Opções reais e compras alavancadas (leveraged buy-outs): um estudo de caso aplicado a magnesita

O objetivo deste trabalho é propor um modelo de estruturação e avaliação de opções reais em um contexto de compra alavancada (LBO), através da aplicação em um estudo de caso. As opções reais foram aplicadas na modelagem e avaliação de um projeto de aquisição de empresa por parte de um private equity, considerando incertezas econômicas, mercadológicas e competitivas, flexibilidades possíveis durante a execução do projeto e a necessidade de pagamento do endividamento gerado com a compra alavancada. Para isto, foram modeladas as principais opções encontradas em um projeto típico de private equity, como opção de investimentos estagiados, desinvestimento e abandono, além das restrições impostas pelos fluxos de pagamentos do endividamento remanescente. Verificou-se que, de forma geral, as opções que aumentam o fluxo de caixa no curto prazo (opções de contração) tendem a ter seu valor relativo ampliado neste contexto, em detrimento às opções de expansão, que tem seu valor relativo reduzido. Além disso, algumas linhas de financiamento podem ser bloqueadas enquanto a empresa não chegar a uma relação debt / equity adequada, isto significa que algumas opções que necessitem de novos investimentos podem ficar indisponíveis até que a empresa possa tomar dívida novamente no mercado.

I2S - MBO Management Buy-Out

Com o presente trabalho pretende-se dar a conhecer algumas das ações mais relevantes desenvolvidas pelo seu autor junto de um conjunto de empresas ao longo dos últimos vinte e cinco anos, como especialista de domínio na área da Gestão e Administração, e em particular na área da Gestão Financeira. Pretende-se também, ainda que de uma forma breve, dar a conhecer e fazer o relato das tarefas que foram desenvolvidas no âmbito de uma operação de investimento/financiamento, vulgarmente designada de MBO – Management Buy-Out, que, pelas suas particularidades, poderá ser do interesse geral a sua divulgação. As especificidades desta operação, bem como a abrangência das ações necessárias ao seu sucesso, constituíram para os seus responsáveis um desafio e uma oportunidade de crescimento intelectual, quer pela necessidade de aquisição e aprofundamento de conhecimentos técnicos, quer pelo exercício da gestão pura (negociação, avaliação de cenários, gestão de expectativas, tomada de decisão, comunicação).

Report on the Early Out Incentive (EOI) programs, including a Buy Out Program, for the period November 20, 2001 through February 28, 2006

Report on the Early Out Incentive (EOI) programs, including a Buy Out Program, for the period November 20, 2001 through February 28, 2006

L’affaire BCE et les devoirs des administrateurs lors d’une prise de contrôle

Depuis les dernières années, les marchés financiers ont été marqués par une volonté des investisseurs, dont les fonds d’investissement privés, de privatiser des sociétés publiques. Plusieurs fermetures de capital se sont matérialisées par des acquisitions par voie d’emprunt (aussi connues sous le nom « leverage buy-out »), en raison notamment des taux d’intérêt peu élevés, d’un crédit plus accessible et d’un certain resserrement de la réglementation applicable aux sociétés publiques. S’inscrivant dans ce contexte, le présent mémoire de maîtrise s’intéresse particulièrement à l’impact des jugements rendus dans le cadre du litige relatif à l’offre d’acquisition par voie d’emprunt de BCE inc. sur les conceptions traditionnelles des devoirs des administrateurs. Dans cette affaire, les détenteurs de débentures de la filiale à part entière de BCE inc., Bell Canada, se sont vigoureusement opposés à cette acquisition. Cette transaction, d’une envergure sans précédent dans l’histoire du Canada, a été scrutée jusqu’à la plus haute instance décisionnelle au pays quant à son caractère raisonnable et équitable et à son effet potentiellement oppressif envers les détenteurs de débentures. Cette étude abordera d’abord l’évolution de la jurisprudence du Delaware sur les devoirs des administrateurs, dans le contexte d’un changement de contrôle, juridiction phare en droit des sociétés aux États-Unis et source d’inspiration marquée en droit canadien. Ensuite, nous nous attarderons sur la position du droit canadien et sur un arrêt marquant rendu par la Cour suprême du Canada, dans l’affaire Peoples. Sur cette toile de fond, cette analyse sera complétée par un examen des motifs des décisions rendues par les trois instances judiciaires dans l’affaire BCE et une réflexion sur l’impact de ces décisions sur le droit des sociétés au Canada.

Governança,alavancagem e ciclicidade: a eficiência do modelo brasileiro de private equity

Este trabalho objetiva analisar a eficiência dos comitês de investimento no modelo de investimento em private equity através de FIPs (Fundos de Investimento em Participações) que não utilizam alavancagens em suas aquisições. Tal análise é feita através de uma comparação com o modelo americano, no qual tipicamente o gestor do fundo tem o poder de decisão sobre os investimentos e as aquisições são realizadas utilizando financiamento de terceiros. A dissertação é iniciada com uma revisão bibliográfica não-exaustiva dos trabalhos da academia brasileira sobre o tema de private equity. Em seguida, levanta-se as particularidades do modelo dos FIPs, principalmente a decisão de investimento feita em conjunto pelo gestor e seus investidores através de comitês de investimento e a rara utilização de alavancagem nas aquisições, e demonstra-se como o impacto destas características altera o equilíbrio do modelo proposto por Axelson, Strömberg e Weisbach. Conclui-se que as particularidades do modelo dos FIPs que não utilizam alavancagens nas aquisições oferecem: (i) melhor proteção aos interesses dos investidores, e uma representativade similar aos conselhos de administração de companhias abertas, e (ii) permitem que o gestor aproveite os períodos nos quais as transações ocorrem a um múltiplo mais baixo, resultando num modelo mais eficiente de investimento e que evita a multiplicação dos ciclos econômicos. Tais conclusões, no entanto, estão sujeitas à observação das seguintes condições: (i) o comitê deve ter qualificação igual ou superior ao do gestor; (ii) o comitê deve ter disponibilidade de tempo e corpo suficientes para analisar os investimentos nas mesma profundidade que o gestor, (iii) a existência do comitê de investimento não deve acarretar numa desvantagem para o gestor em termos de agilidade de resposta nas negociações. Finalmente, são levantadas algumas situações de ponteciais conflitos de interesse nas quais os membros dos comitês de investimento podem se encontrar.

Estimating the Price of ROCs

The UK government introduced the Renewable Obligation (RO), a system of tradable quotas, to encourage the installation of renewable electricity capacity. Each unit of generation from renewables created a renewable obligation certificate (ROC). Electricity generators must either; earn ROCs through their own production, purchase ROCs in the market or pay the buy-out price to comply with the quota set by the RO. A unique aspect of this regulation is that all entities holding ROCs receive a share of the buy-out fund (the sum of all compliance purchases using the buy-out price). This set-up ensures that the difference between the market price for ROCs and the buy-out price should equal the expected share of the buy-out fund, as regulated entities arbitrage these two compliance options. The expected share of the buy-out fund depends on whether enough renewable generation is available to meet the quota. This analysis tests whether variables associated with renewable generation or electricity demand are correlated with, and thus can help predict, the price of ROCs.

Acquisition target selection of a serial acquirer : case KONE Oyj

Acquisitions are a way for a company to grow, enter new geographical areas, buy out competition or diversify. Acquisitions have recently grown in both size and value. Despite of this, only approximately 25 percent of acquisitions reach their targets and goals. Companies making serial acquisitions seem to be exceptionally successful and succeed in the majority of their acquisitions. The main research question this study aims to answer is: “What issues impact the selection of acquired companies from the point of view of a serial acquirer? The main research question is answered through three sub questions: “What is a buying process for a serial acquirer like?”, “What are the motives for a serial acquirer to buy companies?” and “What is the connection between company strategy and serial acquisitions?”. The case company KONE is a globally operating company which mainly produces and maintains elevators and escalators. Its headquarter is located in Helsinki, Finland. The company has a long history of making acquisitions and does 20- 30 acquisitions a year. By a key person interview, the acquisition process of the case company is compared with the literature about successful serial acquirers. The acquisition motives in this case are reflected upon three of the acquisition motive theories by Trautwein: efficiency theory, monopoly theory and valuation theory. The linkage between serial acquisitions and company strategy is studied through the key person interview. The main research findings are that the acquisition process of KONE is compatible with a successful acquisition process recognized in literature (RAID). This study confirms the efficiency theory as an acquisition motive and more closely the operational synergies. The monopoly theory can only vaguely be supported by this study, but cannot be totally rejected because of the structure of the industry. The valuation theory does not get any support in this study and can therefore be rejected. The linkage between company strategy and serial acquisitions is obvious and making acquisitions can be seen as growth strategy and a part of other company strategies.

Consumer Advisory Bulletin, Water Treatment Systems: Check Them Out Before You Buy!

The Attorney General’s Consumer Protection Division receives hundreds of calls and consumer complaints every year. Follow these tips to avoid unexpected expense and disappointments. This record is about: Water Treatment Systems: Check Them Out Before You Buy!

Tuotantostrateginen Make or buy -päätöksenteko metalliteollisuusalan yrityksessä

Tuotantostrategiaan perustuvien ostaa-valmistaa, eli Make or buy -päätösten merkitys on korostunut yritysten dynaamisen toimintaympäristön myötä. Päätöksissä tehdyt virheet voivat olla kohtalokkaita yrityksen kilpailukyvylle. Diplomityön tavoitteena on luoda Make or buy -päätöksentekoa ohjaava viitekehys yrityksen kansainväliseen käyttöön. Tavoitteeseen sisältyy luodun Make or buy -mallin toimivuuden todentaminen case-tutkimuksella. Make or buy -päätöksenteossa korostuvat talouden, osaamisen ja riskien näkökulmat. Tehtyjä päätöksiä tulee uudelleenarvioida ja tarvittaessa päivittää toimintaympäristön muuttuessa. Päätöksentekomallin tulee siis olla toistuvaa käyttöä ajatellen selkeä ja helppokäyttöinen. Työssä kehitetty kirjallisuusaineistoon perustuva Make or buy –päätöksenteon viitekehys ohjaa yritystä strategisen, taktisen ja operatiivisen tason päätöksissä. Lisäksi malli ohjaa organisaatiota päätöksentekoroolien määrittämisessä. Viitekehys sisältää strukturoidun päätöksentekomallin strategisiin ja taktisiin päätöksiin sekä yksinkertaisen valintamallin operatiivisiin päätöksiin. Operatiivisen tason eriyttämisellä pyritään helpottamaan mallien käyttöä. Työssä rakennetun strukturoidun viitekehyksen toimivuuden testaus esitetään empiirisessä vaiheessa.

Corporate governance and its influence on the investment decision process of equity market's professionals: An inside view of how corporate governance issues influence the decision-making process of sell-side and buy-side professionals when analyzing Brazilian listed companies

Corporate governance has been in the spotlight for the past two decades, being subject of numerous researches all over the world. Governance is pictured as a broad and diverse theme, evolving through different routes to form distinct systems. This scenario together with 2 types of agency problems (investor vs. management and minorities vs. controlling shareholders) produce different definitions for governance. Usually, studies investigate whether corporate governance structures influence firm performance, and company valuation. This approach implies investors can identify those impacts and later take them into consideration when making investment decisions. However, behavioral finance theory shows that not always investors take rational decisions, and therefore the modus operandi of those professionals needs to be understood. So, this research aimed to investigate to what extent Brazilian corporate governance standards and practices influence the investment decision-making process of equity markets' professionals from the sell-side and buy-side. This exploratory study was carried out through qualitative and quantitative approaches. In the qualitative phase, 8 practitioners were interviewed and 3 dimensions emerged: understanding, pertinence and practice. Based on the interviews’ findings, a questionnaire was formulated and distributed to buy-siders and sell-siders that cover Brazilian stocks. 117 respondents from all over the world contributed to the study. The data obtained were analyzed through structural equation modeling and descriptive statistics. The 3 dimensions became 5 constructs: definition (institutionalized governance, informal governance), pertinence (relevance), practice (valuation process, structured governance assessment) The results of this thesis suggest there is no definitive answer, as the extent to which governance will influence an investment decision process will depend on a number of circumstances which compose the context. The only certainty is the need to present a “corporate governance behavior”, rather than simply establishing rules and regulations at firm and country level.

Emergent Antiferromagnetism Out Of The Hidden-order" State In Uru2si2: High Magnetic Field Nuclear Magnetic Resonance To 40 T."

Very high field (29)Si-NMR measurements using a fully (29)Si-enriched URu(2)Si(2) single crystal were carried out in order to microscopically investigate the hidden order (HO) state and adjacent magnetic phases in the high field limit. At the lowest measured temperature of 0.4 K, a clear anomaly reflecting a Fermi surface instability near 22 T inside the HO state is detected by the (29)Si shift, (29)K(c). Moreover, a strong enhancement of (29)K(c) develops near a critical field H(c) ≃ 35.6 T, and the ^{29}Si-NMR signal disappears suddenly at H(c), indicating the total suppression of the HO state. Nevertheless, a weak and shifted (29)Si-NMR signal reappears for fields higher than H(c) at 4.2 K, providing evidence for a magnetic structure within the magnetic phase caused by the Ising-type anisotropy of the uranium ordered moments.

Relationship Between Aerobic And Anaerobic Parameters From 3-minute All-out Tethered Swimming And 400-m Maximal Front Crawl Effort.

The main aim of this investigation was to verify the relationship of the variables measured during a 3-minute all-out test with aerobic (i.e., peak oxygen uptake [(Equation is included in full-text article.)] and intensity corresponding to the lactate minimum [LMI]) and anaerobic parameters (i.e., anaerobic work) measured during a 400-m maximal performance. To measure force continually and to avoid the possible influences caused by turns, the 3-minute all-out effort was performed in tethered swimming. Thirty swimmers performed the following tests: (a) a 3-minute all-out tethered swimming test to determine the final force (equivalent to critical force: CF3-MIN) and the work performed above CF3-MIN (W'3-MIN), (b) a LMI protocol to determine the LMI during front crawl swimming, and (c) a 400-m maximal test to determine the (Equation is included in full-text article.)and total anaerobic contribution (WANA). Correlations between the variables were tested using the Pearson's correlation test (p ≤ 0.05). CF3-MIN (73.9 ± 13.2 N) presented a high correlation with the LMI (1.33 ± 0.08 m·s; p = 0.01) and (Equation is included in full-text article.)(4.5 ± 1.2 L·min; p = 0.01). However, the W'3-MIN (1,943.2 ± 719.2 N·s) was only moderately correlated with LMI (p = 0.02) and (Equation is included in full-text article.)(p = 0.01). In summary, CF3-MIN determined during the 3-minute all-out effort is associated with oxidative metabolism and can be used to estimate the aerobic capacity of swimmers. In contrast, the anaerobic component of this model (W'3-MIN) is not correlated with WANA.

Effect of cement type and water storage time on the push-out bond strength of a glass fiber post

This study investigated the effects of the cement type and the water storage time on the push-out bond strength of a glass fiber post. Glass fiber posts (Fibrekor, Jeneric Pentron) were luted to post spaces using a self-cured resin cement (C&B Cement [CB]), a glass ionomer cement (Ketac Cem [KC]) or a resin-modified glass ionomer cement (GC FujiCEM [FC]) according to the manufacturers’ instructions. For each luting agent, the specimens were exposed to one of the following water storage times (n=5): 1 day (T1), 7 days (T7), 90 days (T90) and 180 days (T180). Push-out tests were performed after the storage times. Control specimens were not exposed to water storage, but subjected to the push-out test 10 min after post cementation. Data (in MPa) were analyzed by Kruskal-Wallis and Dunn`s test (α=0.05). Cement type and water storage time had a significant effect (p<0.05) on the push-out bond strength. CB showed significantly higher values of retention (p<0.05) than KC and FC, irrespective of the water storage time. Water storage increased significantly the push-out bond strength in T7 and T90, regardless of the cement type (p<0.05). The results showed that fiber posts luted to post spaces with the self-cured resin cement exhibited the best bonding performance throughout the 180-day water storage period. All cements exhibited a tendency to increase the bond strength after 7 and 90 days of water storage, decreasing thereafter.

Influence of different adhesive systems on the pull-out bond strength of glass fiber posts

This in vitro study evaluated the tensile bond strength of glass fiber posts (Reforpost - Angelus-Brazil) cemented to root dentin with a resin cement (RelyX ARC - 3M/ESPE) associated with two different adhesive systems (Adper Single Bond - 3M/ESPE and Adper Scotchbond Multi Purpose (MP) Plus - 3M/ESPE), using the pull-out test. Twenty single-rooted human teeth with standardized root canals were randomly assigned to 2 groups (n=10): G1- etching with 37% phosphoric acid gel (3M/ESPE) + Adper Single Bond + #1 post (Reforpost - Angelus) + four #1 accessory posts (Reforpin - Angelus) + resin cement; G2- etching with 37% phosphoric acid gel + Adper Scotchbond MP Plus + #1 post + four #1 accessory posts + resin cement. The specimens were stored in distilled water at 37°C for 7 days and submitted to the pull-out test in a universal testing machine (EMIC) at a crosshead speed of 0.5 mm/min. The mean values of bond strength (kgf) and standard deviation were: G1- 29.163 ± 7.123; G2- 37.752 ±13.054. Statistical analysis (Student's t-test; a=0.05 showed no statistically significant difference (p<0.05) between the groups. Adhesive bonding failures between resin cement and root canal dentin surface were observed in both groups, with non-polymerized resin cement in the apical portion of the post space when Single Bond was used (G1). The type of adhesive system employed on the fiber post cementation did not influence the pull-out bond strength.

Adhesion of an endodontic sealer to dentin and gutta-percha: shear and push-out bond strength measurements and SEM analysis

The use of an adequate method for evaluation of the adhesion of root canal filling materials provides more reliable results to allow comparison of the materials and substantiate their clinical choice. The aims of this study were to compare the shear bond strength (SBS) test and push-out test for evaluation of the adhesion of an epoxy-based endodontic sealer (AH Plus) to dentin and gutta-percha, and to assess the failure modes on the debonded surfaces by means of scanning electron microscopy (SEM). Three groups were established (n=7): in group 1, root cylinders obtained from human canines were embedded in acrylic resin and had their canals prepared and filled with sealer; in group 2, longitudinal sections of dentin cylinders were embedded in resin with the canal surface smoothed and turned upwards; in group 3, gutta-percha cylinders were embedded in resin. Polyethylene tubes filled with sealer were positioned on the polished surface of the specimens (groups 2 and 3). The push-out test (group 1) and the SBS test (groups 2 and 3) were performed in an Instron universal testing machine running at crosshead speed of 1 mm/min. Means (±SD) in MPa were: G1 (8.8±1.13), G2 (5.9±1.05) and G3 (3.8±0.55). Statistical analysis by ANOVA and Student's t-test (a=0.05) revealed statistically significant differences (p<0.01) among the groups. SEM analysis showed a predominance of adhesive and mixed failures of AH Plus sealer. The tested surface affected significantly the results with the sealer reaching higher bond strength to dentin than to gutta-percha with the SBS test. The comparison of the employed methodologies showed that the SBS test produced significantly lower bond strength values than the push-out test, was skilful in determining the adhesion of AH Plus sealer to dentin and gutta-percha, and required specimens that could be easily prepared for SEM, presenting as a viable alternative for further experiments.