Reference no: EM132996721
Question - On April 1st 2014, AqcuirerCo acquired TargetCo's 100% shares. The M&A deal that took place between TargetCo and AcquirerCo with a Fixed Exchange Ratio Structure based on basic shares outstanding. According to the terms of the agreement, AcquirerCo delivered its 100 mil shares to TargetCo in exchange of TargetCo's 100% basic shares. Assumptions: ($ in millions, except per share data; shares in millions)
Offer Price Per Share $25.00
Acquirer Share Price $75.00
Acquirer Shares Exchanged 100
Target Debt $900
Target Preferred Stock $150
Target Minority Interest $350
Target Cash $200
Target Sales (As of March 31, 2014 -YTD Financial Statement) $1500
Target Sales (As of December 31, 2013-YTD Financial Statement) $3750
Target Sales (As of September 30, 2013- YTD Financial Statement) $3000
Target Sales (As of June 30, 2013- YTD Financial Statement) $2000
Target Sales (As of March 31, 2013-YTD Financial Statement) $1250
Target Options and Warrants:
Tranch 1 100 $30
Tranch 2 150 $28
Tranch 3 250 $27
Required -
a) What is the Enterprise Value of TargetCo? Show your work.
b) What is the EV/LTM Sales multiple for TargetCo? Show your work.
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