They will offer 8.3 billion meger 0ct. 15th 1996 average 89.

7 per share Total value 550*(1+g)/r-g Should be 71 per share Talk about using multiple to estimate values. Meaning measure is the median; mean could skew the values. Avoid winners curse Merger motivation a. Leverage = debt/debt + equity Cash or cash and stock b. 92.5 --------- 86.78 front end loaded tender or not to tender. If tender = 89.07 prisoner dilemma non cooperative games dont agree = worst results both agree = lighter punishment. One agrees other doesnt one that doesnt gets a worse punishment than if they both agree. c. no talk hostile, poison pill break up fees consider stakeholder interest suspend poison pill to complete the csx-conrail agency theory conrail and management shareholders. exercise option 92.5 lock-up option acquisition price is higher than market price