HBSP (USA)
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The TELUS Share Conversion Proposal
White, Lucy; Esty, Benjamin C.; Mazzanti, LisaCase HBS-214001-EFinanceOn February 21, 2013, TELUS announced a proposal to convert the firm's non-voting shares into voting shares on a one-to-one basis, thereby eliminating the firm's dual class structure. Shareholders were scheduled to vote on the proposal at the firm's annual general meeting (AGM) on May 9, 2013. Despite strong support from management, the board, two proxy advisory firms, and several large shareholders, the proposal was opposed by Mason Capital Mana...Starting at €8.20
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Barclays Bank, 2008
White, Lucy; Burn-Murdoch, Stephen; Lenhardt, JeromeCase HBS-215027-EFinanceIn the midst of the financial crisis, Barclays (the world's 4th largest bank by assets) is forced by UK regulators to raise more capital. Should it take up the UK government's offer to invest, or take funding from investors from the Middle East? Students may price the two deals to determine which is more expensive, and must decide whether avoiding the constraints of government ownership is worth the extra cost.Starting at €8.20
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AXA MONY
Perold, Andre F.; White, LucyCase HBS-208062-EFinanceAXA's friendly bid for MONY is contested by activist hedge funds suspicious of management's generous change in control contracts. Votes trade after the record date. AXA financed the bid using an unusual conditionally convertible bond which may have affected incentives to trade and vote MONY shares.Starting at €8.20
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The TELUS Share Conversion Proposal, Teaching Note
White, Lucy; Esty, Benjamin C.Teaching Note HBS-214003-EFinanceTeaching Note for 214001.On February 21, 2013, TELUS announced a proposal to convert the firm's non-voting shares into voting shares on a one-to-one basis, thereby eliminating the firm's dual class structure. Shareholders were scheduled to vote on the proposal at the firm's annual general meeting (AGM) on May 9, 2013. Despite strong support from management, the board, two proxy advisory firms, and several large shareholders, the proposal was oppo...Starting at €0.00
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ISS A/S: The Buyout
Rose, Clayton; White, Lucy; Bienz, CarstenCase HBS-214027-EFinanceProvides the opportunity to value a leveraged buy-out; and to examine the nature and extent of a company's responsibilities to its bondholders. Here, the context is a "going private" transaction in Europe, where the financing plan called for the addition to the company's balance sheet of a significant amount of new debt and a reshaping of the capital structure. While leveraged buyouts had been used in Europe for several years, this was likely the...Starting at €8.20
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ISS A/S: The Buyout, Teaching Note
White, Lucy; Bienz, CarstenTeaching Note HBS-214066-EFinanceTeaching Note for 214027. Provides the opportunity to value a leveraged buyout; and to examine the nature and extent of a company's responsibilities to its bondholders. Here, the context is a "going private" transaction in Europe, where the financing plan called for the addition to the company's balance sheet of a significant amount of new debt and a reshaping of the capital structure. While leveraged buyouts had been used in Europe for several y...Starting at €0.00
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British Land, Teaching Note
White, LucyTeaching Note HBS-208065-EFinanceTeaching Note to (208-064).Starting at €0.00
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AXA MONY, Teaching Note
Perold, Andre F.; White, LucyTeaching Note HBS-208063-EFinanceTeaching Note to (208-062).Starting at €0.00
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British Land
White, LucyCase HBS-208064-EFinanceBritish Land's shares traded below NAV. Laxey investments tried to force British Land into share buybacks and criticized its corporate governance. Laxey voted borrowed shares at the AGM.Starting at €8.20