「免費小說全本」公眾號。小說免費閱讀公眾號|免費小說閱讀資源|免費小說公眾號|小說資源|小說推薦｜小說閱讀|小說渣渣團｜小說傳送站｜小說免費公眾號推薦|免費小說全集書城推薦｜小說免費閱讀葉辰蕭初然|免費小說鄉村孽緣｜熱門都市言情鄉村盡在：免費小說全本
如果二維奧碼識別不了，可點擊文未」閱讀原文「
榜單推薦
▲
閱讀榜單
天行醫尊
隱面佳人
家有盲夫太腹黑
美女的超強近衛
今夜星辰似你
我的高冷大小姐
專職高手
兵雄風雲
絕美夜色
乘龍快婿
新書榜單
傅少的心上佳人
逍遙狂兵都市遊
重生霸道嫡女
冷總鎖妻纏情
極兵強衛
歷少的限時婚寵
至尊狂兵都市遊
狼性老公太纏情
一等狂兵
我的傾城美人
原創榜單
我的高冷大小姐
初婚有刺
神級透視
賴上冷豔女總裁
終極教官在花都
恰似愛如潮
都市玄醫民工
戰龍在都
最強天王
冰山總裁的貼身保鏢
以上為部分近期熱門小說，平臺有近100萬部小說供您閱讀，進入「免費小說全本」公眾號。公眾號菜單欄「進入書城」在「書城首頁」可查看所有小說。
………………………………………………………
……………………………………………………………………………………
END
謝謝觀看
ion. FIC was a chain of moderately priced restaurants, primarily located in the northeastern part of the United
States. Unfortunately, for years there was very limited synergy
creation and virtually no cross-training of key executives from
Hershey’s other lines of business. In the mid-to-late 1980s,
Friendly’s growth started to sputter and no one knew how to
correct it. Fortunately, a restauranteur came along and offered
to buy FIC. Working with Friendly’s latest strategic plan, the
management at Hershey Foods valued (using the techniques
from Chapter 7) the Friendly Ice Cream business. The offer put
on the table by the restauranteur exceeded Hershey’s view of
the economic potential of continuing to run the business. A deal
was quickly struck.
Equity Carve-outs and Spin-offs
In an equity carve-out, a company sells up to 20 percent of the
stock of a segment. Notable recent deals include the equity
carve-outs of General Motors (GM) and of Du Pont. In 1998,
Delphi was created by a decision of the GM board of directors,
and it was incorporated in September in Delaware. On January
1, 1999, GM supplied Delphi with the assets and liabilities that
had been the Delphi Automotive Systems segment of GM. In
February, an equity carve-out of 17.7 percent of the Delphi stock
was made, with GM holding the remaining 82.3 percent. In the
Ch08_136432-3_Weston
8/21/01
2:08 PM
Page 181
Restructuring and Financial Engineering
181
following April, all the remaining shares of Delphi were distributed in a spin-off as a dividend of 0.7 share of Delphi per share
of GM common stock. Upon completion of the spin-off, executives of GM on Delphi’s board resigned. Delphi became a fully
independent, publicly traded company.
The Du Pont spin-off of Conoco involved a share exchange.
In its initial equity carve-out, Du Pont sold 150 million A shares
at $23, raising $3.45 billion. The spin-off of the remainder of
Conoco was made through a share exchange at the option of the
Du Pont shareholders, who would receive 2.95 shares of class B
stock of Conoco. Each share of the class B stock carried five
votes; class A shares had only one vote per share.
The two examples illustrate the general characteristics of
equity carve-outs. The Conoco carve-out and spin-off created a
separate petroleum company and focused Du Pont more on the
chemical business. Du Pont raised a substantial sum in the
process. In addition to the $3.45 billion from the initial public
offering (IPO), Conoco repaid debt of $9.22 billion to Du Pont,
and in the share exchange, Du Pont received $11.95 billion
share value for a total of $24.62 billion on an after-tax basis.
So in the equity carve-out, substantial funds can be raised.
The parent can focus more directly on its core business. Each
segment can improve efficiency by focus. In the segment spun
off, performance of managers can be measured directly.
Compensation can be tied to performance. The literature argues
that motivation and incentives can be strengthened.
Tracking Stocks
Tracking stocks are separate classes of the common stock of the
parent corporation. They were first issued in 1984 when GM
used a tracking stock to buy EDS, creating a class of common
identified as E stock (called a letter stock at the time).
Similarly, in 1985, when GM acquired Hughes Aircraft, a new
class called H was used. In May 1991, U.S. Steel Company
became USX for the steel business and created a USXMarathon stock for the oil business (called a target stock at the
time). In September 1992, USX created a third tracking stock
when it sold shares of the USX-Delhi group stock in an IPO.
以上為部分近期熱門小說，平臺有近100萬部小說供您閱讀，進入「免費小說全本」公眾號。公眾號菜單欄「進入書城」在「書城首頁」可查找所有小說