Ivey Business School (Canada)
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Super Group: Acquisition and Delisting from the Singapore Exchange
Ruth S.K. Tan; Allaudeen Hameed; Weina Zhang; Zsuzsa R. HuszarCase IVEY-9B20N033-EEntrepreneurship, Finance, StrategyOn November 3, 2016, Jacobs Douwe Egberts (JDE) launched a bid for Singapore-based food and beverage company Super Group Ltd. (Super). JDE had already acquired 60 per cent of the shares but needed another 30 per cent in order to delist the company and takStarting at €8.20
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Standard Chartered PLC: Riding the Market During Corporate Restructuring
Weina Zhang; Ruth S.K. Tan; Zsuzsa R. HuszarCase IVEY-9B18N004-EFinance, StrategyIn early 2014, Standard Chartered PLC, a British multinational banking and financial services company headquartered in London, England, announced its restructuring plan. The announcement triggered positive reactions in both stock and bond markets. Nevertheless, the eventual profitability was not what was expected. Moving forward into 2015, how would a rational investor have taken advantage of such a corporate restructuring event?Starting at €8.20
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AirAsia Faces a Major Crisis: The Loss of QZ8501
Jonathan Doh; Thomas Lawton; Andreas SchotterCase IVEY-9B15M018-EStrategyOn December 28, 2014, contact with Indonesia AirAsia flight QZ8501, carrying 162 people, was lost after it left Surabaya, Indonesia bound for Singapore. All passengers were believed dead. Until this horrific incident, AirAsia and its various affiliated airlines, which included AirAsia X and Indonesia AirAsia, along with several other airlines organized in joint ventures throughout Southeast Asia, had recorded rising profits, rapid expansion and, ...Starting at €8.20
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The Ascendance of AirAsia: Building a Successful Budget Airline in Asia
Thomas Lawton; Jonathan DohCase IVEY-9B08M054-EEntrepreneurship, StrategyIn September 2001, Tony Fernandes left his job as vice president and head of Warner Music's Southeast Asian operations. He reportedly cashed in his stock options, took out a mortgage on his house, and lined up investors to take control of AirAsia, a struggling Malaysian airline. Three days later, terrorists destroyed the World Trade Center. Despite the negative aftermath of the 9-11 attacks, by 2003, AirAsia had demonstrated that the low-fare mod...Starting at €8.20
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AirAsia X: Can the Low Cost Model Go Long Haul
Ben Forrey; Andreas Schotter; Jonathan Doh; Thomas LawtonCase IVEY-9B12M013-EEntrepreneurship, StrategyBy 2007, AirAsia had become one of the most successful budget airlines in the world. Having dominated Southeast Asia and entered China and India, AirAsia was poised to solidify its place as a top budget airline and one of the most consistently profitable globally. But company founder Tony Fernandes had bigger plans. From the outset in 2001, Fernandes had intended to offer long-haul service, competing against the largest and most established airli...Starting at €8.20
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Sembcorp Marine: Proposal to Restructure
Allaudeen Hameed; Ruth S.K. TanCase IVEY-W27820-EFinanceOn June 24, 2021, Keppel Corporation (Keppel) and Sembcorp Marine Limited (Sembmarine) announced that they had signed a non-binding memorandum of understanding to enter into exclusive talks to merge Sembmarine and Keppel Offshore and Marine (Keppel O&M), a division of Keppel. Separately, but on the same day, Sembmarine also announced an intention to raise S$1.5 billion through a three-for-two renounceable rights issue (up to 18.83 billion new sha...Starting at €8.20
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Standard Chartered Bank: Valuation and Capital Structure
Ruth S.K. Tan; Zsuzsa R. Huszar; Weina ZhangCase IVEY-9B15N030-EFinance, StrategyFollowing a turbulent 2014 for Standard Chartered Bank, the bank’s largest shareholder, Temasek Holdings, began showing indications that it was seriously considering offloading at least a portion of its massive shareholdings in Standard Chartered Bank. This case seeks to provide a fair valuation of Standard Chartered Bank’s intrinsic value, as well as rationalize the most appropriate way for Standard Chartered Bank to raise funds to satisfy the h...Starting at €8.20
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Nintendo: An Outsider as Successor
Ruth S.K. Tan; Yupana WiwattanakantangCase IVEY-9B18N015-EEntrepreneurship, Finance, StrategyUnder the visionary leadership of Hiroshi Yamauchi, Nintendo Co., Ltd. (Nintendo) of Japan had transformed from a small founder-controlled business to a global and professionalized firm. Yamauchi’s death in 2013 had the potential to affect Nintendo’s corpStarting at €8.20
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Sembcorp Marine: Recapitalization and Demerger During COVID-19
Ruth S.K. Tan; Allaudeen Hameed; Weina ZhangCase IVEY-W25131-EFinanceOn June 8, 2020, Sembcorp Marine Ltd. (SCM) announced a S$2.1 billion recapitalization plan to be followed by a demerger from Sembcorp Industries Ltd (SCI). SCM’s business had been significantly affected by the COVID-19 pandemic and a collapse in oil pricStarting at €8.20
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Haidilao International Holding Ltd: Initial Public Offering for Expansion
Weina Zhang; Ruth S.K. Tan; Arnold SimCase IVEY-W24090-EFinanceOn September 26, 2018, the Chinese hotpot chain Haidilao International Holding Ltd. launched an initial public offering, during a time of ongoing trade tensions between the United States and China, and started trading of the company’s shares on the Hong Kong Stock Exchange. The Beijing-based company sold 424.5 million shares at HK$17.8 (US$2.27) per share, which was on the high end of the indicative price range. Its price-to-earnings ratio of 30....Starting at €8.20