March 18th, 2019 
adminPower point slides on
AMBUJA-HJOLCIM Merger Case
Here are the questions below. Need to be 9 slides with speaker notes.
Due by the 1st before midnight.
Clarify the proposed merger. Give an opinion of Exhibit 4. Are the supposed synergies realistic?
Describe the market reaction.
Analyze the value of both companies. Exhibits 5 and 6. Answer the questions below.
1. Value HIPL. Was the cash payment of 35 billion for a 24% stake in HIPL justified? 2. How does this cash payment affect the value of ACL’s stock? 3. Is the swap ratio of 10 shares of ACL for 74 shares of HIPL justified? 4. What swap ratio would you recommend?
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