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SPLIT-OFF (DEFINITION (ADVANTAGE (REPURCHASE SHARES, PREVENT HOSTILE…
SPLIT-OFF
DEFINITION
ADVANTAGE
REPURCHASE SHARES
PREVENT HOSTILE ACQUISITIONS
NO TAX
FINALITY
+COMPANY VALUE
-CONTRAST MEMBERS
-COMPANY VALUE
NEW SHAREHOLDERS
REASON
NEED CASH
BUSINESS MANAGEMENT
REPURCHASE SHARES
DEVELOPMENT
SHAREHOLDERS
MOTHER HOUSE
BUSINESS A
BUSINESS B
ASSIGNMENT
FORM
SPLIT-OFF
CARVE-OUT
SPIN-OFF
IMPLICATIONS
GROUP COMPANY VALUE
BioPharma
2010
FINANCIAL IMPROVEMENT
MORE BUSINESS OPPORTUNITIES
FOCUS BUSINESS AREAS
BIOPHARMACEUTICAL EXPASION
MORE PROFIT
2009
DISTRIBUTION SHARE
10% DISCOUNT
97,5% Mead Johnson
7,3
billion
Mead Johnson
SHAREHOLDERS
CASE STUDY Bristol Myers Squibb Company
2007
BIOPHARMACEUTICALS
2009
RESTRUCTURING
SPLIT-OFF Mead Johnson
+CASH FLOW BioPharma
MORE PROFIT
+VALUE OF SHAREHOLDERS
1858 NEW YORK
PHARMACEUTICAL
2009
END SPLIT
EARNING
7,3 M
THEORETICAL
BACKGROUND
PwC,2013
ABCINVESTIMENTI
Wachtell, Lipton,Rosen & Katz,2013
CONCLUSIONS
COMPANY EXPANSION
NEW COMPANY
BIOPHARMACEUTICAL
INVESTMENTS
INNOVATIONS