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CORPORATE FINANCIAL 22 FEBRUARY 2021
MANAGEMENT – FIN402
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Table of Contents
1.0 ORGANIZATION INFORMATION ........................................................................................................ 3
1.1 AT&T and Time Warner ..................................................................................................................... 3
1.2 Salesforce and Slack ......................................................................................................................... 3
2.0 CORPORATE FINANCE PRINCIPLES .............................................................................................. 4
2.1 Principles of Merger and Acquisition ............................................................................................... 4
2.1.1 Types of Mergers & Acquisitions ................................................................................................. 5
2.1.2 The Structure of Mergers .............................................................................................................. 6
2.1.3 Valuation Matters ........................................................................................................................... 7
2.2 Pre-merger situation and Post-Merger situation ............................................................................ 8
2.2.1 AT&T and Time Warner (Merger) ................................................................................................ 8
2.2.2 Salesforce and Slack (Acquisition) .............................................................................................. 9
2.3 Reasons for Success or Failure ..................................................................................................... 11
2.3.1 AT&T and Time Warner .............................................................................................................. 11
2.3.2 Salesforce and Slack ................................................................................................................... 12
3.0 CONCLUSION ...................................................................................................................................... 13
4.0 REFERENCES ...................................................................................................................................... 14
1.0 ORGANIZATION INFORMATION
1.1 AT&T and Time Warner
AT&T Inc. is an American multinational conglomerate holding company,
Delaware-registered but headquartered at Whitacre Tower in Downtown Dallas,
Texas. It is the world's largest telecommunications company, the largest provider
of mobile telephone services, and the largest provider of fixed telephone services
in the United States through AT&T Communications. Since June 14, 2018, it is
also the parent company of mass media conglomerate WarnerMedia, making it
the world's largest media and entertainment company in terms of revenue. As of
2020, AT&T was ranked 9 on the Fortune 500 rankings of the largest United
States corporations, with revenues of $181 billion.

Warner Media, LLC (stylized as WarnerMedia) is an American multinational

mass media and entertainment conglomerate corporation owned by AT&T and
headquartered in New York City, United States. It was originally formed in 1990
by Steve Ross and formerly known as Time Warner from 1990 to 2001 and 2003
to 2018, from the merger of Time Inc. and the original Warner Communications.
The company has film, television and cable operations, with its assets including
WarnerMedia Studios & Networks (consisting of the entertainment assets of
Turner Broadcasting, HBO, and Cinemax as well as Warner Bros., which itself
consists of the film, animation, television studios and the company's home
entertainment division, DC Comics, New Line Cinema, and, together with
ViacomCBS, a 50% interest in The CW television network); WarnerMedia News
& Sports (consisting of the news and sports assets of Turner Broadcasting, as
well as AT&T SportsNet); WarnerMedia Sales & Distribution (consisting of digital
analytics company Xandr and Otter Media); and WarnerMedia Direct (consisting
of the HBO Max streaming service).

1.2 Salesforce and Slack

Salesforce.com, Inc. operates in the customer relationship management, or
CRM, market, providing web-based applications that allow companies to share
information related to their sales efforts, such as sales leads, customer
information, and customer interaction. The company's service, available
exclusively online, competes with CRM software that companies purchase and
install on their own hardware, as well as other on-demand CRM providers.
salesforce.com charges its customers a monthly fee on a per user basis, which is
 typically much less expensive than buying enterprise software, installing it,
configuring it, and maintaining its operation.
One of the first companies to offer web-based CRM services, salesforce.com
serves more than 20,000 customers representing approximately 400,000
subscribers in 70 countries. Notable salesforce.com customers include IBM,
Microsoft, PricewaterhouseCoopers, Nokia, Kaiser Permanente, and Dow Jones
Newswires

Slack is a proprietary business communication platform developed by

American software company Slack Technologies. Slack offers many IRC-style
features, including persistent chat rooms (channels) organized by topic, private
groups, and direct messaging.
Slack began as an internal tool for Stewart Butterfield's company Tiny Speck
during the development of Glitch, an online game.[13] Slack launched in August
2013.

2.0 CORPORATE FINANCE PRINCIPLES

2.1 Principles of Merger and Acquisition
The terms "mergers" and "acquisitions" are often used interchangeably, although in
actuality, they hold slightly different meanings. When one company takes over another
entity, and establishes itself as the new owner, the purchase is called an acquisition.
From a legal point of view, the target company ceases to exist, the buyer absorbs the
business, and the buyer's stock continues to be traded, while the target company’s
stock ceases to trade.
On the other hand, a merger describes two firms of approximately the same
size, who join forces to move forward as a single new entity, rather than remain
separately owned and operated. This action is known as a "merger of equals." Both
companies' stocks are surrendered and new company stock is issued in its place. Case
in point: both Daimler-Benz and Chrysler ceased to exist when the two firms merged,
and a new company, Daimler Chrysler, was created. A purchase deal will also be called
a merger when both CEOs agree that joining together is in the best interest of both of
their companies.
Unfriendly ("hostile takeover") deals, where target companies do not wish to be
purchased, are always regarded as acquisitions. A deal is can thus be classified as a
merger or an acquisition, based on whether the acquisition is friendly or hostile and
how it is announced. In other words, the difference lies in how the deal is
 communicated to the target company's board of directors, employees and
shareholders.

2.1.1 Types of Mergers & Acquisitions

Here is a brief overview of some common transactions that fall under the M&A
umbrella:
• Mergers
In a merger, the boards of directors for two companies approve the
combination and seek shareholders' approval. Post-merger, the acquired
company ceases to exist and becomes part of the acquiring company. For
example, in 1998 a merger deal occurred between Digital Computers and
Compaq, whereby Compaq absorbed Digital Computers. Compaq later
merged with Hewlett-Packard in 2002. Compaq's pre-merger ticker symbol
was CPQ. This was combined with Hewlett-Packard's ticker symbol (HWP)
to create the current ticker symbol (HPQ).
• Acquisitions
In a simple acquisition, the acquiring company obtains the majority stake in
the acquired firm, which does not change its name or alter its legal
structure, and often preserve the existing stock symbol. An example of this
transaction is Manulife Financial Corporation's 2004 acquisition of John
Hancock Financial Services, where both companies preserved their names
and organizational structures. Acquisitions may be done by exchanging one
company's stock for the others or using cash to purchase the target
company's shares.
• Consolidations
Consolidation creates a new company through combining core businesses
and abandoning the old corporate structures. Stockholders of both
companies must approve the consolidation, and subsequent to the
approval, receive common equity shares in the new firm. For example, in
1998, Citicorp and Traveler's Insurance Group announced a consolidation,
which resulted in Citigroup.
• Tender Offers
In a tender offer, one company offers to purchase the outstanding stock of
the other firm, at a specific price rather than market price. The acquiring
company communicates the offer directly to the other company's
shareholders, bypassing the management and board of directors. For
 example, in 2008, Johnson & Johnson made a tender offer to acquire Omrix
Biopharmaceuticals for $438 million. While the acquiring company may
continue to exist — especially if there are certain dissenting shareholders
— most tender offers result in mergers.
• Acquisition of Assets
In an acquisition of assets, one company directly acquires the assets of
another company. The company whose assets are being acquired must
obtain approval from its shareholders. The purchase of assets is typical
during bankruptcy proceedings, where other companies bid for various
assets of the bankrupt company, which is liquidated upon the final transfer
of assets to the acquiring firms.
• Management Acquisitions
In a management acquisition, also known as a management-led buyout
(MBO), a company's executives purchase a controlling stake in another
company, taking it private. These former executives often partner with a
financier or former corporate officers, in an effort to help fund a transaction.
Such M&A transactions are typically financed disproportionately with debt,
and the majority of shareholders must approve it. For example, in 2013,
Dell Corporation announced that it was acquired by its chief executive
manager, Michael Dell.

2.1.2 The Structure of Mergers

Mergers may be structured in multiple different ways, based on the relationship
between the two companies involved in the deal.
• Horizontal merger: Two companies that are in direct competition and share
the same product lines and markets.
• Vertical merger: A customer and company or a supplier and company.
Think of a cone supplier merging with an ice cream maker.
• Congeneric mergers: Two businesses that serve the same consumer base
in different ways, such as a TV manufacturer and a cable company.
• Market-extension merger: Two companies that sell the same products in
different markets.
• Product-extension merger: Two companies selling different but related
products in the same market.
• Conglomeration: Two companies that have no common business areas.
 Mergers may also be distinguished by following two financing methods--each with
its own ramifications for investors.
• Purchase Mergers: As the name suggests, this kind of merger occurs when
one company purchases another company. The purchase is made with
cash or through the issue of some kind of debt instrument. The sale is
taxable, which attracts the acquiring companies, who enjoy the tax benefits.
Acquired assets can be written-up to the actual purchase price, and the
difference between the book value and the purchase price of the assets
can depreciate annually, reducing taxes payable by the acquiring company.
• Consolidation Mergers: With this merger, a brand-new company is formed,
and both companies are bought and combined under the new entity. The
tax terms are the same as those of a purchase merger.

2.1.3 Valuation Matters

Both companies involved on either side of an M&A deal will value the target
company differently. The seller will obviously value the company at the highest
price as possible, while the buyer will attempt to buy it for the lowest possible price.
Fortunately, a company can be objectively valued by studying comparable
companies in an industry, and by relying on the following metrics:
• Comparative Ratios: The following are two examples of the many
comparative metrics on which acquiring companies may base their offers:
• Price-Earnings Ratio (P/E Ratio): With the use of this ratio, an acquiring
company makes an offer that is a multiple of the earnings of the target
company. Examining the P/E for all the stocks within the same industry
group will give the acquiring company good guidance for what the target's
P/E multiple should be.
• Enterprise-Value-to-Sales Ratio (EV/Sales): With this ratio, the acquiring
company makes an offer as a multiple of the revenues, again, while being
aware of the price-to-sales ratio of other companies in the industry.
• Replacement Cost: In a few cases, acquisitions are based on the cost of
replacing the target company. For simplicity's sake, suppose the value of a
company is simply the sum of all its equipment and staffing costs. The
acquiring company can literally order the target to sell at that price, or it will
create a competitor for the same cost. Naturally, it takes a long time to
assemble good management, acquire property and purchase the right
equipment. This method of establishing a price certainly wouldn't make
 much sense in a service industry where the key assets – people and ideas
– are hard to value and develop.
• Discounted Cash Flow (DCF): A key valuation tool in M&A, discounted cash
flow analysis determines a company's current value, according to its
estimated future cash flows. Forecasted free cash flows (net income +
depreciation/amortization - capital expenditures - change in working
capital) are discounted to a present value using the company's weighted
average costs of capital (WACC). Admittedly, DCF is tricky to get right, but
few tools can rival this valuation method.

2.2 Pre-merger situation and Post-Merger situation

2.2.1 AT&T and Time Warner (Merger)
• Pre-merger situation
On October 20, 2016, it was reported that AT&T was in talks to acquire
Time Warner. The proposed deal would give AT&T significant holdings in the
media industry. AT&T's competitor Comcast had previously acquired
NBCUniversal in a similar bid to increase its media holdings, in concert with its
ownership of television and internet providers. On October 22, 2016, AT&T
reached a deal to buy Time Warner for $85.4 billion. If approved by federal
regulators, the merger would bring Time Warner's properties under the same
umbrella as AT&T's telecommunication holdings, including satellite provider
DirecTV. The deal has faced criticism for the possibility that AT&T could use
Time Warner content as leverage to discriminate against or limit access to the
content by competing providers.

• Post-merger situation
On February 15, 2017, Time Warner shareholders approved the
merger. On February 28, Federal Communications Commission chairman Ajit
Pai refused to review the deal, leaving the review to the Department of Justice.
On March 15, 2017, the merger was approved by the European Commission.
On August 22, 2017, the merger was approved by the Mexican Comisión
Federal de Competencia. On September 5, 2017, the merger was approved by
the Chilean Fiscalía Nacional Económica.
 On November 8, 2017, reports of a meeting between AT&T CEO
Randall L. Stephenson and Makan Delrahim, assistant Attorney General of the
Department of Justice's Antitrust Division, indicated that AT&T had been
recommended to divest DirecTV or Turner Broadcasting, seek alternative
antitrust remedies, or abandon the acquisition. Some news outlets reported
that AT&T had been ordered to specifically divest CNN, but these claims were
denied by both Stephenson and a government official the following day, with
the latter criticizing the reports as being an effort to politicize the deal.
Stephenson also disputed the relevance of CNN to the antitrust concerns
surrounding the acquisition, as AT&T does not already own a national news
channel.
On November 20, 2017, the Department of Justice filed an antitrust
lawsuit over the acquisition; Delrahim stated that the deal would "greatly harm
American consumers". AT&T asserts that this suit is a "radical and inexplicable
departure from decades of antitrust precedent". On December 22, 2017, the
merger agreement deadline was extended to June 21, 2018, under a big vote
of confidence.
On June 12, 2018, District Judge Richard J. Leon ruled in favor of
AT&T, thus allowing the acquisition to go ahead with no conditions or remedies.
Leon argued that the Department of Justice provided insufficient evidence that
the proposed transaction would result in lessened competition. He also warned
the government that attempting to obtain an appeal or stay on the ruling would
be manifest unjust, as it would cause "certain irreparable harm to the
defendants"

2.2.2 Salesforce and Slack (Acquisition)

• Pre-merger situation
Salesforce was preparing an offer to buy Slack, a fast-growing,
unprofitable software company that sells what they call “a channel-based
messaging platform”. Slack’s shares jumped almost 40%. Salesforce fell about
4%. Salesforce confirmed that it would offer a combined cash and stock
package worth about $27 Billion to acquire Slack, which would make it the 2nd
largest software company acquisition on record, after IBM’s gains 2.1% ($34
Billion) deal for Red Hat at 0.0% in 2018 and ahead of Microsoft’s gain 0.5%
($26 Billion) acquisition of Linked In in 2016. The announcement carved
another 10% off Salesforce’s market capitalization, and boosted the Slack’s
value proportionally.
The first thing to say about all this is that it constitutes a nice illustration
of a stereotypical market pattern, triggered by an acquisition event – which sets
up an investment strategy known as merger arbitrage.
Merger arbitrage is an investment strategy that involves buying shares
of a company that is being acquired. It may also involve shorting the shares of
the acquiring company. The objective of the strategy is to capture the arbitrage
spread—the difference between the acquisition price and the price at which the
target’s stock trades before the consummation of the merger
A bid by one company to acquire another company always has two
effects. First of all, the shares of the target rise promptly to somewhere near
the offering price. The offer price entails a significant premium over the current
market price. Even though it is only a bid, the market price will rise in
anticipation of its consummation. The premiums are often large. IBM bid 60%
above Red Hat’s previous share price. Microsoft’s offered a 50% premium for
Linked In. Both deals were all-cash. Salesforce’s premium for Slack is in the
same range (50-55%), though because it includes both cash and stock, the
value of the offer fluctuates in sync with the value of Salesforce’s own shares.
Typically, however, the target company’s shares do not immediately
reach the level of the offer, but hover somewhat below it. This is the merger
arbitrage spread. It exists because the deal will take several months (on
average) to close, and there is some possibility that it may fall apart, for any
number of reasons. But if all goes well, the spread closes as the deal
approaches its conclusion. As it did in the IBM/Red Hat deal.
The Red Hat merger arbitrage spread was 12% on the day after the
deal was announced. Investors relying only on public information could have
entered the position at that level. The bet was simple: if you thought the deal
would close at $190 a share, you bought all you could at $169 a share. Easy
money — except that you had to be right in assuming the deal would close. In
fact, there was considerable uncertainty surrounding the Red Hat acquisition.
It took 253 days to close – unusually long, due to an extended Dept of Justice
review for possible antitrust concerns. The 12% spread translated to a 17.8%
annualized gain for investors who stayed the course. The size of the spread
can also be interpreted as an implied probability that the deal will close – in this
case, it was said to be 72% on the day after the announcement.
 The assets-under-management of merger arbitrage investment funds
increased by a factor of more than 100 between 1990 and 2007. Which of
course also drove down the average spreads. The deals vary widely and
selectivity can improve the prospects for a savvy investor. It is a research-
intensive business. Lots of room for active investing to make a difference
(although there are a few exchange traded funds – ETFs – that purport to
package merger arbitrage strategies in a more passive vehicle.) This is the
logical side of the merger arbitrage, and most merger arbitrage investors play
this angle. Between 2011 and 2019, 94% of announced deals did in fact close.

• Post-merger situation

It takes an average of about 4 months for these deals to close, so the

simple buy-on-the-announcement strategy returns about 9-10%. Most merger
arbitrage funds don’t do that well, because they come in late, or leave early,
and some deals fall apart. In the last ten years, the merger arbitrage strategy
has averaged a modest 5% return at best. In any case, Slack’s existing
shareholders are happy enough and the merger arbitrages will likely make
money even with just a 3% spread.

2.3 Reasons for Success or Failure

2.3.1 AT&T and Time Warner
Time Warner is one of the largest media and entertainment companies in the
world, controlling a number of popular brands including TNT, TBS, CNN, and HBO,
as well as the Warner Bros. line of enterprises.
If AT&T's acquisition of Time Warner was to go through, the
telecommunications titan would be able to market Time Warner's massive pool of
content to other cable companies and consumers. It would also aim to collect
usage data regarding viewership of the content, with the ultimate goal being able
to construct a digital advertising arm to compete with major rivals like Facebook
(FB) and Google (GOOG).
This is because of the size of the two companies and their broad reach across
many different areas of business and culture, the merger would have a profound
effect across the U.S. According to a recent report from the Washington Post;
detractors argue that it could lead to higher prices and harm competition in the
industry.
 AT&T could coerce other cable companies to pay more for the rights to carry
popular television shows and channels. This would likely mean an increase in cost
to the consumer. The Justice Department believes that this process might add
$436 million in extra fees to cable subscribers each year.
For its part, AT&T argues that prices for cable services would actually decrease
as a result of newly generated economic efficiencies. AT&T claims that even if
there were increases for the reasons the Justice Department has argued, those
would be capped at 45 cents per month per customer.

2.3.2 Salesforce and Slack

Buying Slack pushes Salesforce even closer to becoming an all-in-one suite of
work tools, not unlike Office 365. Most of its big-number acquisitions in recent
years — from $6.5 billion on MuleSoft to $15.7 billion on Tableau to $750 million
on Quip — have been on new software and tools outside of its core CRM business.
The company clearly sees an opportunity in the pandemic and said saw 2020 as
a moment of huge transition in how companies operate and do business.
In a way, selling to Salesforce also gives Slack a better chance to achieve its
original vision. To listen to Stewart Butterfield, he never really wanted to kill email.
What Slack actually set out to do was help connect all the other tools people use,
to become the hub of a workplace that felt increasingly siloed in dozens of different
apps. It just happened that chat windows were a really good place to start.
But here, too, Slack finds itself in unflattering company. Office 365 is also the
giant in the online-workplace space. Zoom has used its newfound hugeness to try
and become the center of users' workflow; Dropbox has completely redesigned its
product to do the same; Monday and Asana and many others are hoping to be the
next big platforms for people to share and store and do work. Meanwhile, Google
renamed its productivity suite to Workspace, in case it wasn't obvious what it was
trying to do.
The Salesforce acquisition seems likely to lead to Slack doubling down on
being a work tool. If you wanted to fault Slack for one thing, it would be for failing
to notice and double down on the fact that all the things users wanted at the office
— a way to share information quickly, a way to keep in touch, a way to feel more
connected — were the same things they now needed in the rest of their lives.
Discord seized on the idea, broadening its scope from gamers to an all-in-one
communication tool. Zoom did the same, briefly lamenting its everyday appeal
before finding ways to optimize for (and make money from) those new users.
3.0 CONCLUSION
In a conclusion, we can see that AT&T and Time Warner merge to gains top spot on
cable networking which has hold by the Google and Facebook. By merging together, they
believe that they can gains more profit and share from other investor. Based on this study,
we can saw that by merging both big companies cannot also bring success and also can
bring failure. The failure that we can saw from this study is that the merging may lead to
higher price and harm competition in the industry.
Next is in the other study of Salesforce and Slack, we saw that their acquisition leads
to the benefits of the Slack company. This is because Salesforce saw a huge potential in
Slack company that may bring profit towards Salesforce and may be beaten Microsoft in
future. By this acquisition, we saw that this acquisition helps a lot of new entrepreneurs
in this world to gains hope, profit and shares.
Lastly, in my opinion, this merge and acquisition is important for the new or upcoming
entrepreneurs to enter the worldwide business. Even though the percentage of the merge
and acquisition may lead towards success is 50-50, it is important for the business to
create opportunities and look out for the threat before made the merge and acquisition.
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