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All HBS Web
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- Faculty Publications (672)
Mergers →
- April 2018 (Revised March 2019)
- Case
Tesla-SolarCity
By: E. Scott Mayfield and Emil N. Siriwardane
On June 21, 2016, Tesla Motors, Inc. announced its offer to acquire SolarCity, bringing CEO Elon Musk one step closer to completing his goal of moving the world from a hydrocarbon-based economy to a solar-electric one. Markets and analysts were mixed in their reaction...
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Keywords:
Tesla;
SolarCity;
Solar Power;
Mergers and Acquisitions;
Renewable Energy;
Goals and Objectives;
Finance
Mayfield, E. Scott, and Emil N. Siriwardane. "Tesla-SolarCity." Harvard Business School Case 218-108, April 2018. (Revised March 2019.)
- February 2018 (Revised October 2019)
- Case
Steinhoff International and the Stock Exchange
By: Siko Sikochi and Austin Lim
Nicky Newton-King, the Chief Executive Officer of the Johannesburg Stock Exchange (JSE), was put in a difficult position. A scandal had broken out at Steinhoff, a JSE-listed company, under her watch and there were calls to suspend listing of the company securities from...
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Keywords:
Accounting;
Financial Reporting;
Mergers and Acquisitions;
Financial Markets;
Corporate Governance;
Retail Industry;
Manufacturing Industry;
Distribution Industry;
Africa;
South Africa
Sikochi, Siko, and Austin Lim. "Steinhoff International and the Stock Exchange." Harvard Business School Case 118-066, February 2018. (Revised October 2019.)
- February 2018
- Case
Robert K. Steel at Wachovia (A)
By: Gautam Mukunda, Nien-hê Hsieh and David Lane
In September 2008, Robert Steel presided over the sale of Wachovia, a top U.S. bank, less than three months after becoming its CEO. Wachovia’s exposure to risky home loans led depositors and creditors to flee the bank on Friday, September 26, after the FDIC seized and...
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Keywords:
Leadership;
Financial Crisis;
Robert Steel;
Wachovia;
Sheila Bair;
Richard Kovacevich;
Wells Fargo;
Vikram Pandit;
Citigroup;
FDIC;
Tim Geithner;
Mortgage Lending;
Contagion;
Mergers And Acquisitions;
Financial Services;
Banking;
Decision Making;
Ethics;
Fairness;
Finance;
Leadership Style;
Crisis Management;
Management Style;
Risk Management;
Negotiation;
Business and Stakeholder Relations;
Banking Industry;
United States
Mukunda, Gautam, Nien-hê Hsieh, and David Lane. "Robert K. Steel at Wachovia (A)." Harvard Business School Case 418-055, February 2018.
- February 2018
- Supplement
Robert K. Steel at Wachovia (B)
By: Gautam Mukunda, Nien-hê Hsieh and David Lane
In September 2008, Robert Steel presided over the sale of Wachovia, a top U.S. bank, less than three months after becoming its CEO. Wachovia’s exposure to risky home loans led depositors and creditors to flee the bank on Friday, September 26, after the FDIC seized and...
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Keywords:
Leadership;
Financial Crisis;
Robert Steel;
Wachovia;
Sheila Bair;
Richard Kovacevich;
Wells Fargo;
Vikram Pandit;
Citigroup;
FDIC;
Tim Geithner;
Mortgage Lending;
Contagion;
Mergers And Acquisitions;
Financial Services;
Banking;
Decision Making;
Ethics;
Fairness;
Finance;
Leadership Style;
Crisis Management;
Management Style;
Risk Management;
Negotiation;
Business and Stakeholder Relations;
Banking Industry;
United States
Mukunda, Gautam, Nien-hê Hsieh, and David Lane. "Robert K. Steel at Wachovia (B)." Harvard Business School Supplement 418-056, February 2018.
- February 2018 (Revised October 2020)
- Case
The Marriott-Starwood Merger: Navigating Brand Portfolio Strategy and Brand Architecture
By: Jill Avery, Chekitan S. Dev and Laure Mougeot Stroock
In September 2016, Marriott completed its $13.3 billion acquisition of Starwood Hotels & Resorts, which added 11 brands to its already robust 19 hotel brand portfolio. Tina Edmundson, Marriott's global brand officer, was charged with making sense of the brand portfolio...
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Keywords:
Brand Management;
Brand Architecture;
Brand Portfolio;
Merger;
Hospitality Industry;
Services Marketing;
Branded House;
House Of Brands;
Sub-branding;
Marketing;
Marketing Strategy;
Brands and Branding;
Mergers and Acquisitions;
Consumer Behavior;
Advertising;
Travel Industry;
Accommodations Industry;
Tourism Industry;
United States;
North America;
Europe;
Asia
Avery, Jill, Chekitan S. Dev, and Laure Mougeot Stroock. "The Marriott-Starwood Merger: Navigating Brand Portfolio Strategy and Brand Architecture." Harvard Business School Case 518-081, February 2018. (Revised October 2020.)
- 2018
- Government Testimony
Health Care Industry Consolidation: What Is Happening, Why It Matters, and What Public Agencies Might Want to Do About It
By: Leemore S. Dafny
Dafny, Leemore S. "Health Care Industry Consolidation: What Is Happening, Why It Matters, and What Public Agencies Might Want to Do About It." Government Testimony, U.S. House of Representatives, Committee on Energy and Commerce, Subcommittee on Oversight and Investigations, Washington, DC, February 2018.
- January 2018 (Revised March 2018)
- Case
Lagunitas Brewing Company
By: Joshua Margolis, Allison Ciechanover and Jeff Huizinga
The CEO of a California-based craft brewery manages new partnership with—and potential acquisition by—industry giant Heineken.
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Keywords:
Culture;
Non-profit;
International;
Organizational Behavior;
Food;
Leadership;
Mergers and Acquisitions;
Organizational Culture;
Management;
Partners and Partnerships;
Technology Industry;
Food and Beverage Industry;
United States
Margolis, Joshua, Allison Ciechanover, and Jeff Huizinga. "Lagunitas Brewing Company." Harvard Business School Case 418-017, January 2018. (Revised March 2018.)
- January 2018
- Case
Ak Gıda: IPO or Strategic Sale
By: Suraj Srinivasan and Eren Kuzucu
In 2015, Yıldiz Holding, one of the world’s largest producer of confections, biscuits and crackers, was at the end of its divestiture process from Ak Gida, one of the leading dairy companies in Turkey. The company had adopted a dual track process, pursuing an initial...
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Keywords:
Valuation;
Private Sector;
For-Profit Firms;
Business Model;
Business Strategy;
Competitive Advantage;
Growth and Development Strategy;
Value Creation;
Decision Making;
Growth Management;
Mergers and Acquisitions;
Initial Public Offering;
Business Conglomerates;
Business Exit or Shutdown;
Family Business;
Joint Ventures;
Food and Beverage Industry;
Turkey
Srinivasan, Suraj, and Eren Kuzucu. "Ak Gıda: IPO or Strategic Sale." Harvard Business School Case 118-036, January 2018.
- January 2018
- Case
OldTown Berhad
By: Benjamin C. Esty and Greg Saldutte
In December 2017, Jacobs Douwe Egberts (JDE, a Dutch coffee company) made an offer to acquire OldTown Berhad (OTB), a Malaysian coffee company. Three large shareholders, representing more than half of the outstanding shares, have agreed to tender their shares, and...
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Keywords:
Mergers & Acquisitions;
Discounted Cash Flow (DCF);
Malaysia;
Coffee;
Consumer Packaged Goods (CPG);
Free Cash Flow (FCF);
Multiples;
Bidding Premia;
Netherlands;
Tender Offer;
Mergers and Acquisitions;
Valuation;
Value Creation;
Food;
Investment Return;
Retail Industry;
Consumer Products Industry;
Food and Beverage Industry;
Malaysia;
Netherlands;
Singapore;
Asia
Esty, Benjamin C., and Greg Saldutte. "OldTown Berhad." Harvard Business School Case 218-058, January 2018.
- January 2018
- Supplement
OldTown Berhad
By: Benjamin C. Esty and Greg Saldutte
In December 2017, Jacobs Douwe Egberts (JDE, a Dutch coffee company) made an offer to acquire OldTown Berhad (OTB), a Malaysian coffee company. Three large shareholders, representing more than half of the outstanding shares, have agreed to tender their shares and...
View Details
Keywords:
Mergers & Acquisitions;
Discounted Cash Flow (DCF);
Malaysia;
Coffee;
Consumer Packaged Goods (CPG);
Free Cash Flow (FCF);
Multiples;
Bidding Premia;
Netherlands;
Tender Offer;
Mergers and Acquisitions;
Valuation;
Value Creation;
Food;
Investment Return;
Retail Industry;
Consumer Products Industry;
Food and Beverage Industry;
Malaysia;
Netherlands;
Singapore;
Asia
- January 2018
- Teaching Note
Suominen Wipes the Slate Clean
By: Boris Groysberg, Kalle Heikkinen, Michael Norris and James Barnett
In 2016, after successfully turning around Finnish nonwovens manufacturer Suominen, CEO Nina Kopola faces a decision on the company’s strategy moving forward.
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- January 2018 (Revised February 2019)
- Case
Merger Arbitrage at Tannenberg Capital
By: Samuel G. Hanson
Hanson, Samuel G. "Merger Arbitrage at Tannenberg Capital." Harvard Business School Case 218-065, January 2018. (Revised February 2019.)
- January 2018 (Revised February 2019)
- Supplement
Merger Arbitrage at Tannenberg Capital (B)
By: Samuel G. Hanson
Hanson, Samuel G. "Merger Arbitrage at Tannenberg Capital (B)." Harvard Business School Supplement 218-066, January 2018. (Revised February 2019.)
- December 2017 (Revised June 2021)
- Case
Tesla's Bid for SolarCity (A)
By: Charles C.Y. Wang and Raaj Zutshi
In October 2016, Tesla asked its shareholders to ratify their $2.4 billion bid for SolarCity. Tesla had announced a series of large projects in the preceding months including the unveiling of the Model 3, the new Solar Roof, and pushing forward the opening of the...
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Wang, Charles C.Y., and Raaj Zutshi. "Tesla's Bid for SolarCity (A)." Harvard Business School Case 118-044, December 2017. (Revised June 2021.)
- December 2017 (Revised November 2018)
- Case
Tesla: Merging with SolarCity
By: Stuart C. Gilson and Sarah L. Abbott
In 2016, electric car manufacturer Tesla announced that it was making an offer to acquire solar panel manufacturer SolarCity in an all-stock offer worth $2.6 billion in Tesla stock. Tesla’s co-founder and CEO, Elon Musk, believed that the merger would generate...
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Keywords:
M&A;
M&A Valuation;
Investing;
Equities;
Equity;
Valuation;
Mergers and Acquisitions;
Auto Industry;
Energy Industry;
United States
Gilson, Stuart C., and Sarah L. Abbott. "Tesla: Merging with SolarCity." Harvard Business School Case 218-038, December 2017. (Revised November 2018.)
- December 2017 (Revised January 2018)
- Teaching Note
Bega Cheese: Bidding to Bring Vegemite Back Home
By: Benjamin C. Esty, Lauren G. Pickle and Greg Saldutte
In January 2017, the leadership team of Bega Cheese—the Australian dairy company—was considering a bid for Mondelēz International’s Australia and New Zealand (ANZ) grocery business which included several leading consumer brands such as Vegemite, the iconic Australian...
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Keywords:
Mergers & Acquisitions;
Value Drivers;
Discounted Cash Flow (DCF);
Dairy Industry;
Corporate Scope;
Diversification;
Consumer Goods;
Iconic Brands;
Australia;
Corporate Finance;
Bidding Strategy;
Cross Border;
Financing;
Mergers and Acquisitions;
Valuation;
Value Creation;
Business Divisions;
Capital Structure;
Food;
Bids and Bidding;
Consumer Products Industry;
Food and Beverage Industry;
Australia;
United States
Ivashina, Victoria, Alexey Tuzikov, and Abhijit Tagade. "Valuation Techniques in Private Equity: LBO Model." Harvard Business School Background Note 218-106, June 2018.
- December 2017 (Revised January 2022)
- Supplement
Bega Cheese: Bidding to Bring Vegemite Back Home
By: Benjamin C. Esty and Lauren G. Pickle
In January 2017, the leadership team of Bega Cheese—the Australian dairy company—was considering a bid for Mondelēz International’s Australia and New Zealand (ANZ) grocery business which included several leading consumer brands including Vegemite, the iconic Australian...
View Details
Keywords:
Mergers & Acquisitions;
Value Drivers;
Discounted Cash Flow (DCF);
Dairy Industry;
Corporate Scope;
Consumer Goods;
Iconic Brands;
Bidding Strategy;
Cross Border;
Financing;
Mergers and Acquisitions;
Valuation;
Value Creation;
Business Divisions;
Capital Structure;
Food;
Bids and Bidding;
Diversification;
Brands and Branding;
Corporate Finance;
Consumer Products Industry;
Food and Beverage Industry;
Australia;
United States
- December 2017
- Supplement
Bega Cheese: Bidding to Bring Vegemite Back Home
By: Benjamin C. Esty and Lauren G. Pickle
In January 2017, the leadership team of Bega Cheese—the Australian dairy company—was considering a bid for Mondelēz International’s Australia and New Zealand (ANZ) grocery business which included several leading consumer brands (Vegemite—the iconic Australian spread,...
View Details
Keywords:
Mergers & Acquisitions;
Value Drivers;
Discounted Cash Flow (DCF);
Dairy Industry;
Corporate Scope;
Diversification;
Consumer Goods;
Iconic Brands;
Australia;
Corporate Finance;
Bidding Strategy;
Cross Border;
Mergers and Acquisitions;
Valuation;
Value Creation;
Business Divisions;
Capital Structure;
Food;
Bids and Bidding;
Retail Industry;
Consumer Products Industry;
Food and Beverage Industry;
Australia;
United States
- December 2017 (Revised February 2021)
- Case
Bega Cheese: Bidding to Bring Vegemite Back Home
By: Benjamin C. Esty and Lauren G. Pickle
In January 2017, the leadership team of Bega Cheese—the Australian dairy company—was considering a bid for Mondelēz International’s Australia and New Zealand (ANZ) grocery business, which included several leading consumer brands such as Vegemite, the iconic Australian...
View Details
Keywords:
Mergers & Acquisitions;
Value Drivers;
Discounted Cash Flow (DCF);
Dairy Industry;
Corporate Scope;
Consumer Goods;
Iconic Brands;
Bidding Strategy;
Cross Border;
Financing;
Mergers and Acquisitions;
Valuation;
Value Creation;
Diversification;
Business Divisions;
Corporate Finance;
Capital Structure;
Food;
Bids and Bidding;
Consumer Products Industry;
Food and Beverage Industry;
Australia;
United States
Esty, Benjamin C., and Lauren G. Pickle. "Bega Cheese: Bidding to Bring Vegemite Back Home." Harvard Business School Case 218-001, December 2017. (Revised February 2021.)
- November 2017
- Supplement
Merging American Airlines and US Airways (B)
By: David G. Fubini, David A. Garvin and Carin-Isabel Knoop
Exhibit to Merging American Airlines and US Airways (A) case. In February 2013, US Airways announced that it would merge with American Airlines to create the world’s largest airline. Doug Parker, the CEO of US Airways, would become CEO of the new American Airlines...
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Keywords:
Airlines;
Merger;
Takeover;
Integration Strategy;
Merger Integration;
Mergers and Acquisitions;
Decision Making;
Governance;
Management Teams;
Operations;
Organizational Culture;
Air Transportation Industry;
United States
Fubini, David G., David A. Garvin, and Carin-Isabel Knoop. "Merging American Airlines and US Airways (B)." Harvard Business School Supplement 418-036, November 2017.