Adv Merger model error
Pls confirm whether this is an error or not in your model: - you have not dollared the formula in cells I54 and I55 meaning you are taking forward zero values in rows 54 and 55 for book/tax depreciation - this makes a minor difference to the tax charge of c7k which is then carried forward through t... Pls confirm whether this is an error or not in your model:

- you have not dollared the formula in cells I54 and I55 meaning you are taking forward zero values in rows 54 and 55 for book/tax depreciation
- this makes a minor difference to the tax charge of c7k which is then carried forward through the model
- i noticed it in the cash flow

thanks
Bart Read More

Copy and Paste Exact Formula
I seem to remember a WST macro or shortcut that would copy and paste formulas absolutely. As in, if I have =A1+B2 and I copy that to another cell it’ll end up being A1+B2 rather than something like C1+D2 without the use of F4 to lock cells. Is there such a thing?

M&A Purchase Price Allocation - intangibles calculation
I found another point which i woul like to discuss with you. on your merger model (from the c0omplex M&A module), the adjustment with regards to the intangibles must be wrong. The reason being that when i used to model any merger, i did not substrct the target's intangibles. If i did so, then th... I found another point which i woul like to discuss with you. on your merger model (from the c0omplex M&A module), the adjustment with regards to the intangibles must be wrong. The reason being that when i used to model any merger, i did not substrct the target's intangibles. If i did so, then the model would be always off by that amount. If you replace in you model the target's intangibles by an amount instead of being zero. (and balance it on the Liabilities side as well in order to balance) you will see that according to you adjustment the model will not balance by that amount.

The rationale is that during a merger there is no point in blowing out the target's intangibles assets.

Let me know what your opinion is on that matter. Read More

Published M&A and LBO Deal Information
Hi Guys, I am a graduate from Surrey University in England. Having recently completed all your core modules as preparation for an interview in London, I have some further prep to do. I have been advised to (1) read up on recent and past M&A and LBO transactions (more focus on LBOs) and (2) re... Hi Guys,

I am a graduate from Surrey University in England. Having recently completed all your core modules as preparation for an interview in London, I have some further prep to do. I have been advised to (1) read up on recent and past M&A and LBO transactions (more focus on LBOs) and (2) research risk factors across different Industries and Sectors.

Regarding the first point, apart from reading the Financial Times, is there any kind of database (or search I can do on the SEC website) that will help me to find this information? Or any other sources that document these transactions? I understand that there may be a difference between US and UK or European deals, but I think the point is that I familiarize myself with these types of transactions wherever they come from.

About the second point, I found a website for the Industry Classification Benchmark (ICB) (http://www.ftse.com/Indices/Industry_Cl ... /index.jsp) which classifies all Industries, Supersectors, Sectors and Subsectors and provides brief definitions for all, on behalf of the FTSE Group and Dow Jones Indexes. There are 114 subsectors. Having been introduced to the SEC and 10K, 10Q filings on your course, I have decided to go about researching risk factors from within company 10K filings from different industries/sectors. First, it would be a tremendous task researching one company from each subsector (114 companies!?), is this necessary or is there another way to go about developing an initial foundation for Risk Factors across industries? Secondly, without access to Bloomberg, are there any other free sources that list companies within Indices where I can do a search by Industry, Sector etc? Alternatively a free source that lists the companies listed within exchanges?

Many Thanks Read More

338(h)(10) elections and NOLs
1. Stock sales are taxed only once (shareholder level) while asset sales are taxed twice (corporate level and shareholder level), correct? 2. Why would a seller be motivated to do a 338(h)10 since they would be taxed twice, since the 338(h)10 treats the sale as an asset sale, vs. only being tax... 1. Stock sales are taxed only once (shareholder level) while asset sales are taxed twice (corporate level and shareholder level), correct?

2. Why would a seller be motivated to do a 338(h)10 since they would be taxed twice, since the 338(h)10 treats the sale as an asset sale, vs. only being taxed once if they went through with a stock sale?

3. Are sellers that are structured as a LLC, S-Corp, LLP more inclined to accept a 338(h)10 b/c either way, asset sale or stock sale, there never is 2 levels of taxation since everything is passed through to shareholders? Therefore, they would be more inclined than a seller who is a C-Corp to do a 338(h)10?

4. You mentioned that S-Corps cannot have NOL's b/c taxes are paid once by the shareholders and nothing is paid for taxes on a corporate level. Is this also true for LLC's, LLP's, partnerships, etc where earnings are passed through to the shareholder level to be taxed (i.e. LLC, LLP, partnerships cannot have NOLs also)? Read More