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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Cargill: Keeping the Family Business Private
Ruth S.K. Tan; Yupana WiwattanakantangCase IVEY-9B15N022-EFinanceWhen Margaret A. Cargill passed away in 2006, her 17.5 per cent stake in Cargill went to Margaret A. Cargill Philanthropies (MAC). MAC lobbied for her stake to be liquidated. Cargill proceeded to shed its 64 per cent stake in Mosaic, North America’s second-largest fertilizer company, in exchange for Margaret Cargill’s stake in the company, in order to maintain control over the company. Like many second- and third-generation family businesses, Car...Starting at €8.20
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Neptune Orient Lines: Valuation and Capital Structure
Ruth S.K. Tan; Zsuzsa R. Huszar; Weina ZhangCase IVEY-9B17N007-EFinance, StrategyNeptune Orient Lines Limited (NOL) was started as Singapore’s national shipping line to facilitate industrial development and support the economy. The CMA CGM Group (CMA CGM) had acquired 67 per cent of NOL from Temasek Holdings Private Limited for SG$2.3 billion or $1.30 per share—a 6 per cent premium over the last closing price. In 2016, CMA CGM sought to acquire the remaining shares at the same price so that it could delist NOL and take it pri...Starting 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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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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Greenpac Singapore: Doing Good in a Sustainable Way
Weina Zhang; Samantha Sue Yen Ho; Lorraine Chian Wey Tan; Mengjing Xu; Chunyu YangCase IVEY-9B21N008-EFinanceGreenpac (Singapore) Private Limited (Greenpac) was a green packaging solution provider led by the founder and chief executive officer. Under her vision, Greenpac aimed to become a world-class knowledge-based company that offered innovative and environmentally friendly packaging solutions. Greenpac was also a champion of corporate social responsibility (CSR), advocating for environmental sustainability and social issues. In 2019, the head of the ...Starting 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