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This case comprises two parts. In “Kraft Foods Inc. and Cadbury PLC – Part A – A Nutritious Association?”, an investor wonders whether the acquisition of Cadbury is based on sound business sense and whether it will be beneficial to him as a Kraft Foods shareholder. He also puzzles over the value of the mixed payment offered to Cadbury’s shareholders. Details are provided about Kraft Foods’s activities and businesses, followed by a description of Cadbury. Each company’s historical financial statements are appended. Kraft Foods’s rationale for the acquisition is provided, together with the structure of the original and final offers. “Kraft Foods Inc. and Cadbury PLC – Part B – A Sweet Divorce?”, which focuses on the subsequent “demerger” of the Snacks division less than two years later, can be analyzed in its own right as a second step. Alternatively, the instructor can use it as a conclusion to highlight points related to strategy and disclosure or to the ex-post measurement of synergy effects.

This case describes Google's decision in November 2009 to purchase mobile advertising start-up AdMob in a cash-and-stock deal valued at $750 million. The objectives of the case are: to highlight the role of acquisitions as integral to Google's growth strategy; to explore the extent to which the perception and pricing of Google as a growth stock necessitates the continual search for new growth opportunities; to determine the drivers of growth in the online advertising market and different segments within that market; and to navigate the considerable challenges of valuing a potentially high-growth start-up both as a stand-alone firm and as an acquisition target.

Indore is the commercial capital of Madhya Pradesh, a centrally located province of India. A welcome change was ushered into the lives of the city's inhabitants on January 26, 2006, on the occasion of India's 56^thRepublic Day. The city, which had a legacy of a deplorable public transport system operated by private interests, launched a fleet of ultra-modern, low-floor buses that greatly improved the public transport service. The cause of the jubilation was the brainchild of the local municipal authorities. The model deployed was that of a public-private partnership. A company by the name of Indore City Transport Services Ltd. (ICTSL) was incorporated on December 1, 2005, with the mandate to operate and manage the public transport system of Indore.

The case illustrates the evolution and execution of the project undertaken by PCCPL to operate the radio cab service in Indore. It further explores the dilemma faced by the promoter of Metro Taxi with reference to high operating costs due to delays in CNG (low-cost fuel) supply and the slated plans to expand the fleet size. The exhibits containing the financial forecasts, analysis and feasibility issues discussed in the case are intended to provide a good illustration of financial modeling, to foster class discussion and to facilitate students’ understanding. Primarily an illustrative case, this case can be used for courses on public-private partnerships, infrastructure financing, project appraisal and financing in the introductory modules, or modules related to transport/infrastructure in MBA, CPA, business graduate and undergraduate programs and executive education programs. Teaching notes are available for class instructors to facilitate teaching of the case.

En juin 1997, Thomas Ivaskiv est nommé à la direction de Technologies Ad Opt inc., une entreprise montréalaise, spécialisée dans le développement et la commercialisation des logiciels permettant la planification et l'optimisation d'horaires de personnel et d'itinéraires. Donna Farnworth, vice-présidente aux finances, l'assistera dans son mandat de guider Ad Opt sur le chemin d'un premier appel public à l'épargne. En juillet 1998, la firme Lévesque Beaubien Geoffrion inc. est retenue à titre de chef de file de l'émission. En octobre 1998, la rédaction du prospectus provisoire est arrêtée et son dépôt est reporté en raison de conditions de marché défavorables. En avril 1990, une période favorable se présente, mais il faut agir très rapidement, Thomas Ivaskiv dispose d'un délai de 24 heures pour formuler sa recommandation auprès du conseil d'administration quant au dépôt du prospectus provisoire. Le marché saura-t-il évaluer Ad Opt à sa juste valeur? Les conditions de marché seront-elles favorables en mai? Devrait-il reporter le dépôt?

This case requires input into an arbritation where the arbitrator is required to determine a "fair and reasonable price" when a shareholder voted against a major transaction and the majority voted in favour. This gave the shareholder the right to be bought out at a "fair and reasonable price."

This case study describes the financing plan for the privatization of Bombardier's Recreational Products Division in December 2003, and brings to issue the decision to either pay out a large dividend to the firm's equity sponsors or to repay outstanding debt one year following the privatization. The industry context, as well as the covenants included in the original loan agreements, serve as a backdrop to the decision that is examined.

Cognicase est l'un des chefs de file canadiens dans le domaine des solutions d'affaires sécurisées et évolutives de commerce électronique. Incorporée en 1991, l'entreprise compte, en 2001, plus de 3800 employés dans 20 bureaux en Amérique du Nord, en Europe et en Australie. Son chiffre d'affaires dépasse 400 millions de dollars. Cette croissance phénoménale, d'abord alimentée par du capital de risque, puis par un premier appel public à l'épargne en octobre 1997, se fait principalement par le biais d'acquisition. Ce cas décrit la première acquisition par Cognicase d'une entreprise ouverte, la société Ezenet Corp., en septembre 2001. L'étudiant doit vérifier si le prix demandé de 3,16 $ par action est adéquat. Il doit pour cela actualiser les flux de trésorerie prévus et s'aider de multiples des bénéfices et des ventes. Il doit aussi vérifier l'impact de l'acquisition sur le BPA de Cognicase et sur son ratio d'endettement.

Ce cas porte sur une situation où le propriétaire-exploitant d’un magasin de produits naturels sous franchise demande un délai de paiement additionnel à son fournisseur. Ce dernier doit poser un diagnostic sur le magasin et prendre une décision (partie A). À la suite des difficultés de trésorerie décrites dans le cas, le propriétaire d’un magasin de produits naturels a perdu sa franchise. Le franchiseur a repris le magasin pour l’exploiter lui-même. Il faut maintenant estimer la valeur de reprise de ce magasin (partie B). Enfin, l’ancien propriétaire-exploitant d’un magasin La Corne d’abondance a intenté un procès au franchiseur du magasin (partie C). Les principales questions soulevées au procès touchent l’évaluation de la valeur de reprise (en particulier le choix d’un taux d’actualisation) et les responsabilités du franchiseur envers son franchisé.

This case examines the ongoing pressure from the Climate Action Coalition for the University of Alberta to divest from fossil fuels and the role of the AVP in this debate. The Climate Action Coalition began in 2020 as a movement involving students, faculty, and staff members at the University of Alberta to protest the continued investment of the Investment Pool’s $1.73 billion in the fossil fuel industry. This complicated debate centres around the university’s perceived moral and financial responsibilities. The case also looks at alternative ESG investment possibilities that offer a suitable middle ground between stakeholders. The AVP must create a strong plan to satisfy the needs of both the university and climate activists and end this ongoing conflict. Students are asked to imagine themselves as the AVP and to weigh the pros and cons of full divestment and of alternative options in the development of that plan. The plan should align with a fiduciary duty to gain the support of the investment oversight committee, senior administration, and Board of Governors.