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Arcelor Mittal takeover

Author: Vermaelen, Theo ; Andrade, DavidINSEAD Area: FinancePublisher: Fontainebleau : INSEAD, 2009.Language: EnglishDescription: 22 p.Type of document: INSEAD CaseNote: Latest version available via https://publishing.insead.eduAbstract: The case describes the hostile bid of Mittal for Arcelor in the first half of 2006. It documents stock price behaviour around the crucial events surrounding the acquisition. It also provides estimates of synergy benefits as well as a spreadsheet that allows students to calculate directly the implications of synergies for shareholder value.Pedagogical Objectives: The goal of the case is to illustrate the different defence mechanisms firms can employ in hostile bid situations. Students are expected to explain why the market reacts in a particular way to the various takeover defences. The case allows calculation of synergy benefits as estimated by Mittal as well as market estimates by measuring announcement returns. It also enters into a discussion of optimal acquisition finance.
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Latest version available via <a href=https://publishing.insead.edu>https://publishing.insead.edu</a>

The goal of the case is to illustrate the different defence mechanisms firms can employ in hostile bid situations. Students are expected to explain why the market reacts in a particular way to the various takeover defences. The case allows calculation of synergy benefits as estimated by Mittal as well as market estimates by measuring announcement returns. It also enters into a discussion of optimal acquisition finance.

The case describes the hostile bid of Mittal for Arcelor in the first half of 2006. It documents stock price behaviour around the crucial events surrounding the acquisition. It also provides estimates of synergy benefits as well as a spreadsheet that allows students to calculate directly the implications of synergies for shareholder value.

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