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2 THP Co is planning to buy CRX Co, a company in the same business sector, and is considering paying cash for the
shares of the company. The cash would be raised by THP Co through a 1 for 3 rights issue at a 20% discount to its
current share price.
The purchase price of the 1 million issued shares of CRX Co would be equal to the rights issue funds raised, less
issue costs of $320,000. Earnings per share of CRX Co at the time of acquisition would be 44·8c per share. As a
result of acquiring CRX Co, THP Co expects to gain annual after-tax savings of $96,000.
THP Co maintains a payout ratio of 50% and earnings per share are currently 64c per share. Dividend growth of 5%
per year is expected for the foreseeable future and the company has a cost of equity of 12% per year.
Information from THP Co’s statement of financial position:
Equity and liabilities $000
Shares ($1 par value) 3,000
Reserves 4,300
––––––
7,300
Non-current liabilities
8% loan notes 5,000
Current liabilities 2,200
–––––––
Total equity and liabilities 14,500
–––––––
Required:
(a) Calculate the current ex dividend share price of THP Co and the current market capitalisation of THP Co
using the dividend growth model. (4 marks)
(b) Assuming the rights issue takes place and ignoring the proposed use of the funds raised, calculate:
(i) the rights issue price per share;
(ii) the cash raised;
(iii) the theoretical ex rights price per share; and
(iv) the market capitalisation of THP Co. (5 marks)
(c) Using the price/earnings ratio method, calculate the share price and market capitalisation of CRX Co before
the acquisition. (3 marks)
(d) Assuming a semi-strong form efficient capital market, calculate and comment on the post acquisition market
capitalisation of THP Co in the following circumstances:
(i) THP Co does not announce the expected annual after-tax savings; and
(ii) the expected after-tax savings are made public. (5 marks)
(e) Discuss the factors that THP Co should consider, in its circumstances, in choosing between equity finance
and debt finance as a source of finance from which to make a cash offer for CRX Co. (8 marks)
(25 marks)
 
 

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