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On December 8. 2000, General Mills announced to acquire the worldwide business of Pillsbury from Diageo PLC. General Mills issued 141 million shares of its common stock to Diageo shareholders. There was following contingent payment by Diageo to General Mills. "At the closing, Diageo would establish an escrow fund of $642 mil. Upon the first anniversary date of the closing, Diageo was required to pay from this fund an amount to General Mills depending on General Mills' share price.
• $642Mil, if the average daily share price for 20 days was $42.55 or more
• $0.45 mil, if the average daily share price were $38 or less.
• Variable amount, if the average daily share price were between $38 and $42.55. Diageo would retain the amount by which $42.55 would exceed the average daily share price for 20days, times the amount of General Mill shares held by Diageo (141 million shares).
a. Draw the diagram for this claw-back provision.
b. What kind of option is it?
Illustrate what was the balance in the Investment in Lennon Co. account found in the financial records of Pacer as of December 31, 2006
Burlin Company starts the year with $108,000 in assets and $21,600 in liabilities. Net income for the year is $27,000, and no dividends are paid. How much is owners' equity at the end of the year?
The employee worked in Starbuck's Information Technology Department. RAD Services Inc. charged Starbucks as much as $429,800 for consulting services in a single week. For such a fraud to have taken place, certain control activities were likely no..
An investment project costs $21,500 and has annual cash flows of $4,200 for 6 years. If the discount rate is 20 percent, illustrate what is the discounted payback period?
The maximize the increase in current earnings per share. How would you as a potential investor in firm using this tactic, be corcerned?
On his deathbed, Chester Chubb gave his live-in maid $1,213,000 of listed bonds, incurring a gift tax liability of $90,000. After Chester expired, the executor of his will fi led a gift tax return and remitted the gift tax to the IRS. Explain how..
Depreciation does not come close to accumulating the cash needed to replace the asset at the end of its useful life.” What is your response to the president?
Companies argue that such a practice would not only be impractical because no CEO would work under such conditions, but, furthermore, it is unethical because the CEO cannot control market conditions. Describe the ethics of this situation.
He also paid $14,000 in mortgage interest, $1,800 in property taxes, $300 of credit card interest, and $1400 in job hunting expenses when he tried to change jobs in March. Find out Johns income tax liability for 2009 before any allowable credits.
Find amount of Bob's bonus if the bonus is to be evaluated on income before deducting salary and interest on capital accounts, but after the bonus?
Elucidate the difference in operating income for January, February, and March under variable costing and absorption costing.
What is a value chain? Sketch the significant processes in the value chain for a local franchise of Starbucks. How does the local franchise fit into the larger value chain for Starbucks as a whole?
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