Unlock document.
This document is partially blurred.
Unlock all pages and 1 million more documents.
Get Access
Deal Terms and Conditions
Cash Portion of Offer Price (%) 0.174
Equity Portion of Offer Price (%) 0.826
Percent of Anticipated Synergy Shared with Target % 1.00
Specific Firm Data
PV of Anticipated Net Synergy ($M) (@11% WACC) 2650
% Shared Offer Price Offer Price Post-Acq.
Synergy ($M) Per Share Total Shares 2008 2009 2010 2011 2012
Calculated Data 0.1 6078 94.38 104 3.72 4.09 4.42 4.73 4.96
Minimum Offer Price ($M) 5813 0.2 6343 98.50 106 3.63 3.99 4.31 4.61 4.84
Composition of Purchase Price Per Target Share 0.7 7668 119.07 119 3.24 3.56 3.84 4.11 4.31
Acquirer Equity Per Target Share 108.55 0.8 7933 123.19 122 3.17 3.48 3.76 4.02 4.22
Cash Per Target Share ($) 22.87 0.9 8198 127.30 125 3.11 3.41 3.68 3.94 4.13
Share Exchange Ratio 1.28 1.0 8463 131.42 127 3.04 3.34 3.61 3.86 4.05
New Shares Issued by Acquirer 82.57
Acquirer Shares Outstanding, Post-Closing (Milions) 127.17
2009 2010 2011 2012 2013
Post-Acquisition Consolidated Net Income ($M) 387 425 459 491 515
Cleveland-Cliffs Acquires Alpha Natural Resources: Offer Price Simulation Model
Post-Acquisition.EPS
Altenative Scenarios Based on Different Amounts of Synergy Shared with Target
