Table of Contents
A. Describing the Combined Firm
05
C. Deal Rationale
47
E. Synergies and Valuation
92
Beast
06 11 15 17 18 24 26 33
End Price Wars
48 52 55 59 60 62 65 67 70 71
Loss-of-Competition Synergy
93 95 97
Monopoly Oligopoly
Reduce Competition Eliminate Competition Neutralize Competition
Pay a Premium No Cost Saving
Powerhouse Dominance
F. Antitrust Risk
98
Stop Fighting Build a Moat
Likely Outcome Riskier Bidder
99
High Market Share
101 103
Leverage, Clout, or Bargaining Power
Create Barriers to Entry
Nonreportable Structure
Control
Defensive Mergers
Land Grab
B. Describing the Seller
35
Benefit to the Industry
Primary Competitor Main Competitor
36 37 38 39 40 41 42 44
D. Pricing
72
Top Competitor
Projecting Higher Prices Eliminating Price Erosion Pricing Power or Flexibility
73 83 86 89 90 91
Dangerous Competitor
Fierce Competitor Only Competitor Significant Threat Nascent Threat
Stable Prices
Pricing Discipline
Price Integrity
4
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