如何找到现金+股份收购的IRR？
嘿PEmonkeys,
LBOs而且收购并不是我的真正强项，因此我试图找出建模这种情况的最佳方法，并有些困惑。
MyPE公司拥有Portco A.他们打算收购Portco B（同一行业的竞争对手）。他们打算向Portco B的所有者提供现金和股票的混合物，以便Portco B的所有者最终获得了合并后的A+b的股份10％。
My question is how do I thinkabout theIRRof the acquisition of PortCo B? If it were a cash acquisition I could just model it out fine and consider it a standalone company (i.e. exclude synergies) for returns purposes. But the fact that I am paying for it with shares in PortCo A makes me unsure of how I should consider theIRRof the standalone deal. I am effectively paying for PortCo B partially using forgone cashflow at exit of PortCo A.
Of course I can figure out the blendedIRRacross both deals - use the 2 cash offers and model out the combined exit. But what do I tell people when they are asking for the "standalone IRR" of the PortCo B deal?
对不起，如果有明显的问题。你们在商店做什么？
I'm starting to think looking at standaloneIRRisn't even the right question in this case. Maybe you'd look at blendedIRRand just compare with your original PortCo A standalone underwriting. Or maybe you'd look at some kind of积聚稀释since this is有效合并?
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