When a prompt tells you that a company is being acquired on a cash-free, debt-free basis, how exactly should I be visualizing this? Does this mean that excess cash be used to fund the transaction and all of the outstanding debt be refinanced?
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All cash is used to pay off the debt and any excess cash will be distributed to s/h's as a dividend "right" before the transaction occurs. So you have two sets of BS adjustment (1) cf/df adjustment and (2) transaction adjustment
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