NO.PZ2023040402000033
问题如下：
Stratton Oil Corporation is a publicly traded, US-based energy company that just announced its acquisition of Midwest Oil Corporation, a smaller US-based energy company.
Stratton’s offer valued Midwest at an enterprise value of USD40.6 billion, including USD4.3 billion of existing Midwest debt. To finance the consideration of USD55 in cash and 2.25 Stratton shares for each Midwest share, Stratton will issue 104 million new shares and raise approximately USD26 billion in new debt and fund the remainder with cash on hand. Following the close, Stratton expects its outstanding debt will be approximately USD62 billion. Prior to the acquisition, Stratton has 1.096 billion shares outstanding trading at USD125 per share. Lee wants to determine how much the weights of debt and equity in Stratton’s capital structure will change assuming a constant share price and that the book value of debt equals its market value.
The weight of equity in Stratton’s capital structure as a result of the acquisition of Midwest assuming Lee’s two assumptions is closest to:
选项：
A.29%.
71%.
81%.
解释：
B is correct. Following the close of the acquisition, Stratton expects its outstanding debt to total USD62 billion, after assuming USD4.3 billion in existing Midwest debt and issuing USD26 billion. Therefore, prior to the acquisition, Stratton had approximately (62 – 4.3 – 26 =) USD31.7 billion in debt and (1.096 billion shares outstanding × USD125 per share =) USD137.0 billion in equity, resulting in a mix of debt and equity of 19% and 81%, respectively. After the acquisition, Stratton will have USD62 billion in debt and (1.096 billion + 104 million =) 1.2 billion shares outstanding, which, priced at USD125 per share, results in USD150 billion in equity, resulting in a mix of debt and equity of 29% and 71%, respectively. The change in capital structure is summarized below
A is incorrect because 29% represents the percentage of debt after acquisition.
C is incorrect because 81% represents the percentage of equity prior to acquisition.
Stratton’s offer valued Midwest at an enterprise value of USD40.6 billion, including USD4.3 billion，计算得出被收购公司还有36.3的Equity。在计算Debt的时候是把这4.3的债务计算到收购后的合并报表中，但是为什么没有包含这36.3的Equity呢
