{"title":"并购中互换比例的确定:以信实自然资源有限公司与信实电力有限公司为例合并","authors":"Ravi Agarwal, Vignesh Ramakrishnan","doi":"10.2139/ssrn.1651451","DOIUrl":null,"url":null,"abstract":"In July 2010, the management of Reliance Power Ltd and Reliance Natural Resources Ltd. announced merger of the two companies and the share exchange ratio was later set at 1:4. Much has been talked and written in financial press on the validity of this swap ratio. In the present study, we have applied three different approaches - discounted cash flow approach, market value approach and Conn and Nielsen model - to calculate share swap ratio between the two companies. Our analysis shows that the swap ratio fixed the management has been justified.","PeriodicalId":170425,"journal":{"name":"ERN: Vertical & Horizontal Integration (Topic)","volume":"37 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2010-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"Determination of Swap Ratio in Merger: Case of Reliance Natural Resources Ltd. and Reliance Power Ltd. Merger\",\"authors\":\"Ravi Agarwal, Vignesh Ramakrishnan\",\"doi\":\"10.2139/ssrn.1651451\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"In July 2010, the management of Reliance Power Ltd and Reliance Natural Resources Ltd. announced merger of the two companies and the share exchange ratio was later set at 1:4. Much has been talked and written in financial press on the validity of this swap ratio. In the present study, we have applied three different approaches - discounted cash flow approach, market value approach and Conn and Nielsen model - to calculate share swap ratio between the two companies. Our analysis shows that the swap ratio fixed the management has been justified.\",\"PeriodicalId\":170425,\"journal\":{\"name\":\"ERN: Vertical & Horizontal Integration (Topic)\",\"volume\":\"37 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2010-07-31\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"ERN: Vertical & Horizontal Integration (Topic)\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.1651451\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"ERN: Vertical & Horizontal Integration (Topic)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.1651451","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Determination of Swap Ratio in Merger: Case of Reliance Natural Resources Ltd. and Reliance Power Ltd. Merger
In July 2010, the management of Reliance Power Ltd and Reliance Natural Resources Ltd. announced merger of the two companies and the share exchange ratio was later set at 1:4. Much has been talked and written in financial press on the validity of this swap ratio. In the present study, we have applied three different approaches - discounted cash flow approach, market value approach and Conn and Nielsen model - to calculate share swap ratio between the two companies. Our analysis shows that the swap ratio fixed the management has been justified.
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