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The Real Options Application on the US Mergers and Acquisitions Market
Hlůže, Martin ; Scholleová, Hana (advisor) ; Kotáb, Jiří (referee)
The diploma thesis covers partial area of investment evaluation. It's main objective is to test the possible application of the real options theory on the Reverse Termination Fee valuation. This thesis considers the Reverse Termination Fee as a real option to abandon project and evaluates it using a binomial pricing model based on the volatility of the stock market. The result of this valuation is a price map. The map itself is analyzed together with the market analysis of announced trades using this fee as a deal protection. The conclusion of this thesis is formed based on observed trends and correlation between partial outputs of the binomial pricing model and market analysis.
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Mergers and Acquisitions - Case Study
Vedele, Sebastiano ; Taušer, Josef (advisor) ; Žamberský, Pavel (referee)
The thesis generally talks about mergers & acquisitions, discussing definitions, differences and reasons behind an M&A. I have analyzed what is a merge and what is an acquisition. Why companies combine themselves through an M&A. What are advantages and disadvantages about an M&A. After that the work is followed by a case study, which focuses on Fiat and Chrysler. With regards to this point, the case touches all the steps of the agreement between the two car automakers providing numbers, percentages and graphs to better explain how the agreement was made. After having spoken about the figures of the deal I have analyzed I went through all the steps of the acquisition showing also tables. I went through all important dates of the acquisition going deeply in the heart of the topic. I also analyzed why Fiat acquired Chrysler and why Chrysler felt down in a bankruptcy. Finally I have studied the today's situation of the two car automakers showing their actual trend on the automotive market.
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Leveraged acquisition finance
Hrouda, Jiří ; Radová, Jarmila (advisor) ; Janda, Karel (referee)
Main interest of this diploma thesis is a transaction known as leveraged acquisition. The goal is to provide detailed overview of these transactions starting from history and development of leveraged acquisitions, key market participants, acquisition financing, leveraged acquisition market and its current trends and analysis of a fictional transaction using advanced financial model. Due to the limited extent of the thesis not all aspects of debt financing and modeling could have been covered in the text.
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