenses and assets
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22. Sell-off
When a company sells a part of its business to a third party, it is
called sell-off.
It is a usual practice of a large number of companies to sell-off
to divest unprofitable or less profitable businesses to avoid
further drain on its resources.
Sometimes the company might sell its profitable but non-core
businesses to ease its liquidity problems.
23. Spin-off
When a company creates a new company from the
existing single entity, it is called a spin-off.
The spin-off company would usually be created as a
subsidiary.
Hence, there is no change in ownership.
After the spin-off, shareholders hold shares in two
different companies.
24. An employee stock ownership plan (ESOP) is an employee-
owner scheme that provides a company's workforce with an
ownership interest in the company. In an ESOP, companies
provide their employees with stock ownership, often at no cost
to the employees. Shares are given to employees and may be
held in an ESOP trust until the employee retires or leaves the
company. The shares are then sold.
E.g. First company introduce ESOP is Inforsys.
Employee Stock Ownership
25. Leverage Buy-out (LBO)
A leveraged buy-out (LBO) is an acquisition of a company in which
the acquisition is substantially financed through debt. When the
managers buy their company from its owners employing debt, the
leveraged buy-out is called management buy-out (MBO).
The following firms are generally the targets for LBOs:
High growth, high market share firms
High profit potential firms
High liquidity and high debt capacity firms
Low operating risk firms
The evaluation of LBO transactions involves the same analysis as for
mergers and acquisitions. The DCF approach is used to value an LBO.