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WSJ article on this didn't say.
Morgan Stanley and Citi.
Damn MS must be raking it in right now. Advising on Unilever-Culver and Southwest-Airtran. Nice.
Anyone here ever fly AirTranny? It's awful. No legroom whatsoever.
I always got there early and paid the extra 40 bucks for a bump to the business class. Actually always enjoyed flying with them.
Never had a problem with them either except that the employees always seemed to be a few standard deviations below the mean in terms of intelligence but you get that anywhere
According to Bloomberg, Citi and Dahlman Rose advised Southwest.
nice premium
I've always heard good things about flying SW. Their supposed to be both cheap and good service apparently.
The only downside to Southwest is its loyalty program and lack of first class. I'm a Star Alliance guy myself.
possible frontrunning:
http://www.reuters.com/article/idUSTRE68Q5LA20100927
Weirdest thing to see the stock of the acquirer go up during the day. Must be the mythical "synergies."
Hi guys,
I saw that SWest are paying $1.4bn, but then I saw that EV = equity + debt/leases = $1.4bn + $2bn. How are they not paying the full enterprise value?
Technically are they paying the extra $2bn by assuming the debt?
Thanks.
Wow... Think it about it. If you buy the equity, you control the company. They aren't "technically" paying anything more than the 1.4B they are paying. Look at a balance sheet- A = L + E or E = A - L. Yes, you assume the debt but what you are paying for is the difference between the Assets and Liabilities plus whatever premium you pay which ends up in Goodwill (can be thought of as the value of controlling the company which is why acquisition comps are higher than public comps).
Maybe there was no provision in the debt to refinance upon the merger?
Citi and MS are killing it.
So Citi advises southwest and ms advises airtran. What's the better role to be in, advising buyer or seller? Seems like advising seller is just less valuation work.
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