问一道题：NO.PZ2018101501000126 [ CFA II ]

NO.PZ2018101501000126 问题如下 NationPlastiCorp. is a leang manufacturer of high-quality injection-molplastic packaging materials usevarious instries, primarily fooanbeverage processing anpackaging firms. Zenith TermoPlastiInproces plastic containers anbags. Keith Whelan, who is both chief executive officer anchief fnanciofficer of Zenith, begto consir having Zenith make its own take over bifor National.When Whelpresents Zenith’s proposetakeover to the boarof rectors the following y, one of the rectors ma the following statements:1 Although I certainly in favor of this takeover, I think we woulachieve the greatest value from the acquisition if we offeremore stoanless cash 2 If Zenith es not realize the potentisynergies of this acquisition in the next five years, I suggest a “spin-off” a means to recover some of the money lost in this venture. 3 A positive initimarket reaction will confirm thwe not overpfor National. Whiof the statements ma the member of the Boarof rectors is most accurate? A.Statement 2 B.Statement 1 C.Statement 3 C is correct. Initimarket reaction is important barometer for the value investors plaon the gains from merging well incation of future returns.A is incorrect. A spin-off es not generate cash for the parent company.B is incorrect. The more of the merger this paifor stock, the more ththe risks anbenefts of realizing these synergies (assuming they really exist) will passeon to the target shareholrs—hena lower beneft will result if more stois use Statement 2，老师可以帮忙一下吗？

Statement 1 Statement 3 C is correct. Initimarket reaction is important barometer for the value investors plaon the gains from merging well incation of future returns. A is incorrect. A spin-off es not generate cash for the parent company. B is incorrect. The more of the merger this paifor stock, the more ththe risks anbenefts of realizing these synergies (assuming they really exist) will passeon to the target shareholrs—hena lower beneft will result if more stois use老师，我看到你在其他同学问题的回答了，我也明白你说的意思。但是这应该是两个角度。你说的是如何选择支付方式。而题目里也说了是value最大，这应该没问题啊，李老师课件例题也算了也说了，就是全stock的时候value最大啊…所以我还是不太理解。

NO.PZ2018101501000126 spin off 和split off 是不是都没有cash flow的流入？

NO.PZ2018101501000126 从哪里可以看出来这2家公司是母子关系

1 Although I certainly in favor of this takeover, I think we woulachieve the greatest value from the acquisition if we offeremore stoanless cash这句话我理解的是因为我是赞成并购的，所以我用更多股，少现金，可以获取更大价值，哪里不对吗