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[null,null,"Sheet Tab","Description","Author"]
[null,1,"TABLE OF CONTENTS"]
[null,2,"INPUTS -->"]
[null,3,"Acquirer Financials"]
[null,4,"Target Financials"]
[null,5,"Transaction Assumptions"]
[null,6,"Synergies"]
[null,7,"TRANSACTION -->"]
[null,8,"Sources and Uses"]
[null,9,"Goodwill"]
[null,10,"Pro-Forma Balance Sheet"]
[null,11,"Debt Issues"]
[null,12,"Consolidated Financials"]
[null,13,"CONSOLIDATION -->"]
[null,14,"Summary"]
[null,15,"EPS Chart"]
[null,16,"Debt Leverage Chart"]
[null,17,"ROE Chart"]
[null,18,"ROI Chart"]
[null,19,"Interest Coverage Chart"]
[null,20,"Verification"]
[null,21,"Rating Band Chart"]
[null,22,"Working Chart"]
[null,23,"Bond Rating Standards"]
[null,24,"Sheet11"]
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[null," File Name: ",null,"C:\\Users\\Monika\\Documents\\Courses\\Chapter 1. Models and Analysis\\3. M&A Templates and Exercises\\M&A Featured Models\\Consolidation Structuring Example.xls"]
[]
[null," Colour Codes "]
[]
[null," Last Save Date ",null,"2013-05-03T13:48:56"]
[null," Last Save By",null,"Usain Bolt"]

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["INPUTS -->"]
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{"sheet":"Acquirer Financials","index":2,"n_rows":100,"n_cols":15,"rows_kept":100,"cut":false,"hidden":false,"merged":[]}
["Acquirer Financials",null,null,null,"Units","Formula"]
[]
["Year",null,null,null,null,null,2011,{"$f":"G3+1","v":2012},{"$f":"H3+1","v":2013},2014,2015,2016,2017,2018,2019]
[]
["Assumptions"]
[]
[null,"Operating Assumptions"]
[null,null,"Revenues",null,null,null,null,5200,5357.04,5518.8226079999995,5685.4910507615996,5857.192880494601,6034.0801054855374,6216.3093246711996,6404.0418662762695]
[null,null,"Operating Expesnes",null,null,null,null,4780,4923.7440000000006,5071.8168287999997,5224.3489722297591,5381.4748518950983,5543.3329439404106,5710.0659013958521,5881.8206802174154]
[null,null,"Capital Expenditures",null,null,null,null,425,137.69999999999999,151.63830000000019,155.47493105999928,159.41257146601271,163.45397456204498,167.6019709003337,171.85947045416975]
[]
[null,"Interest Rates, taxes and depreciation"]
[null,null,"Short-term Interest Rate",null,null,null,null,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[null,null,"Tax  Rate",null,null,null,null,0.4,0.4,0.4,0.4,0.4,0.4,0.4,0.4]
[null,null,"Depereciation Rate",null,null,null,null,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04]
[]
[null,"Financing"]
[null,null,"Long Term Debt Balance",null,null,null,null,750,750,300,300,300,300,0,0]
[null,null,"Long Term Debt Maturities",null,null,null,null,0,0,450,0,0,0,300,0]
[null,null,"Long Term Debt Interest",null,null,null,null,36,36,27,18,18,18,9,0]
[null,null,"Long Term New Issues",null,null,null,null,0,0,0,0,0,0,0,0]
[]
[null,"Equity Finaincing"]
[null,null,"New Equity Issues",null,null,null,null,0,0,0,0,0,0,0,0]
[null,null,"Price on New Shares",null,null,null,null,20,20,20,20,20,20,20,20]
[null,null,"Dividend Payout Ratio",null,null,null,null,0.8,0.8,0.8,0.8,0.8,0.8,0.8,0.8]
[]
[null,"Other"]
[null,null,"A/R Revenues",null,null,null,null,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05]
[null,null,"A/P Expenses",null,null,null,null,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1]
[]
["Income Statement"]
[null,"Revenues",null,null,null,null,null,5200,5357.04,5518.8226079999995,5685.4910507615996,5857.192880494601,6034.0801054855374,6216.3093246711996,6404.0418662762695]
[null,"Operating Expenses",null,null,null,null,null,4780,4923.7440000000006,5071.8168287999997,5224.3489722297591,5381.4748518950983,5543.3329439404106,5710.0659013958521,5881.8206802174154]
[null,null,"EBITDA",null,null,null,null,420,433.29599999999937,447.00577919999978,461.14207853184053,475.71802859950276,490.7471615451268,506.2434232753476,522.22118605885407]
[null,"Depreciation",null,null,null,null,null,77,82.507999999999996,88.573532,94.792529242399965,101.16903210104047,107.70719108352228,114.41126991953561,121.2856487377024]
[null,null,"EBIT",null,null,null,null,343,350.78799999999939,358.43224719999978,366.34954928944057,374.54899649846232,383.03997046160453,391.83215335581201,400.93553732115168]
[null,"Short-term Interest Expense",null,null,null,null,null,0,14.657999999999999,15.290699999999999,38.711181492800016,39.541481766655345,40.195238822518917,40.666437208861318,55.894886221706464]
[null,"Long-term Interest Expense",null,null,null,null,null,36,36,27,18,18,18,9,0]
[null,"Interest Income",null,null,null,null,null,0,0,0,0,0,0,0,0]
[null,null,"EBT",null,null,null,null,307,300.12999999999937,316.14154719999976,309.63836779664058,317.00751473180696,324.84473163908558,342.16571614695067,345.0406510994452]
[null,"Taxes",null,null,null,null,null,122.8,120.05199999999975,126.45661887999991,123.85534711865624,126.80300589272279,129.93789265563424,136.86628645878028,138.01626043977808]
[null,null,"Net Income",null,null,null,null,184.2,180.07799999999963,189.68492831999987,185.78302067798433,190.20450883908416,194.90683898345134,205.29942968817039,207.02439065966712]
[]
["Cash Flow"]
[null,"Net Income",null,null,null,null,null,184.2,180.07799999999963,189.68492831999987,185.78302067798433,190.20450883908416,194.90683898345134,205.29942968817039,207.02439065966712]
[null,null,"Depreciation",null,null,null,null,77,82.507999999999996,88.573532,94.792529242399965,101.16903210104047,107.70719108352228,114.41126991953561,121.2856487377024]
[null,null,"Working Capital Change",null,null,null,null,82,-6.5224000000000615,-6.7181524799999579,-6.9197922048958844,-7.1274964798839164,-7.3414479549844032,-7.561834786260988,-7.7888508019028109]
[null,"Operating Cash Flow",null,null,null,null,null,179.2,269.10839999999968,284.97661279999983,287.49534212528016,298.50103742000852,309.95547802195802,327.27253439396702,336.09889019927232]
[null,null,"Capital Expenditures",null,null,null,null,425,137.69999999999999,151.63830000000019,155.47493105999928,159.41257146601271,163.45397456204498,167.6019709003337,171.85947045416975]
[null,"Cash Before Financing",null,null,null,null,null,-245.8,131.40839999999969,133.33831279999964,132.02041106528088,139.08846595399581,146.50150345991304,159.67056349363332,164.23941974510257]
[null,null,"New Equity Issues",null,null,null,null,0,0,0,0,0,0,0,0]
[null,null,"New Debt Issues",null,null,null,null,0,0,0,0,0,0,0,0]
[null,null,"Debt Re-payments",null,null,null,null,0,0,450,0,0,0,300,0]
[null,null,"Dividends",null,null,null,null,147.36000000000001,144.06239999999971,151.74794265599991,148.62641654238746,152.16360707126734,155.92547118676109,164.23954375053631,165.61951252773372]
[null,null,"Cash After Dividends",null,null,null,null,-393.16,-12.654000000000025,-468.40962985600027,-16.606005477106578,-13.075141117271528,-9.4239677268480477,-304.56898025690299,-1.3800927826311522]
[]
["Balance Sheet"]
[null,"Assets"]
[null,null,"Cash and Temporary Securities",null,null,null,100,0,0,0,0,0,0,0,0]
[null,null,"Current Assets",null,null,null,200,260,267.85200000000003,275.94113039999996,284.27455253808,292.85964402473007,301.70400527427688,310.81546623356002,320.20209331381352]
[null,null,"Gross Plant",null,null,null,1500,1925,2062.6999999999998,2214.3382999999999,2369.813231059999,2529.2258025260116,2692.6797770880567,2860.2817479883902,3032.1412184425599]
[null,null,"Accumulated Depreciation",null,null,null,100,177,259.50799999999998,348.08153199999998,442.87406124239993,544.04309334344043,651.75028442696271,766.16155434649829,887.44720308420074]
[null,null,"Net Plant",null,null,null,1400,1748,1803.1919999999998,1866.256768,1926.9391698175991,1985.1827091825712,2040.9294926610939,2094.120193641892,2144.6940153583591]
[null,"Total Assets",null,null,null,null,1700,2008,2071.0439999999999,2142.1978983999998,2211.2137223556792,2278.0423532073014,2342.633497935371,2404.9356598754521,2464.8961086721729]
[]
[null,"Liabilities and Capital"]
[null,null,"Current Liabilities",null,null,null,500,478,492.37440000000009,507.18168287999998,522.43489722297591,538.14748518950989,554.3332943940411,571.00659013958523,588.18206802174154]
[null,null,"Debt"]
[null,null,null,"Revolver Balance",null,null,null,293.16000000000003,305.81399999999996,774.22362985600023,790.82963533310681,803.90477645037834,813.32874417722633,1117.8977244341293,1119.2778172167605]
[null,null,null,"Long-term Debt",null,null,null,750,750,300,300,300,300,0,0]
[null,null,"Total Debt",null,null,null,750,1043.1600000000001,1055.8139999999999,1074.2236298560001,1090.8296353331068,1103.9047764503784,1113.3287441772263,1117.8977244341293,1119.2778172167605]
[null,null,"Equity",null,null,null,450,486.84,522.85559999999987,560.79258566399983,597.94918979959675,635.99009156741363,674.97145936410379,716.03134530173793,757.43622343367133]
[null,"Liabilities and Capital",null,null,null,null,1700,2008,2071.0439999999999,2142.1978983999998,2211.2137223556792,2278.0423532073019,2342.6334979353715,2404.9356598754521,2464.8961086721733]
[null,null,null,null,null,null,null,0,0,0,0,0,0,0,0]
["Revolver and Cash Balance"]
[]
[null,"Working Capital",null,null,null,null,-300,-218,-224.52240000000006,-231.24055248000002,-238.1603446848959,-245.28784116477982,-252.62928911976422,-260.19112390602521,-267.97997470792802]
[null,"Working Capital Change",null,null,null,null,null,82,-6.5224000000000615,-6.7181524799999579,-6.9197922048958844,-7.1274964798839164,-7.3414479549844032,-7.561834786260988,-7.7888508019028109]
[]
[null,"Beginning Balance of Cash and Revolver",null,null,null,null,100,100,-293.16000000000003,-305.81399999999996,-774.22362985600023,-790.82963533310681,-803.90477645037834,-813.32874417722633,-1117.8977244341293]
[null,"Add: Net Cash Flow",null,null,null,null,null,-393.16,-12.654000000000025,-468.40962985600027,-16.606005477106578,-13.075141117271528,-9.4239677268480477,-304.56898025690299,-1.3800927826311522]
[null,"Ending Balance",null,null,null,null,100,-293.16000000000003,-305.81399999999996,-774.22362985600023,-790.82963533310681,-803.90477645037834,-813.32874417722633,-1117.8977244341293,-1119.2778172167605]
[]
[null,"Short-term Debt",null,null,null,null,null,293.16000000000003,305.81399999999996,774.22362985600023,790.82963533310681,803.90477645037834,813.32874417722633,1117.8977244341293,1119.2778172167605]
[null,"Cash Balance",null,null,null,null,null,0,0,0,0,0,0,0,0]
[]
[null,"Short-term Interest",null,null,null,null,null,0,14.657999999999999,15.290699999999999,38.711181492800016,39.541481766655345,40.195238822518917,40.666437208861318,55.894886221706464]
[null,"Interest Income on Cash Balance",null,null,null,null,null,0,0,0,0,0,0,0,0]
[]
["Share Balance"]
[null,"Beginning Shares",null,null,null,null,80,80,80,80,80,80,80,80,80]
[null,"Add: New Share Issues",null,null,null,null,null,0,0,0,0,0,0,0,0]
[null,"Ending Shares",null,null,null,null,80,80,80,80,80,80,80,80,80]
[]
[null,"EPS",null,null,null,null,null,2.3025000000000002,2.2509749999999955,2.3710616039999985,2.3222877584748041,2.3775563604885521,2.4363354872931415,2.5662428711021299,2.5878048832458389]
[null,"Interest Coverage",null,null,null,null,null,9.5277777777777786,6.9246318449208291,8.4754389783096471,6.4599174209754713,6.5091997112161497,6.5819812447162853,7.889274435129054,7.1730271662213463]
[null,"Debt Leverage",null,null,null,null,null,0.68180392156862746,0.6687998552705392,0.65701099454500167,0.64592806298799366,0.63446636733173578,0.62256255519768255,0.60956431897070873,0.5964029644222415]
[null,"ROE",null,null,null,null,null,0.37835839290115847,0.3444124917089913,0.33824435837611094,0.31070034686433756,0.29906835241775598,0.28876308217102198,0.28671849498663576,0.2733225376008126]
[null,"ROI",null,null,null,null,null,0.13450980392156864,0.13332289416354104,0.13153346509875588,0.13015898014732141,0.12916263047267021,0.12851532523557707,0.12819432108535556,0.12818219354788715]

{"sheet":"Target Financials","index":3,"n_rows":100,"n_cols":15,"rows_kept":100,"cut":false,"hidden":false,"merged":[]}
["Target Financials",null,null,null,"Units","Formula"]
[]
["Year",null,null,null,null,null,2011,{"$f":"G3+1","v":2012},{"$f":"H3+1","v":2013},2014,2015,2016,2017,2018,2019]
[]
["Assumptions"]
[]
[null,"Operating Assumptions"]
[null,null,"Revenues",null,null,null,null,742.5,833.08500000000004,934.72137000000021,1048.7573771400002,1176.7057771510804,1320.2638819635124,1481.3360755630611,1662.0590767817546]
[null,null,"Operating Expesnes",null,null,null,null,510.61363636363643,569.19940909090928,634.85846427272736,708.45225873218203,790.9473173520538,883.42805078464085,987.11113691031619,1103.3616568219229]
[null,null,"Capital Expenditures",null,null,null,null,137.36363636363637,154.02000000000001,172.70640000000006,193.6704600000003,217.19001290400027,243.57678639796816,273.18053809659381,306.39369517761355]
[]
[null,"Interest Rates, taxes and depreciation"]
[null,null,"Short-term Interest Rate",null,null,null,null,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[null,null,"Tax  Rate",null,null,null,null,0.2,0.2,0.2,0.2,0.2,0.2,0.2,0.2]
[null,null,"Depereciation Rate",null,null,null,null,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04]
[]
[null,"Financing"]
[null,null,"Long Term Debt Balance",null,null,null,null,300,300,150,150,150,150,0,0]
[null,null,"Long Term Debt Maturities",null,null,null,null,0,0,150,0,0,0,150,0]
[null,null,"Long Term Debt Interest",null,null,null,null,18,18,15,12,12,12,6,0]
[null,null,"Long Term New Issues",null,null,null,null,0,0,0,0,0,0,0,0]
[]
[null,"Equity Finaincing"]
[null,null,"New Equity Issues",null,null,null,null,0,0,0,0,0,0,0,0]
[null,null,"Price on New Shares",null,null,null,null,20,20,20,20,20,20,20,20]
[null,null,"Dividend Payout Ratio",null,null,null,null,0.8,0.8,0.8,0.8,0.8,0.8,0.8,0.8]
[]
[null,"Other"]
[null,null,"A/R Revenues",null,null,null,null,0.12,0.12,0.12,0.12,0.12,0.12,0.12,0.12]
[null,null,"A/P Expenses",null,null,null,null,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1]
[]
["Income Statement"]
[null,"Revenues",null,null,null,null,null,742.5,833.08500000000004,934.72137000000021,1048.7573771400002,1176.7057771510804,1320.2638819635124,1481.3360755630611,1662.0590767817546]
[null,"Operating Expenses",null,null,null,null,null,510.61363636363643,569.19940909090928,634.85846427272736,708.45225873218203,790.9473173520538,883.42805078464085,987.11113691031619,1103.3616568219229]
[null,null,"EBITDA",null,null,null,null,231.88636363636357,263.88559090909087,299.86290572727285,340.30511840781821,385.75845979902658,436.83583117887156,494.22493865274487,558.69741995983168]
[null,"Depreciation",null,null,null,null,null,37.494545454545452,43.655345454545468,50.56360145454547,58.310419854545479,66.99802037070549,76.741091826624213,87.668313350487978,99.924061157592519]
[null,null,"EBIT",null,null,null,null,194.39181818181811,220.23024545454541,249.29930427272737,281.99469855327271,318.76043942832109,360.09473935224736,406.55662530225686,458.77335880223916]
[null,"Short-term Interest Expense",null,null,null,null,null,0,6.2779525454545473,12.159626273963658,29.1157899002866,36.335894832314814,44.317880559924156,53.152601307840534,73.374756794686959]
[null,"Long-term Interest Expense",null,null,null,null,null,18,18,15,12,12,12,6,0]
[null,"Interest Income",null,null,null,null,null,0,0,0,0,0,0,0,0]
[null,null,"EBT",null,null,null,null,176.39181818181811,195.95229290909086,222.13967799876372,240.87890865298613,270.42454459600629,303.7768587923232,347.40402399441632,385.3986020075522]
[null,"Taxes",null,null,null,null,null,35.278363636363622,39.190458581818177,44.427935599752743,48.17578173059723,54.084908919201261,60.755371758464641,69.48080479888327,77.079720401510443]
[null,null,"Net Income",null,null,null,null,141.11345454545449,156.76183432727268,177.71174239901097,192.70312692238889,216.33963567680502,243.02148703385856,277.92321919553308,308.31888160604177]
[]
["Cash Flow"]
[null,"Net Income",null,null,null,null,null,141.11345454545449,156.76183432727268,177.71174239901097,192.70312692238889,216.33963567680502,243.02148703385856,277.92321919553308,308.31888160604177]
[null,null,"Depreciation",null,null,null,null,37.494545454545452,43.655345454545468,50.56360145454547,58.310419854545479,66.99802037070549,76.741091826624213,87.668313350487978,99.924061157592519]
[null,null,"Working Capital Change",null,null,null,null,18.03863636363635,5.0116227272727372,5.6304588818181998,6.3249414108545281,7.104302139342451,7.9788992342331255,8.9603546193782933,10.06170815508257]
[null,"Operating Cash Flow",null,null,null,null,null,160.56936363636359,195.40555705454543,222.64488497173824,244.68860536607983,276.23335390816806,311.78367962624964,356.63117792664281,398.18123460855173]
[null,null,"Capital Expenditures",null,null,null,null,137.36363636363637,154.02000000000001,172.70640000000006,193.6704600000003,217.19001290400027,243.57678639796816,273.18053809659381,306.39369517761355]
[null,"Cash Before Financing",null,null,null,null,null,23.205727272727216,41.38555705454516,49.938484971738177,51.018145366079523,59.043341004167786,68.206893228281473,83.450639830048999,91.787539430938182]
[null,null,"New Equity Issues",null,null,null,null,0,0,0,0,0,0,0,0]
[null,null,"New Debt Issues",null,null,null,null,0,0,0,0,0,0,0,0]
[null,null,"Debt Re-payments",null,null,null,null,0,0,150,0,0,0,150,0]
[null,null,"Dividends",null,null,null,null,112.8907636363636,125.40946746181815,142.16939391920877,154.16250153791111,173.07170854144402,194.41718962708686,222.33857535642647,246.65510528483344]
[null,null,"Cash After Dividends",null,null,null,null,-89.685036363636385,-84.023910407272993,-242.2309089474706,-103.14435617183159,-114.02836753727624,-126.21029639880538,-288.88793552637748,-154.86756585389526]
[]
["Balance Sheet"]
[null,"Assets"]
[null,null,"Cash and Temporary Securities",null,null,null,0,0,0,0,0,0,0,0,0]
[null,null,"Current Assets",null,null,null,80,89.1,99.97020000000002,112.16656440000003,125.85088525680003,141.20469325812965,158.43166583562149,177.76032906756731,199.44708921381056]
[null,null,"Gross Plant",null,null,null,800,937.36363636363637,1091.3836363636367,1264.0900363636367,1457.760496363637,1674.9505092676372,1918.5272956656054,2191.7078337621992,2498.1015289398129]
[null,null,"Accumulated Depreciation",null,null,null,100,137.49454545454546,181.14989090909091,231.71349236363639,290.02391221818186,357.02193258888735,433.76302441551155,521.4313377659995,621.35539892359202]
[null,null,"Net Plant",null,null,null,700,799.86909090909091,910.23374545454578,1032.3765440000004,1167.7365841454553,1317.9285766787498,1484.7642712500938,1670.2764959961996,1876.7461300162208]
[null,"Total Assets",null,null,null,null,780,888.96909090909094,1010.2039454545458,1144.5431084000004,1293.5874694022552,1459.1332699368795,1643.1959370857153,1848.0368250637669,2076.1932192300314]
[]
[null,"Liabilities and Capital"]
[null,null,"Current Liabilities",null,null,null,60,51.061363636363645,56.919940909090933,63.48584642727274,70.845225873218212,79.094731735205386,88.342805078464096,98.711113691031628,110.3361656821923]
[null,null,"Debt"]
[null,null,null,"Revolver Balance",null,null,null,89.685036363636385,173.70894677090939,415.93985571837999,519.08421189021158,633.11257942748784,759.32287582629328,1048.2108113526708,1203.0783772065661]
[null,null,null,"Long-term Debt",null,null,null,300,300,150,150,150,150,0,0]
[null,null,"Total Debt",null,null,null,300,389.68503636363641,473.70894677090939,565.93985571837993,669.08421189021158,783.11257942748784,909.32287582629328,1048.2108113526708,1203.0783772065661]
[null,null,"Equity",null,null,null,420,448.22269090909089,479.57505777454537,515.11740625434754,553.65803163882538,596.92595877418637,645.53025618095808,701.11490002006462,762.77867634127301]
[null,"Liabilities and Capital",null,null,null,null,780,888.96909090909094,1010.2039454545456,1144.5431084000002,1293.587469402255,1459.1332699368795,1643.1959370857155,1848.0368250637671,2076.1932192300314]
[null,null,null,null,null,null,null,0,0,0,0,0,0,0,0]
["Revolver and Cash Balance"]
[]
[null,"Working Capital",null,null,null,null,20,38.03863636363635,43.050259090909087,48.680717972727287,55.005659383581815,62.109961522924266,70.088860757157391,79.049215376535685,89.110923531618255]
[null,"Working Capital Change",null,null,null,null,null,18.03863636363635,5.0116227272727372,5.6304588818181998,6.3249414108545281,7.104302139342451,7.9788992342331255,8.9603546193782933,10.06170815508257]
[]
[null,"Beginning Balance of Cash and Revolver",null,null,null,null,0,0,-89.685036363636385,-173.70894677090939,-415.93985571837999,-519.08421189021158,-633.11257942748784,-759.32287582629328,-1048.2108113526708]
[null,"Add: Net Cash Flow",null,null,null,null,null,-89.685036363636385,-84.023910407272993,-242.2309089474706,-103.14435617183159,-114.02836753727624,-126.21029639880538,-288.88793552637748,-154.86756585389526]
[null,"Ending Balance",null,null,null,null,0,-89.685036363636385,-173.70894677090939,-415.93985571837999,-519.08421189021158,-633.11257942748784,-759.32287582629328,-1048.2108113526708,-1203.0783772065661]
[]
[null,"Short-term Debt",null,null,null,null,null,89.685036363636385,173.70894677090939,415.93985571837999,519.08421189021158,633.11257942748784,759.32287582629328,1048.2108113526708,1203.0783772065661]
[null,"Cash Balance",null,null,null,null,null,0,0,0,0,0,0,0,0]
[]
[null,"Short-term Interest",null,null,null,null,null,0,6.2779525454545473,12.159626273963658,29.1157899002866,36.335894832314814,44.317880559924156,53.152601307840534,73.374756794686959]
[null,"Interest Income on Cash Balance",null,null,null,null,null,0,0,0,0,0,0,0,0]
[]
["Share Balance"]
[null,"Beginning Shares",null,null,null,null,40,40,40,40,40,40,40,40,40]
[null,"Add: New Share Issues",null,null,null,null,null,0,0,0,0,0,0,0,0]
[null,"Ending Shares",null,null,null,null,40,40,40,40,40,40,40,40,40]
[]
[null,"EPS",null,null,null,null,null,3.5278363636363621,3.9190458581818168,4.4427935599752741,4.8175781730597222,5.4084908919201258,6.0755371758464642,6.9480804798883273,7.7079720401510441]
[]
[null,"Share Value",null,null,null,null,15]
[]
[null,"P/E Ratio",null,null,null,null,4.2518978926047915]

{"sheet":"Transaction Assumptions","index":4,"n_rows":29,"n_cols":17,"rows_kept":29,"cut":false,"hidden":false,"merged":[]}
["Transaction Assumptions"]
[null,"General",null,null,null,null,null,null,"Acquirer Debt Retired",null,null,null,null,null,"Model Verified",null,{"$f":"Verification!E12","v":false}]
[null,null,"Target Company Name",null,null,"Target",null,null,null,"Switch for Total Debt Retirement",null,null,true]
[null,null,"Acquirer Company Name",null,null,"Acquiror"]
[null,null,"Scenario Name",null,null,null,null,null,null,"Debt Retired",null,null,null,null,"Source Minus Uses",null,{"$f":"'Sources and Uses'!G20","v":0}]
[null,null,"Transaction Date",null,null,"2011-01-01",null,null,null,null,"Issue 1",null,null,null,"Goodwill",null,{"$f":"Goodwill!H23","v":356.2615609090908}]
[null,"Transaction Financing",null,null,null,null,null,null,null,null,null,"Amount of Debt",{"$f":"IF(M3,'Target Financials'!G72,0)","v":300}]
[null,null,"Purchase Price",null,null,null,null,null,null,null,null,"Interest Rate",{"$f":"'Target Financials'!H13","v":7.0000000000000007E-2}]
[null,null,null,"Equity Value - Cash Consideration",null,1700,null,null,null,null,null,"Term",0]
[null,null,null,"Equity Value - Consideration in Shares",null,0]
[null,null,null,"Target Debt Value",null,{"$f":"'Target Financials'!H72","v":389.68503636363641},null,null,null,null,"Issue 2"]
[null,null,null,null,"Target Enterprise Value",{"$f":"F9+F10+F11","v":2089.6850363636363},null,null,null,null,null,"Amount of Debt",0]
[null,null,null,null,null,null,null,null,null,null,null,"Interest Rate",0]
[null,null,null,null,"EV/EBITDA",{"$f":"total_enterprise_value/'Target Financials'!H35","v":9.0116771145741463},null,null,null,null,null,"Term",0]
[null,null,null,null,"P/E Ratio",{"$f":"equity_consideration_cash/'Target Financials'!H43","v":12.04704402904691}]
[null,null,"Shares Issued",null,null,null,null,null,null,"Asset Write-up",null,null,1000]
[null,null,null,"Number of Shares",null,59.498250202020223,null,null,null,"Synergies",null,null,50]
[null,null,null,"Stock Price of Shares",null,9,null,null,null,"Transaction Costs",null,null,{"$f":"0.05*total_enterprise_value","v":104.48425181818182}]
[null,null,null,null,"Value of Shares Issued",{"$f":"F18*F17","v":535.48425181818197},null,null,null,"Debt Issue Costs",null,null,0]
[null,null,"Debt Issued"]
[null,null,null,"Issue 1",null,null,null,null,"On-Going Assumptions"]
[null,null,null,null,"Amount of Debt",1569,null,null,null,"Tax Rate",null,null,0.3]
[null,null,null,null,"Interest Rate",0.05,null,null,null,"Depreciation Rate on Write-up",null,null,0.05]
[null,null,null,null,"Term",10,null,null,null,"Interest Rate on Revolver",null,null,7.0000000000000007E-2]
[null,null,null,null,null,null,null,null,null,"Interest Income Rate",null,null,0.04]
[null,null,null,"Issue 2",null,null,null,null,null,"Dividend Per-Share",null,null,1]
[null,null,null,null,"Amount of Debt",0]
[null,null,null,null,"Interest Rate",0,null,null,"Graphs"]
[null,null,null,null,"Term",0,null,null,null,"Years on Graph",null,null,7]

{"sheet":"Synergies","index":5,"n_rows":8,"n_cols":12,"rows_kept":8,"cut":false,"hidden":false,"merged":[]}
["Synergies"]
[null,null,null,null,2011,{"$f":"E2+1","v":2012},{"$f":"F2+1","v":2013},2014,2015,2016,2017,2018]
[]
["Revenue Increases",null,null,null,null,{"$f":"synergie","v":50},{"$f":"F4","v":50},50,50,50,50,50]
[]
["Expense Reductions"]
[]
["Capital Expenditure Reductions"]

{"sheet":"TRANSACTION -->","index":6,"n_rows":1,"n_cols":1,"rows_kept":1,"cut":false,"hidden":false,"merged":[]}
["TRANSACTION -->"]

{"sheet":"Sources and Uses","index":7,"n_rows":24,"n_cols":8,"rows_kept":24,"cut":false,"hidden":false,"merged":[]}
["Sources and Uses"]
[null,null,null,null,null,null,"Amount","Shares"]
[null,null,"Uses",null,null,null,{"$f":"YEAR(transaction_date-1)","v":2010},{"$f":"G3","v":2010}]
[null,null,null,"Target Equity - Cash",null,null,{"$f":"equity_consideration_cash","v":1700}]
[null,null,null,"Target Equity - Shares",null,null,{"$f":"equity_consideration_shares","v":0},{"$f":"equity_consideration_shares","v":0}]
[null,null,null,"Target Debt Retired",null,null,{"$f":"debt_retired_1","v":300}]
[null,null,null,"Transaction Fees",null,null,{"$f":"transaction_cost","v":104.48425181818182}]
[null,null,null,"Acquirer Debt"]
[null,null,null,"Working Capital"]
[null,null,null,"Debt Issue Costs",null,null,{"$f":"debt_issue_costs","v":0}]
[null,null,null,null,"Total Uses",null,{"$f":"SUM(G4:G10)","v":2104.4842518181817}]
[]
[null,null,"Sources"]
[null,null,null,"New Shares Issued",null,null,{"$f":"value_of_shares","v":535.48425181818197},{"$f":"shares_issued","v":59.498250202020223}]
[null,null,null,"New Debt Issued - 1",null,null,{"$f":"debt_issue_1","v":1569}]
[null,null,null,"New Debt Issued - 2",null,null,{"$f":"debt_2","v":0}]
[null,null,null,"New Preferred Issued"]
[null,null,null,"Cash Used"]
[null,null,null,null,"Total Sources",null,{"$f":"SUM(G14:G18)","v":2104.4842518181822}]
[null,null,null,"Difference",null,null,{"$f":"G19-G11","v":0}]
[null,null,null,"Shares Required",null,null,{"$f":"G20/stock_price","v":0}]
[null,null,null,"Test",null,null,{"$f":"ROUND(G20,0)=0","v":true}]
[]
[null,null,null,"Overall Model Verified",null,null,{"$f":"Verification!E12","v":false}]

{"sheet":"Goodwill","index":8,"n_rows":23,"n_cols":8,"rows_kept":23,"cut":false,"hidden":false,"merged":[]}
["Goodwill"]
[]
[null,null,null,"Goodwill Calculation",null,null,null,{"$f":"YEAR(transaction_date-1)","v":2010}]
[]
[null,null,null,"Step 1: Equity Purchase Price vs Book Value"]
[]
[null,null,null,null,"Equity Purchase Price - Total Consideration",null,null,{"$f":"'Sources and Uses'!G4+'Sources and Uses'!G5","v":1700}]
[null,null,null,null,"Less: Book Value of Target Company Equity",null,null,{"$f":"'Target Financials'!H73","v":448.22269090909089}]
[null,null,null,null,null,"Net",null,{"$f":"H7-H8","v":1251.7773090909091}]
[]
[null,null,null,"Step 2: Add Transaction Costs",null,null,null,{"$f":"'Sources and Uses'!G7","v":104.48425181818182}]
[]
[null,null,null,"Step 3: Less Asset Write-ups"]
[null,null,null,null,null,"Intangible Asset Write-up",null,{"$f":"write_up","v":1000}]
[]
[]
[null,null,null,null,null,"Net Asset - Write-ups",null,{"$f":"H14","v":1000}]
[]
[null,null,null,"Step 4: Add Liability Write-ups"]
[]
[null,null,null,null,null,"Net Liability Write-ups"]
[]
[null,null,null,"Step 5: Total Goodwill",null,null,null,{"$f":"H9+H11-H17+H21","v":356.2615609090908}]

{"sheet":"Pro-Forma Balance Sheet","index":9,"n_rows":28,"n_cols":17,"rows_kept":28,"cut":false,"hidden":false,"merged":[]}
["Pro-Forma Balance Sheet"]
[]
[null,null,null,null,null,null,{"$f":"YEAR(transaction_date-1)","v":2010},{"$f":"YEAR(transaction_date-1)","v":2010}]
[null,null,"Assets",null,null,null,{"$f":"acquirer_name","v":"Acquiror"},{"$f":"target_name","v":"Target"},"Debt Issue","Debt Retired","Cash Changes","Asset Write-up","Goodwill","Eliminate Target Equity","New Equity Issues","Total Adj","Adjusted Balance Sheet"]
[]
[null,null,null,"Restricted Cash",null,null,null,null,null,null,null,null,null,null,null,{"$f":"SUM(I6:O6)","v":0},{"$f":"P6+H6+G6","v":0}]
[null,null,null,"Cash and Temporary Investments",null,null,{"$f":"'Acquirer Financials'!H60","v":0},{"$f":"'Target Financials'!H60","v":0},null,null,null,null,null,null,null,0,0]
[null,null,null,"Other Current Assets",null,null,{"$f":"'Acquirer Financials'!H61","v":260},{"$f":"'Target Financials'!H61","v":89.1},null,null,null,null,null,null,null,0,349.1]
[null,null,null,"Gross Plant Value",null,null,{"$f":"'Acquirer Financials'!H62","v":1925},{"$f":"'Target Financials'!H62","v":937.36363636363637},null,null,null,null,null,null,null,0,2862.3636363636365]
[null,null,null,"Accumulated Depreciation",null,null,{"$f":"'Acquirer Financials'!H63","v":177},{"$f":"'Target Financials'!H63","v":137.49454545454546},null,null,null,null,null,null,null,0,314.49454545454546]
[null,null,null,null,"Net Plant",null,{"$f":"'Acquirer Financials'!H64","v":1748},{"$f":"'Target Financials'!H64","v":799.86909090909091},null,null,null,null,null,null,null,0,2547.869090909091]
[null,null,null,"Intangible Assets",null,null,null,null,null,null,null,{"$f":"Goodwill!H14","v":1000},null,null,null,1000,1000]
[null,null,null,"Deferred Debits and Goodwill",null,null,null,null,null,null,null,null,{"$f":"Goodwill!H23","v":356.2615609090908},null,null,356.2615609090908,356.2615609090908]
[null,null,null,null,"Total Assets",null,{"$f":"G11+G8","v":2008},{"$f":"H6+H7+H8+H11+H12+H13","v":888.96909090909094},0,0,0,1000,356.2615609090908,0,0,1356.2615609090908,4253.2306518181813]
[]
[null,null,"Liabilities and Capital"]
[]
[null,null,null,"Current Liabilities",null,null,{"$f":"'Acquirer Financials'!H68","v":478},{"$f":"'Target Financials'!H68","v":51.061363636363645},null,null,null,null,null,null,null,{"$f":"SUM(I18:O18)","v":0},{"$f":"P18+H18+G18","v":529.06136363636369}]
[null,null,null,"Short-term Debt",null,null,{"$f":"'Acquirer Financials'!H70","v":293.16000000000003},{"$f":"'Target Financials'!H70","v":89.685036363636385},null,null,null,null,null,null,null,0,382.84503636363638]
[null,null,null,"Existing and Input Debt",null,null,{"$f":"'Acquirer Financials'!H71","v":750},{"$f":"'Target Financials'!H71","v":300},{"$f":"'Sources and Uses'!G15","v":1569},null,null,null,null,null,null,1569,2619]
[null,null,null,"Other Liabilities and Deferred Credits",null,null,null,null,null,null,null,null,null,null,null,0,0]
[null,null,null,"Deferred Taxes",null,null,null,null,null,null,null,null,null,null,null,0,0]
[null,null,null,"Minority Interest",null,null,null,null,null,null,null,null,null,null,null,0,0]
[null,null,null,"Common Equity Balance",null,null,{"$f":"'Acquirer Financials'!H73","v":486.84},{"$f":"'Target Financials'!H73","v":448.22269090909089},null,null,null,null,null,{"$f":"-H24","v":-448.22269090909089},{"$f":"'Sources and Uses'!G14","v":535.48425181818197},{"$f":"SUM(I24:O24)","v":87.261560909091088},{"$f":"P24+H24+G24","v":1022.3242518181819}]
[null,null,null,null,"Total Liabilities and Capital",null,{"$f":"G18+G19+G20+G24+G21+G22+G23","v":2008},888.96909090909094,1569,0,0,0,0,-448.22269090909089,535.48425181818197,1656.261560909091,4553.2306518181822]
[]
[null,null,null,null,null,null,{"$f":"G25=G14","v":true},{"$f":"H25=H14","v":true},null,null,null,null,null,null,null,null,{"$f":"Q25=Q14","v":false}]
[null,null,"Shares",null,null,null,{"$f":"'Acquirer Financials'!H94","v":80},null,null,null,null,null,null,null,null,{"$f":"shares_issued","v":59.498250202020223},{"$f":"P28+G28","v":139.49825020202022}]

{"sheet":"Debt Issues","index":10,"n_rows":50,"n_cols":12,"rows_kept":50,"cut":false,"hidden":false,"merged":[]}
["Debt Issues"]
["Total Debt Issues",null,null,null,{"$f":"'Pro-Forma Balance Sheet'!H3","v":2010},{"$f":"E2+1","v":2011},2012,2013,2014,2015,2016,2017]
["Aggregation of All Debt Issues"]
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[null,"Debt Maturities",null,null,0,0,600,0,0,0,450,0]
[null,"Ending Balance",null,null,{"$f":"E15+E21+E28+E35-E42-E49","v":2019},2319,1719,1719,1719,1719,1269,1269]
[null,"Interest Expense",null,null,82.724999999999994,111.44999999999999,99.45,87.45,87.45,87.45,72.45,57.45]
[]
["Check",null,null,null,{"$f":"E6='Pro-Forma Balance Sheet'!Q20","v":false}]
[]
["Target Existing Debt"]
[null,"New Issues",null,null,{"$f":"'Target Financials'!H21","v":0},{"$f":"'Target Financials'!I21","v":0},{"$f":"'Target Financials'!J21","v":0},{"$f":"'Target Financials'!K21","v":0},{"$f":"'Target Financials'!L21","v":0},{"$f":"'Target Financials'!M21","v":0},{"$f":"'Target Financials'!N21","v":0},{"$f":"'Target Financials'!O21","v":0}]
[null,"Debt Maturities",null,null,{"$f":"'Target Financials'!H19","v":0},{"$f":"MIN('Target Financials'!I19,E15)","v":0},{"$f":"MIN('Target Financials'!J19,F15)","v":150},{"$f":"MIN('Target Financials'!K19,G15)","v":0},{"$f":"MIN('Target Financials'!L19,H15)","v":0},{"$f":"MIN('Target Financials'!M19,I15)","v":0},{"$f":"MIN('Target Financials'!N19,J15)","v":150},{"$f":"MIN('Target Financials'!O19,K15)","v":0}]
[null,"Retired Debt",null,null,{"$f":"debt_retired_1","v":300}]
[null,"Ending Balance",null,null,{"$f":"'Target Financials'!H18-E14","v":0},{"$f":"'Target Financials'!I18","v":300},{"$f":"'Target Financials'!J18","v":150},{"$f":"'Target Financials'!K18","v":150},{"$f":"'Target Financials'!L18","v":150},{"$f":"'Target Financials'!M18","v":150},{"$f":"'Target Financials'!N18","v":0},{"$f":"'Target Financials'!O18","v":0}]
[null,"Interest Expense",null,null,{"$f":"'Target Financials'!H20","v":18},{"$f":"'Target Financials'!I20","v":18},{"$f":"'Target Financials'!J20","v":15},{"$f":"'Target Financials'!K20","v":12},{"$f":"'Target Financials'!L20","v":12},{"$f":"'Target Financials'!M20","v":12},{"$f":"'Target Financials'!N20","v":6},{"$f":"'Target Financials'!O20","v":0}]
[]
["Acquirer Existing Debt"]
[null,"New Issues",null,null,{"$f":"'Acquirer Financials'!H21","v":0},{"$f":"'Acquirer Financials'!I21","v":0},{"$f":"'Acquirer Financials'!J21","v":0},{"$f":"'Acquirer Financials'!K21","v":0},{"$f":"'Acquirer Financials'!L21","v":0},{"$f":"'Acquirer Financials'!M21","v":0},{"$f":"'Acquirer Financials'!N21","v":0},{"$f":"'Acquirer Financials'!O21","v":0}]
[null,"Debt Maturities",null,null,{"$f":"'Acquirer Financials'!H19","v":0},{"$f":"'Acquirer Financials'!I19","v":0},{"$f":"'Acquirer Financials'!J19","v":450},{"$f":"'Acquirer Financials'!K19","v":0},{"$f":"'Acquirer Financials'!L19","v":0},{"$f":"'Acquirer Financials'!M19","v":0},{"$f":"'Acquirer Financials'!N19","v":300},{"$f":"'Acquirer Financials'!O19","v":0}]
[null,"Ending Balance",null,null,{"$f":"'Acquirer Financials'!H18","v":750},{"$f":"'Acquirer Financials'!I18","v":750},{"$f":"'Acquirer Financials'!J18","v":300},{"$f":"'Acquirer Financials'!K18","v":300},{"$f":"'Acquirer Financials'!L18","v":300},{"$f":"'Acquirer Financials'!M18","v":300},{"$f":"'Acquirer Financials'!N18","v":0},{"$f":"'Acquirer Financials'!O18","v":0}]
[null,"Interest Expense",null,null,{"$f":"'Acquirer Financials'!H20","v":36},{"$f":"'Acquirer Financials'!I20","v":36},{"$f":"'Acquirer Financials'!J20","v":27},{"$f":"'Acquirer Financials'!K20","v":18},{"$f":"'Acquirer Financials'!L20","v":18},{"$f":"'Acquirer Financials'!M20","v":18},{"$f":"'Acquirer Financials'!N20","v":9},{"$f":"'Acquirer Financials'!O20","v":0}]
[]
["New Debt Issued - 1"]
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[null,"New Issues",null,null,{"$f":"debt_issue_1","v":1569},0,0,0,0,0,0,0]
[null,"Debt Maturities",null,null,{"$f":"IF(E2=debt_term_1+'Sources and Uses'!G3,'Debt Issues'!E25,0)","v":0},{"$f":"IF(F2=debt_term_1+'Sources and Uses'!H3,'Debt Issues'!F25,0)","v":0},{"$f":"IF(G2=debt_term_1+'Sources and Uses'!I2,'Debt Issues'!G25,0)","v":0},{"$f":"IF(H2=debt_term_1+'Sources and Uses'!J2,'Debt Issues'!H25,0)","v":0},{"$f":"IF(I2=debt_term_1+'Sources and Uses'!K2,'Debt Issues'!I25,0)","v":0},{"$f":"IF(J2=debt_term_1+'Sources and Uses'!L2,'Debt Issues'!J25,0)","v":0},{"$f":"IF(K2=debt_term_1+'Sources and Uses'!M2,'Debt Issues'!K25,0)","v":0},{"$f":"IF(L2=debt_term_1+'Sources and Uses'!N2,'Debt Issues'!L25,0)","v":0}]
[null,"Ending Balance",null,null,{"$f":"E25+E26-E27","v":1569},{"$f":"F25+F26-F27","v":1569},{"$f":"G25+G26-G27","v":1569},1569,1569,1569,1569,1569]
[null,"Interest Expense",null,null,{"$f":"AVERAGE(E28,E25)*debt_rate_1","v":39.225000000000001},78.45,78.45,78.45,78.45,78.45,78.45,78.45]
[]
["New Debt Issued - 2"]
[null,"Beginning Balance",null,null,0,{"$f":"E35","v":0},{"$f":"F35","v":0},0,0,0,0,0]
[null,"New Issues",null,null,{"$f":"debt_2","v":0},0,0,0,0,0,0,0]
[null,"Debt Maturities",null,null,{"$f":"IF(E2=debt_term_2+'Sources and Uses'!G3,'Debt Issues'!E32,0)","v":0},{"$f":"IF(F2=debt_term_2+'Sources and Uses'!H3,'Debt Issues'!F32,0)","v":0},{"$f":"IF(G2=debt_term_2+'Sources and Uses'!I2,'Debt Issues'!G32,0)","v":0},{"$f":"IF(H2=debt_term_2+'Sources and Uses'!J2,'Debt Issues'!H32,0)","v":0},{"$f":"IF(I2=debt_term_2+'Sources and Uses'!K2,'Debt Issues'!I32,0)","v":0},{"$f":"IF(J2=debt_term_2+'Sources and Uses'!L2,'Debt Issues'!J32,0)","v":0},{"$f":"IF(K2=debt_term_2+'Sources and Uses'!M2,'Debt Issues'!K32,0)","v":0},{"$f":"IF(L2=debt_term_2+'Sources and Uses'!N2,'Debt Issues'!L32,0)","v":0}]
[null,"Ending Balance",null,null,{"$f":"E32+E33-E34","v":0},{"$f":"F32+F33-F34","v":0},{"$f":"G32+G33-G34","v":0},0,0,0,0,0]
[null,"Interest Expense",null,null,{"$f":"AVERAGE(E35,E32)*debt_rate_2","v":0},0,0,0,0,0,0,0]
[]
["Debt Retired - 1"]
[null,"Beginning Balance",null,null,0,{"$f":"E42","v":300},{"$f":"F42","v":300},300,300,300,300,300]
[null,"New Issues",null,null,{"$f":"debt_retired_1","v":300},0,0,0,0,0,0,0]
[null,"Debt Maturities"]
[null,"Ending Balance",null,null,{"$f":"E39+E40-E41","v":300},{"$f":"F39+F40-F41","v":300},{"$f":"G39+G40-G41","v":300},300,300,300,300,300]
[null,"Interest Expense",null,null,{"$f":"AVERAGE(E42,E39)*debt_retire_rate_1","v":10.500000000000002},21.000000000000004,21.000000000000004,21.000000000000004,21.000000000000004,21.000000000000004,21.000000000000004,21.000000000000004]
[]
["Debt Retired - 2"]
[null,"Beginning Balance",null,null,0,{"$f":"E49","v":0},{"$f":"F49","v":0},0,0,0,0,0]
[null,"New Issues",null,null,{"$f":"'Transaction Assumptions'!M12","v":0},0,0,0,0,0,0,0]
[null,"Debt Maturities"]
[null,"Ending Balance",null,null,{"$f":"E46+E47-E48","v":0},{"$f":"F46+F47-F48","v":0},{"$f":"G46+G47-G48","v":0},0,0,0,0,0]
[null,"Interest Expense",null,null,{"$f":"AVERAGE(E49,E46)*'Transaction Assumptions'!$M$13","v":0},{"$f":"AVERAGE(F49,F46)*'Transaction Assumptions'!$M$13","v":0},{"$f":"AVERAGE(G49,G46)*'Transaction Assumptions'!$M$13","v":0},{"$f":"AVERAGE(H49,H46)*'Transaction Assumptions'!$M$13","v":0},{"$f":"AVERAGE(I49,I46)*'Transaction Assumptions'!$M$13","v":0},{"$f":"AVERAGE(J49,J46)*'Transaction Assumptions'!$M$13","v":0},{"$f":"AVERAGE(K49,K46)*'Transaction Assumptions'!$M$13","v":0},{"$f":"AVERAGE(L49,L46)*'Transaction Assumptions'!$M$13","v":0}]

{"sheet":"Consolidated Financials","index":11,"n_rows":127,"n_cols":12,"rows_kept":127,"cut":false,"hidden":false,"merged":[]}
["Consolidated Financials"]
["Year",null,null,null,{"$f":"YEAR(transaction_date)","v":2011},{"$f":"E2+1","v":2012},{"$f":"F2+1","v":2013},2014,2015,2016,2017,2018]
[]
["Assumptions"]
[]
[null,"Interest Rate on Revolver",null,null,null,{"$f":"revolver_rate","v":7.0000000000000007E-2},7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[null,"Interest Rate on Cash Balance",null,null,null,{"$f":"income_rate","v":0.04},0.04,0.04,0.04,0.04,0.04,0.04]
[null,"Income Tax Rate",null,null,null,{"$f":"tax_rate","v":0.3},0.3,0.3,0.3,0.3,0.3,0.3]
[null,"Dividend Per Share",null,null,null,{"$f":"div_per_share","v":1},1,1,1,1,1,1]
[]
["Income Statement"]
[null,"Revenues"]
[null,null,"Target",null,null,{"$f":"'Target Financials'!I33","v":833.08500000000004},{"$f":"'Target Financials'!J33","v":934.72137000000021},{"$f":"'Target Financials'!K33","v":1048.7573771400002},{"$f":"'Target Financials'!L33","v":1176.7057771510804},{"$f":"'Target Financials'!M33","v":1320.2638819635124},{"$f":"'Target Financials'!N33","v":1481.3360755630611},{"$f":"'Target Financials'!O33","v":1662.0590767817546}]
[null,null,"Acquirer",null,null,{"$f":"'Acquirer Financials'!I33","v":5357.04},{"$f":"'Acquirer Financials'!J33","v":5518.8226079999995},{"$f":"'Acquirer Financials'!K33","v":5685.4910507615996},{"$f":"'Acquirer Financials'!L33","v":5857.192880494601},{"$f":"'Acquirer Financials'!M33","v":6034.0801054855374},{"$f":"'Acquirer Financials'!N33","v":6216.3093246711996},{"$f":"'Acquirer Financials'!O33","v":6404.0418662762695}]
[null,null,"Synergies",null,null,{"$f":"Synergies!E4","v":0},{"$f":"Synergies!F4","v":50},{"$f":"Synergies!G4","v":50},{"$f":"Synergies!H4","v":50},{"$f":"Synergies!I4","v":50},{"$f":"Synergies!J4","v":50},{"$f":"Synergies!K4","v":50}]
[null,null,null,"Total",null,{"$f":"F13+F14+F15","v":6190.125},6503.5439779999997,6784.2484279015998,7083.8986576456809,7404.3439874490496,7747.6454002342607,8116.1009430580243]
[null,"Operating Expenses"]
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[null,null,"Acquirer",null,null,{"$f":"'Acquirer Financials'!I34","v":4923.7440000000006},{"$f":"'Acquirer Financials'!J34","v":5071.8168287999997},{"$f":"'Acquirer Financials'!K34","v":5224.3489722297591},{"$f":"'Acquirer Financials'!L34","v":5381.4748518950983},{"$f":"'Acquirer Financials'!M34","v":5543.3329439404106},{"$f":"'Acquirer Financials'!N34","v":5710.0659013958521},{"$f":"'Acquirer Financials'!O34","v":5881.8206802174154}]
[null,null,"Synergies",null,null,{"$f":"Synergies!E6","v":0},{"$f":"Synergies!F6","v":0},{"$f":"Synergies!G6","v":0},{"$f":"Synergies!H6","v":0},{"$f":"Synergies!I6","v":0},{"$f":"Synergies!J6","v":0},{"$f":"Synergies!K6","v":0}]
[null,null,null,"Total",null,{"$f":"F18+F19-F20","v":5492.9434090909099},{"$f":"G18+G19-G20","v":5706.6752930727271},5932.8012309619407,6172.4221692471519,6426.7609947250512,6697.1770383061685,6985.1823370393386]
[null,"EBITDA",null,null,null,{"$f":"F16-F21","v":697.18159090909012},{"$f":"G16-G21","v":796.86868492727262},851.44719693965908,911.476488398529,977.58299272399836,1050.4683619280922,1130.9186060186858]
[null,"Depreciation"]
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[null,null,"Acquirer",null,null,{"$f":"'Acquirer Financials'!I36","v":82.507999999999996},{"$f":"'Acquirer Financials'!J36","v":88.573532},{"$f":"'Acquirer Financials'!K36","v":94.792529242399965},{"$f":"'Acquirer Financials'!L36","v":101.16903210104047},{"$f":"'Acquirer Financials'!M36","v":107.70719108352228},{"$f":"'Acquirer Financials'!N36","v":114.41126991953561},{"$f":"'Acquirer Financials'!O36","v":121.2856487377024}]
[null,null,"Asset Write-up",null,null,{"$f":"'Pro-Forma Balance Sheet'!$L$12*dep_rate_write_up","v":50},{"$f":"'Pro-Forma Balance Sheet'!$L$12*dep_rate_write_up","v":50},{"$f":"'Pro-Forma Balance Sheet'!$L$12*dep_rate_write_up","v":50},{"$f":"'Pro-Forma Balance Sheet'!$L$12*dep_rate_write_up","v":50},{"$f":"'Pro-Forma Balance Sheet'!$L$12*dep_rate_write_up","v":50},{"$f":"'Pro-Forma Balance Sheet'!$L$12*dep_rate_write_up","v":50},{"$f":"'Pro-Forma Balance Sheet'!$L$12*dep_rate_write_up","v":50}]
[null,null,null,"Total Depreciation",null,{"$f":"SUM(F24:F26)","v":176.16334545454546},{"$f":"SUM(G24:G26)","v":189.13713345454548},203.10294909694545,218.16705247174596,234.44828291014647,252.07958327002359,271.20970989529491]
[null,"EBIT",null,null,null,{"$f":"F22-F27","v":521.01824545454463},{"$f":"G22-G27","v":607.73155147272712},648.34424784271368,693.30943592678307,743.13470981385194,798.38877865806865,859.70889612339079]
[null,"Other Income"]
[null,null,"Target"]
[null,null,"Acquirer"]
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[null,null,"Interest Expense on Revolver",null,null,{"$f":"F108","v":0},{"$f":"G108","v":24.478397441414188},61.925311514330382,57.422042530211918,51.402351396962132,43.682788401714014,64.824223582495549]
[null,null,"Interest Income on Cash Balance",null,null,{"$f":"F107","v":0},{"$f":"G107","v":0},0,0,0,0,0]
[null,null,null,"Net Interest Expense",null,{"$f":"F33+F34-F35","v":111.44999999999999},{"$f":"G33+G34-G35","v":123.92839744141419},149.37531151433038,144.87204253021193,138.85235139696215,116.13278840171401,122.27422358249555]
[null,"EBT",null,null,null,{"$f":"F28-F36","v":409.56824545454464},{"$f":"G28-G36","v":483.80315403131294},498.96893632838328,548.43739339657111,604.28235841688979,682.25599025635461,737.43467254089524]
[null,null,"Taxes",null,null,{"$f":"MAX(F37*F8,0)","v":122.87047363636339},{"$f":"MAX(G37*G8,0)","v":145.14094620939389},149.69068089851498,164.53121801897132,181.28470752506692,204.67679707690638,221.23040176226857]
[null,null,"Goodwill Writeoff"]
[null,"Net Income",null,null,null,{"$f":"F37-F38-F39","v":286.69777181818125},{"$f":"G37-G38-G39","v":338.66220782191908},349.2782554298683,383.90617537759977,422.9976508918229,477.57919317944823,516.20427077862666]
[]
["Cash Flow"]
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[null,null,"Depreciation and Goodwill",null,null,{"$f":"F27","v":176.16334545454546},{"$f":"G27","v":189.13713345454548},203.10294909694545,218.16705247174596,234.44828291014647,252.07958327002359,271.20970989529491]
[null,null,"Working Capital Change",null,null,{"$f":"F96","v":-1.5107772727272959},{"$f":"G96","v":-1.0876935981817724},-0.59485079404129237,-2.3194340541579095E-2,0.63745127924869394,1.3985198331173478,2.272857353179802]
[null,"Operating Cash Flow",null,null,null,{"$f":"F43+F44-F45","v":464.37189454545398},{"$f":"G43+G44-G45","v":528.88703487464636},552.97605532085504,602.09642218988733,656.80848252272074,728.26025661635447,785.14112332074171]
[null,null,"Capital Expenditures"]
[null,null,"   Target",null,null,{"$f":"'Target Financials'!I50","v":154.02000000000001},{"$f":"'Target Financials'!J50","v":172.70640000000006},{"$f":"'Target Financials'!K50","v":193.6704600000003},{"$f":"'Target Financials'!L50","v":217.19001290400027},{"$f":"'Target Financials'!M50","v":243.57678639796816},{"$f":"'Target Financials'!N50","v":273.18053809659381},{"$f":"'Target Financials'!O50","v":306.39369517761355}]
[null,null,"   Acquiror",null,null,{"$f":"'Acquirer Financials'!I50","v":137.69999999999999},{"$f":"'Acquirer Financials'!J50","v":151.63830000000019},{"$f":"'Acquirer Financials'!K50","v":155.47493105999928},{"$f":"'Acquirer Financials'!L50","v":159.41257146601271},{"$f":"'Acquirer Financials'!M50","v":163.45397456204498},{"$f":"'Acquirer Financials'!N50","v":167.6019709003337},{"$f":"'Acquirer Financials'!O50","v":171.85947045416975}]
[null,null,"   Synergies",null,null,{"$f":"Synergies!F8","v":0},{"$f":"Synergies!G8","v":0},{"$f":"Synergies!H8","v":0},{"$f":"Synergies!I8","v":0},{"$f":"Synergies!J8","v":0},{"$f":"Synergies!K8","v":0},{"$f":"Synergies!L8","v":0}]
[null,null,null,"Total Capital Expenditure",null,{"$f":"F48+F49-F50","v":291.72000000000003},{"$f":"G48+G49-G50","v":324.34470000000022},349.14539105999961,376.60258437001301,407.03076096001314,440.7825089969275,478.2531656317833]
[null,"Cash Before Financing",null,null,null,{"$f":"F46-F51","v":172.65189454545396},{"$f":"G46-G51","v":204.54233487464614},203.83066426085543,225.49383781987433,249.7777215627076,287.47774761942696,306.88795768895841]
[null,null,"New Debt Issues",null,null,{"$f":"'Debt Issues'!F4","v":0},{"$f":"'Debt Issues'!G4","v":0},{"$f":"'Debt Issues'!H4","v":0},{"$f":"'Debt Issues'!I4","v":0},{"$f":"'Debt Issues'!J4","v":0},{"$f":"'Debt Issues'!K4","v":0},{"$f":"'Debt Issues'!L4","v":0}]
[null,null,"New Equity Issues"]
[null,null,"Debt Repayments",null,null,{"$f":"'Debt Issues'!F5","v":0},{"$f":"'Debt Issues'!G5","v":600},{"$f":"'Debt Issues'!H5","v":0},{"$f":"'Debt Issues'!I5","v":0},{"$f":"'Debt Issues'!J5","v":0},{"$f":"'Debt Issues'!K5","v":450},{"$f":"'Debt Issues'!L5","v":0}]
[null,null,"Dividends",null,null,{"$f":"F9*F113","v":139.49825020202022},139.49825020202022,139.49825020202022,139.49825020202022,139.49825020202022,139.49825020202022,139.49825020202022]
[null,"Cash After Dividends",null,null,null,{"$f":"F52+F53+F54-F55-F56","v":33.15364434343374},{"$f":"G52+G53+G54-G55-G56","v":-534.9559153273741},64.332414058835212,85.995587617854113,110.27947136068738,-302.02050258259328,167.38970748693819]
[]
["Balance Sheet"]
[null,"Assets"]
[null,null,"Cash and Temporary Securities",null,{"$f":"'Pro-Forma Balance Sheet'!Q7","v":0},{"$f":"F104","v":0},{"$f":"G104","v":0},0,0,0,0,0]
[null,null,"Current Assets"]
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[]
[]
[null,null,null,null,null,null,null,null,null,null,{"$f":"'Debt Issues'!F2","v":2011},{"$f":"'Debt Issues'!G2","v":2012},{"$f":"'Debt Issues'!H2","v":2013},{"$f":"'Debt Issues'!I2","v":2014},{"$f":"'Debt Issues'!J2","v":2015},{"$f":"'Debt Issues'!K2","v":2016},{"$f":"'Debt Issues'!L2","v":2017}]
[null,null,null,null,null,null,null,null,null,"Minimum",{"$f":"CHOOSE(K22,K18,M18,O18,Q18)","v":2.8},{"$f":"K39","v":2.8},2.8,2.8,2.8,2.8,2.8]
[null,null,null,null,null,null,null,null,null,"Maximum",{"$f":"CHOOSE(K22,L18,N18,P18,R18)","v":3.8},3.8,3.8,3.8,3.8,3.8,3.8]
[]
[null,null,null,null,null,null,null,null,null,null,{"$f":"int_cov","v":4.6749057465638826},4.9038926026621592,4.3403708502426426,4.7856675713134837,5.3519778551629944,6.874792120691775,7.0309904322832635]

{"sheet":"Sheet11","index":23,"n_rows":40,"n_cols":9,"rows_kept":40,"cut":false,"hidden":false,"merged":[]}
["Sheet11","='Transaction Assumptions'!$E$3",null,null,null,null,null,null,{"$f":"\"EPS Comparison: \"&target_name&\" Combined with \"&acquirer_name&CHAR(10)&\" Transaction Value \"&TEXT(total_enterprise_value,\"0,0\")&\" Shares Issued \"&TEXT(shares_issued,\"0,0\")","v":"EPS Comparison: Target Combined with Acquiror\n Transaction Value 2,090 Shares Issued 59"}]
["debt_2","='Transaction Assumptions'!$E$24",null,null,null,null,null,null,{"$f":"\"Interest Coverage Comparison: \"&target_name&\" Combined with \"&acquirer_name&CHAR(10)&\" Transaction Value \"&TEXT(total_enterprise_value,\"0,0\")&\" Debt Issued \"&TEXT(debt_issue_1+debt_2,\"0,0\")","v":"Interest Coverage Comparison: Target Combined with Acquiror\n Transaction Value 2,090 Debt Issued 1,569"}]
["debt_cap1","=OFFSET('Consolidated Financials'!$F$116,0,0,1,'Transaction Assumptions'!$L$26)",null,null,null,null,null,null,{"$f":"\"Debt to Capital Comparison: \"&target_name&\" Combined with \"&acquirer_name&\" Transaction Value \"&TEXT(total_enterprise_value,\"0,0\")&\" Debt Issued \"&TEXT(debt_issue_1+debt_2,\"0,0\")","v":"Debt to Capital Comparison: Target Combined with Acquiror Transaction Value 2,090 Debt Issued 1,569"}]
["debt_cap2","=OFFSET('Consolidated Financials'!$F$123,0,0,1,'Transaction Assumptions'!$L$26)",null,null,null,null,null,null,{"$f":"\"ROE Comparison: \"&target_name&\" Combined with \"&acquirer_name&CHAR(10)&\" Transaction Value \"&TEXT(total_enterprise_value,\"0,0\")&\" Shares Issued \"&TEXT(shares_issued,\"0,0\")","v":"ROE Comparison: Target Combined with Acquiror\n Transaction Value 2,090 Shares Issued 59"}]
["debt_issue_1","='Transaction Assumptions'!$E$19",null,null,null,null,null,null,{"$f":"\"ROI Comparison: \"&target_name&\" Combined with \"&acquirer_name&\" Transaction Value \"&TEXT(total_enterprise_value,\"0,0\")&\" Shares Issued \"&TEXT(shares_issued,\"0,0\")","v":"ROI Comparison: Target Combined with Acquiror Transaction Value 2,090 Shares Issued 59"}]
["debt_issue_costs","='Transaction Assumptions'!$L$16"]
["debt_rate_1","='Transaction Assumptions'!$E$20"]
["debt_rate_2","='Transaction Assumptions'!$E$25"]
["debt_retire_rate_1","='Transaction Assumptions'!$L$7"]
["debt_retire_term_1","='Transaction Assumptions'!$L$8"]
["debt_retired_1","='Transaction Assumptions'!$L$6"]
["debt_retirement_switch","='Transaction Assumptions'!$L$2"]
["debt_target","='Transaction Assumptions'!$E$10"]
["debt_term_1","='Transaction Assumptions'!$E$21"]
["debt_term_2","='Transaction Assumptions'!$E$26"]
["dep_rate_write_up","='Transaction Assumptions'!$L$20"]
["div_per_share","='Transaction Assumptions'!$L$23"]
["E10debt_target","='Transaction Assumptions'!$E$10"]
["eps1","=OFFSET('Consolidated Financials'!$F$114,0,0,1,'Transaction Assumptions'!$L$26)"]
["eps2","=OFFSET('Consolidated Financials'!$F$121,0,0,1,'Transaction Assumptions'!$L$26)"]
["equity_consideration_cash","='Transaction Assumptions'!$E$8"]
["equity_consideration_shares","='Transaction Assumptions'!$E$9"]
["income_rate","='Transaction Assumptions'!$L$22"]
["int_cov","=OFFSET('Consolidated Financials'!$F$115,0,0,1,'Transaction Assumptions'!$L$26)"]
["int_cov2","=OFFSET('Consolidated Financials'!$F$122,0,0,1,'Transaction Assumptions'!$L$26)"]
["revolver_rate","='Transaction Assumptions'!$L$21"]
["roe_1","=OFFSET('Consolidated Financials'!$F$117,0,0,1,'Transaction Assumptions'!$L$26)"]
["roe_2","=OFFSET('Consolidated Financials'!$F$124,0,0,1,'Transaction Assumptions'!$L$26)"]
["roi_1","=OFFSET('Consolidated Financials'!$F$118,0,0,1,'Transaction Assumptions'!$L$26)"]
["roi_2","=OFFSET('Consolidated Financials'!$F$125,0,0,1,'Transaction Assumptions'!$L$26)"]
["scenario_name","='Transaction Assumptions'!$E$4"]
["shares_issued","='Transaction Assumptions'!$E$14"]
["stock_price","='Transaction Assumptions'!$E$15"]
["target_name","='Transaction Assumptions'!$E$2"]
["tax_rate","='Transaction Assumptions'!$L$19"]
["total_enterprise_value","='Transaction Assumptions'!$E$11"]
["transaction_cost","='Transaction Assumptions'!$L$15"]
["transaction_date","='Transaction Assumptions'!$E$5"]
["value_of_shares","='Transaction Assumptions'!$E$16"]
["x_range","=OFFSET('Consolidated Financials'!$F$2,0,0,1,'Transaction Assumptions'!$L$26)"]