The Valuation of a Merger-and-AcquisitionCase : Yuanta Acquiring Polaris
碩士 === 國立中興大學 === 高階經理人碩士在職專班 === 100 === This study analyses the Yuanta-Polaris acquisition case and estimate the fair value of the target firm, Polaris. I use the market-comparable and discounted-cash-flow (DCF) methods to estimate the fair value of Polaris Corp. The results show that the range...
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| Format: | Others |
| Language: | zh-TW |
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2012
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| Online Access: | http://ndltd.ncl.edu.tw/handle/8h76mn |
| Summary: | 碩士 === 國立中興大學 === 高階經理人碩士在職專班 === 100 === This study analyses the Yuanta-Polaris acquisition case and estimate the fair value of the target firm, Polaris. I use the market-comparable and discounted-cash-flow (DCF) methods to estimate the fair value of Polaris Corp. The results show that the range of the values estimated by the DCF method (ranging from $14.91 to $18.74) is similar to that by the market-comparable method ($23.13-24.05), the former being greater than the latter. The deal was actually set as $17.23 on March 25, 2011, and Polaris’ prices stood around $17 between the acquisition announcement day and delisting day (about half a year). This indicates that my estimates by the two methods are fairly reasonable.
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