ORLANDO, Fla. and MIAMI — April 30, 2018 — Marriott Vacations Worldwide Corporation (NYSE: VAC)(«MVW» or the «Company») and ILG (Nasdaq: ILG) today announced that they have entered into a definitive agreement under which MVW will acquire all of the outstanding shares of ILG in a cash and stock transaction with
an implied equity value of approximately $ 4.7 billion.
Marriott Vacations Worldwide Corporation (NYSE: VAC)(«MVW» or the «Company») and ILG (Nasdaq: ILG) today announced that they have entered into a definitive agreement under which MVW will acquire all of the outstanding shares of ILG in a cash and stock transaction with
an implied equity value of approximately $ 4.7 billion.
Not exact matches
The deal
value of $ 23 per Regal share represents a premium of about 12 percent to Regal's closing price on Monday and
implies an enterprise
value -
equity plus debt - of $ 5.8 billion.
The acquisition price
implies a total
equity value of approximately $ 52.4 billion and a total transaction
value of approximately $ 66.1 billion (in each case based on the stated exchange ratio assuming no adjustment) for the business to be acquired by Disney, which includes consolidated assets along with a number of
equity investments.
In estimating our BEV, we utilized the pre-money valuation
implied in the Series G convertible preferred stock financing as the most appropriate indication of our aggregate
equity value, adjusted by the estimated rate of return.
In estimating our BEV, we utilized the pre-money valuation
implied in the Series G convertible preferred stock financing completed in July 2011 as the most appropriate indication of our aggregate
equity value, adjusted by an estimated rate of return.
L.P. executives and Sequoia Capital, which was sold to Ariba Inc. for share consideration
implying an enterprise
value of US$ 924 million; StorageNow, which became one of Canada's largest self - storage companies prior to being sold to InStorage REIT for cash consideration of $ 110 million; and KGS - Alpha Capital Markets L.P., a U.S. fixed - income broker dealer with over US$ 215 million of
equity capital.
The argument of a full - or over-valuation of stocks backfires when applied to the existing
equity holdings of a fund: If at present the manager does not want to use the surplus cash to add to these positions, this
implies that they have a limited appreciation potential, are fully
valued or even over-
valued.
Based on the current
equity value it looks like the
implied liquidation
value per rig is around $ 6.2 mm.
Yet, there are home
equity loans that offer up to 125 % of the property's
value which
implies that even without enough
equity; you can still obtain a home
equity loan especially if the loan will be used for making home improvements.
But the intelligent investor needs to temper expectations of a multi-bagger opportunity in the
equity with the plain fact that the debtors are willing to sell the debt at a discount to par,
implying that the
equity has no
value whatsoever.
The capital structure arb would say that he would view the bondholders as short a put from the equityholders, estimate the
value of that option using the stock price,
equity option
implied volatility, and capital structure, and would back into the spread using that data.
And there we have it: A $ 6.2 billion EV for Digicel would actually
imply a $ 1.9 billion
equity market cap, so we're looking at a potential $ 5.70 Fair
Value per share.
On Wednesday, February 7, dollar
value traded in U.S. - listed ETFs represented more than 35 % of the consolidated tape (compared with an average of 26 % in 2017).5 The rise in ETF turnover on both an absolute and relative basis to broad
equities amid the significant market volatility
implies investors and traders chose ETFs over single stocks.
That involved separating its gas distribution business and transferring all of its contracts, assets and liabilities into a newly formed holding company, paving way for the sale of a 61 %
equity stake of the business to a consortium of international investors and
implying an enterprise
value for the gas distribution network of about # 13.8 bn.
ARCP has modified its offer to incorporate the acquisition of Cole Holdings and increased
value for CCPT III, now offerings not less than $ 13.59 per share,
implying a minimum
equity value for CCPT II and Cole Holdings of approximately $ 6.7 billion.
«Assuming Crown American levers mall acquisitions at 60 % LTV (loan - to -
value), the $ 50 million of
equity would buy $ 125 million of assets,
implying Crown American can still purchase one or two malls before the powder runs dry.»