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Ben & Jerry’s Homemade

Ben & Jerry’s Homemade. Ben & Jerry’s Case Student Presentations Financial Institutions. Key Questions. How did Ben & Jerry’s become a target? What evidence is there that shareholders are dissatisfied with the company’s performance?

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Ben & Jerry’s Homemade

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  1. Ben & Jerry’s Homemade • Ben & Jerry’s Case • Student Presentations • Financial Institutions

  2. Key Questions • How did Ben & Jerry’s become a target? • What evidence is there that shareholders are dissatisfied with the company’s performance? • Didn’t shareholders know company had other priorities besides profit? • What other stakeholders have an interest in this takeover?

  3. ROE Performance Year ROE 30 Year T-Bonds 1994 -2.6% 7.9% 1995 7.5 6.0 1996 4.7 6.6 1997 4.5 5.9 1998 6.8 5.1 1999 8.9 6.5

  4. Common Takeover DefensesPre-offer • Supermajority • Dual class recapitalization • Staggered board • Poison pill • Poison put • Golden parachutes • Fair-price amendment

  5. Common Takeover DefensesPost-offer • Management buyout • White knight • White squire • Greenmail • Asset restructuring • Liability restructuring • Management resignation

  6. What is a Fair Value for the Company? • Benchmarks • Comparable firms • Valuations

  7. Financial Institutions • Types of institutions • Banks • Insurance companies • Pension funds • Mutual funds • Hedge funds • Payment mechanism • Borrowing and lending • Pooling risk

  8. Next Class • Presentation by State Farm Investment Department • Fixed income investing • Review for midterm exam • Exam is Tuesday, March 6, during class

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