Introduction to Mergers and Acquisitions

Chapter 1: Introduction to Mergers and Acquisitions

1.         Which of the subjoined are generally considered restructuring activities?

a.         A merger

b.         An compensation

c.         A depriveiture

d.         A coalition

e.         All of the aloft

Answer:

2.         All of the subjoined are considered affair alliances save for

a.         Elbow ventures

b.         Mergers

c.         Lad bombardments

d.         Franchises

e.         Licensing acquiescements

Answer:

3.         Which of the subjoined is an model of economies of liberty?

a.         Declining medium agricultural requires due to increasing levels of volume utilization

b.         A uncompounded computer nature foundations multiple affair units

c.         Amortization of capitalized software

d.         The depriveiture of a issue line

e.         Shifting issueion from an underutilized address to another to inimitable a loftier aggravateall bounteous reprimand and shutting down the chief address

Answer:

4.         A fast may be motivated to alienation another fast whenever

a.         The require to reinstate the target fast’s possessions is imperfect than its transact appreciate

b.         The reinstatement require of the target fast’s possessions exceeds its transact appreciate

c.         When the inflation reprimand is accelerating

d.         The pertinency of the target fast’s transact appreciate is more than twice its compass appreciate

e.         The transact to compass pertinency is superior than one and increasing

Answer:

5.         Which of the subjoined is gentleman barely of a coalition?

a.         More than two fasts are compromised in the concert

b.         One policy to the concert disappears

c.         All parties to the concert disappear

d.         The existence effecting from the concert assumes occupation of the possessions and liabilities of the acquiring fast barely.

e.         One ordain becomes a altogether owned helpful of the other.

Answer:

6.         Which one of the subjoined is not an model of a insipid merger?

a.         NationsBank and Bank of America combine

b.         U.S. Steel and Marathon Oil combine

c.         Exxon and Mobil Oil combine

d.         SBC Communications and Ameritech Communications combine

e.         Hewlett Packard and Compaq Computer combine

Answer:

7.         Buyers repeatedly fancy “friendly” takeovers to antagonistic ones accordingly of all of the subjoined save for:

a.         Can repeatedly be inimitabled at a inferior charge

b.         Avoid an auction environment

c.         Facilitate post-merger integration

d.         A portion-outholder notion is rarely required

e.         The target fast’s administration recommends commendation of the takeaggravate to its portion-outholders

Answer:

8.         Which of the subjoined denote disadvantages of a employment ordain building?

a.         Undeveloped for triple taxation

b.         Telling calculate of lad portion-outholders may imagine quarrelsome environment

c.         Managers may feel difficulty in making the best bombardment conclusions

d.         A, B, and C

e.         A and C barely

Answer:

9.         Which of the subjoined are not gentleman encircling ESOPs?

a.         An ESOP is a duty

b.         Employer contributions to an ESOP are tax deductible

c.         ESOPs can never borrow

d.         Employees participating in ESOPs are presently vested

e.         C and D

Answer:

10.       ESOPs may be used for which of the subjoined?

a.         As an notion to depriveiture

b.         To inimitable administration buyouts

c.         As an anti-takeaggravate defense

d.         A, B, and C

e.         A and B barely

Answer:

11.       Which of the subjoined denote notion ways for affaires to gather some or all of the advantages of M&As?

a.         Elbow ventures and strategic alliances

b.         Strategic alliances, lad bombardments, and licensing

c.         Lad bombardments, alliances, and licensing

d.         Franchises, alliances, elbow ventures, and licensing

e.         All of the aloft

Answer:

12.       Which of the subjoined are repeatedly participants in the compensation way?

a.         Bombardment bankers

b.         Lawyers

c.         Accountants

d.         Agency solicitors

e.         All of the aloft

Answer:

13.       The mind of a “fairness” notion from an bombardment bank is

a.         To evaluate for the target’s consideration of directors the appropriateness of a takeaggravate extend

b.         To convince Securities and Exqualify Commission filing requirements

c.         To foundation the buyer’s haggling effort

d.         To help acquiring administration in the evaluation of takeaggravate targets

e.         A and B

Answer:

14.       Arbitrageurs repeatedly incorporate which of the subjoined strategies proportioned precedently or proportioned forthcoming a merger proposition?

a.         Buy the target fast’s supply

b.         Buy the target fast’s supply and sells the acquirer’s supply imperfect

c.         Buy the acquirer’s supply barely

d.         Sell the target’s supply imperfect and buys the acquirer’s supply

e.         Sell the target supply imperfect

Answer:

15.       Institutional investors in peculiar companies repeatedly feel large wave laudatory or dislaudatory contemplated mergers. Which of the subjoined are generally not considered institutional investors?

a.         Pension funds

b.         Insurance companies

c.         Bank duty departments

d.         United States Treasury Department

e.         Mutual funds

Answer:

16.       Which of the subjoined are generally not considered concludes for mergers?

a.         Desire to inimitable economies of lamina

b.         Desire to inimitable economies of liberty

c.         Desire to inimitable antiduty regulatory commendation

d.         Strategic realignment

e.         Desire to alienation undervalued possessions

Answer:

17.       Which of the subjoined are not gentleman encircling economies of lamina?

a.         Spreading agricultural requires aggravate increasing issueion levels

b.         Improve the aggravateall require situation of the fast

c.         Most low in manufacturing affaires

d.         Most low in affaires whose requires are principally variable

e.         Are low to such industries as utilities, steel making, pharmaceutical, chemical and aircraft manufacturing

Answer:

18.       Which of the subjoined is not gentleman of financial synergy?

a.         Tends to subdue the fast’s require of capital

b.         Results from a emend matching of bombardment opportunities profitable to the fast after a while delayin generated funds

c.         Enables larger fasts to proof inferior medium safeguard underwriting requires than smaller fasts

d.         Tends to propagate the fast’s agricultural expenses aggravate increasing levels of issueion

e.         A and B

Answer:

19.       Which of the subjoined is not gentleman of not allied qualify?

a.         Involves buying fasts delayout of the ordain’s chief lines of affair

b.         Involves shifting from a fast’s nucleus issue lines into those which are perceived to feel loftier enlargement undeveloped

c.         Generally effects in loftier profits to portion-outholders

d.         Generally requires that the capital flows of artificial affaires are uncorrelated after a while those of the fast’s strong affaires

e.         A and D barely

Answer:

20.       Which of the subjoined is not gentleman of strategic realignment?

a.         May be a effect of assiduity deregulation

b.         Is rarely a effect of technological qualify

c.         Is a low conclude for M&As

d.         A and C barely

e.         Is commbarely a effect of technological qualify

Answer:

21.       The hubris conclude for M&As refers to which of the subjoined?

a.         Explains why mergers may betide level if the general transact appreciate of the target fast reflects its gentleman economic appreciate

b.         The pertinency of the transact appreciate of the acquiring fast’s supply exceeds the reinstatement require of its possessions

c.         Agency problems

d.         Transact ability

e.         The Q pertinency

Answer:

22.       Around the prosituation determination of a merger or compensation, barional profits to target fast portion-outholders normally medium

a.         10%

b.         30%

c.         –3%

d.         100%

e.         50%

Answer:

23.       Around the prosituation determination of a merger, acquiring fast portion-outholders normally earn

a.         30% unconditional barional profits

b.         –20% barional profits

c.         Zero to subordinately denying profits

d.         100% unconditional barional profits

e.         10% unconditional barional profits

Answer:

24.       Which of the subjoined is the most low conclude that M&As repeatedly trip to unite expectations?

a.         Overpayment

b.         Form of payment

c.         Large extent of target fast

d.         Inadequate post-merger due diligence

e.         Poor post-merger communication

Answer:

25.       Post-merger financial invadeprise of the new fast is repeatedly encircling the corresponding as which of the subjoined?

a.         Elbow ventures

b.         Strategic alliances

c.         Licenses

d.         Lad bombardments

e.         All of the aloft

Answer:

Chapter 2 Regulatory Considerations

1.         In determining whether a contemplated occurrence is anti-competitive, U.S. regulators seem at all of the subjoined save for

a.         Transact portion-out of the combined affaires

b.         Undeveloped for charge fixing

c.         Enjoyment of new competitors to invade the transact

d.         Undeveloped for job detriment discurrent target fast’s employees

e.         The undeveloped for the target fast to trip after a whileout the takeover

Answer:

2.         Which of the subjoined is discurrent the smallest regulated industries in the U.S.

a.         Defenses

b.         Communications

c.         Retailing

d.         National utilities

e.         Banking

Answer:

3.         All of the subjoined are gentleman of the Williams Act save for

a.         Consists of a ordain of amendments to the 1934 Securities Exqualify Act

b.         Facilitates accelerated takeovers aggravate target companies

c.         Requires investors acquiring 5% or more of a national ordain to refine a 13(d) after a while the SEC

d.         Firms adventure gentle extends are required to refine a 14(d)-1 after a while the SEC

e.         Acquiring fasts initiating gentle extends must divulge their intentions and affair plans

Answer:

4.         The Securities Act of 1933 requires the registration of all securities issued to the national. Such registration requires which of the subjoined disclosures:

a.         Description of the fast’s properties and affair

b.         Description of the securities

c.         Instruction encircling administration

d.         Financial statements audited by national statementants

e.         All of the aloft.

Answer:

5.         All of the subjoined is gentleman encircling agency challenges save for

a.         Agency materials must be refined after a while the SEC presently subjoined their arrangement to investors

b.         The names and interests of all parties to the agency challenge must be divulged in the agency materials

c.         Agency materials may be ordainly by fasts soliciting to qualify the comsituation of a target fast’s consideration of directors

d.         Agency materials may be ordainly by the target fast soliciting to wave how their portion-outholders notion on a point proposal

e.         Target fast agency materials must be refined after a while the SEC.

Answer:

6.         The mind of the 1968 Williams Act was to

a.         Impart target fast portion-outholders span to re-examination takeaggravate proposals

b.         Prosecute target fast portion-outholders who prostitution instruction

c.         Protect target fast employees from layoffs

d.         Prevent gentle extends

e.         Promote gentle extends

Answer:

7.         Which of the subjoined denote considerable imperfectcomings of using assiduity strain pertinencys to detail whether the concert of incontrovertible fasts get effect in an acception in transact ability?

a.         Frequent impecuniosity to limit what constitutes an assiduity

b.         Failure to gauge enjoyment of register or egress for other fasts

c.         Failure to statement for exotic competition

d.         Failure to statement suitably for the arrangement of fasts of contrariant extents

e.         All of the aloft

Answer:

8.         In a gentle extend, which of the subjoined is gentleman?

a.         Both acquiring and target fasts are required to divulge their intentions to the SEC

b.         The target’s administration cannot instruct its portion-outholders how to accord to a gentle extend until has divulged incontrovertible instruction to the SEC

c.         Instruction must be divulged barely to the SEC and not to the exchanges on which the target’s portion-outs are dealingd

d.         A and B

e.         A, B, and C

Answer:

9.         Which of the subjoined are gentleman encircling the Sherman Antiduty Act?

a.         Prohibits affair concerts that effect in monopolies.

b.         Prohibits affair concerts effecting in a telling acception in the pricing ability of a uncompounded fast.

c.         Makes illicit all contracts unreasonably obligatory dealing.

d.         A and C barely

e.         A, B, and C

Answer:

10.       All of the subjoined are gentleman of the Hart-Scott-Rodino Antiduty Improvements Act save for

a.         Acquisitions involving fasts of a incontrovertible extent cannot be completed until incontrovertible instruction is provided to the FTC

b.         Barely the acquiring fast is required to refine after a while the FTC

c.         An acquiring fast may acquiesce to deprive incontrovertible affaires subjoined the bearing of a occurrence in ordain to get regulatory commendation.

d.         The Act is calculated to impart regulators span to detail whether the contemplated concert is anti- competitive.

e.         The FTC may refine a lawsuit to arrest a contemplated occurrence

Answer:

11.       All of the subjoined are gentleman of antiduty lawsuits save for

a.         The FTC refines lawsuits in most cases they re-examination.

b.         The FTC re-examinations complaints that feel been recommended by its staff and favorite by the FTC

c.         FTC guidelines execute the FTC to create a last conclusion after a whilein 13 months of a complaint

d.         As an notion to litigation, a ordain may solicit to transact a discretional subsidence of its differences after a while the FTC.

e.         FTC conclusions can be appealed in the federal circumference courts.

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