home *** CD-ROM | disk | FTP | other *** search
/ Fundamentals of Corporate Finance Self Study / Fundamentals of Corporate Finance - Self-Study.iso / Setup / CHAP25.QF_ / CHAP25.QF
Unknown  |  2001-12-19  |  130.0 KB

open in: MacOS 8.1     |     Win98     |     DOS

view JSON data     |     view as text

This file was not able to be converted.
This format is not currently supported by dexvert.

ConfidenceProgramDetectionMatch TypeSupport
100% file data default
100% TrID PrintFox/Pagefox bitmap (320x200) default (weak)
100% gt2 Kopftext: 'BRGEXM0500v0002ROSS Chapter 25' default (weak)



hex view
+--------+-------------------------+-------------------------+--------+--------+
|00000000| 42 52 47 45 58 4d 30 35 | 30 30 76 30 30 30 32 52 |BRGEXM05|00v0002R|
|00000010| 4f 53 53 20 20 20 20 43 | 68 61 70 74 65 72 20 32 |OSS C|hapter 2|
|00000020| 35 3a 20 4d 65 72 67 65 | 72 73 20 41 6e 64 20 41 |5: Merge|rs And A|
|00000030| 63 71 75 69 73 69 74 69 | 6f 6e 73 20 20 20 20 00 |cquisiti|ons .|
|00000040| 00 00 00 6c 00 00 00 00 | 00 00 00 6c 00 cc 3a 00 |...l....|...l..:.|
|00000050| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 be 00 00 |........|........|
|00000060| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000070| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000080| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000090| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000000a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000000b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 18 14 00 |........|........|
|000000c0| 00 31 01 00 49 6e 20 67 | 65 6e 65 72 61 6c 2c 20 |.1..In g|eneral, |
|000000d0| 74 68 65 20 65 76 69 64 | 65 6e 63 65 20 69 6e 64 |the evid|ence ind|
|000000e0| 69 63 61 74 65 73 2e 2e | 2e 20 20 20 01 00 71 00 |icates..|. ..q.|
|000000f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000100| 00 00 00 00 00 00 00 00 | 01 00 00 00 00 00 00 00 |........|........|
|00000110| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000120| 00 00 00 00 31 02 00 41 | 6c 6c 20 65 6c 73 65 20 |....1..A|ll else |
|00000130| 65 71 75 61 6c 2c 20 74 | 68 65 20 63 6f 73 74 20 |equal, t|he cost |
|00000140| 6f 66 20 61 6e 2e 2e 2e | 20 20 20 20 20 20 20 01 |of an...| .|
|00000150| 00 71 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |.q......|........|
|00000160| 00 00 00 00 00 00 00 00 | 00 00 00 01 00 00 00 00 |........|........|
|00000170| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000180| 00 00 00 00 00 00 00 31 | 03 00 53 74 6f 63 6b 68 |.......1|..Stockh|
|00000190| 6f 6c 64 65 72 73 20 6c | 69 6b 65 20 6d 75 74 75 |olders l|ike mutu|
|000001a0| 61 6c 20 66 75 6e 64 73 | 3b 2e 2e 2e 20 20 20 20 |al funds|;... |
|000001b0| 20 20 01 00 71 00 00 00 | 00 00 00 00 00 00 00 00 | ..q...|........|
|000001c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 01 00 |........|........|
|000001d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000001e0| 00 00 00 00 00 00 00 00 | 00 00 31 04 00 57 68 65 |........|..1..Whe|
|000001f0| 6e 20 6f 6e 65 20 66 69 | 72 6d 20 61 63 71 75 69 |n one fi|rm acqui|
|00000200| 72 65 73 20 61 6e 6f 74 | 68 65 72 20 73 6f 6c 65 |res anot|her sole|
|00000210| 6c 79 2e 2e 2e 01 00 71 | 00 00 00 00 00 00 00 00 |ly.....q|........|
|00000220| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000230| 00 01 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000240| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 31 05 00 |........|.....1..|
|00000250| 49 6e 20 61 6e 20 65 63 | 6f 6e 6f 6d 69 63 20 73 |In an ec|onomic s|
|00000260| 65 6e 73 65 2c 20 67 6f | 6f 64 77 69 6c 6c 2e 2e |ense, go|odwill..|
|00000270| 2e 20 20 20 20 20 20 20 | 01 00 71 00 00 00 00 00 |. |..q.....|
|00000280| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000290| 00 00 00 00 01 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000002a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000002b0| 31 06 00 41 20 74 65 6e | 64 65 72 20 6f 66 66 65 |1..A ten|der offe|
|000002c0| 72 20 6d 75 73 74 20 62 | 65 20 61 70 70 72 6f 76 |r must b|e approv|
|000002d0| 65 64 20 62 79 20 61 2e | 2e 2e 20 01 00 71 00 00 |ed by a.|.. ..q..|
|000002e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000002f0| 00 00 00 00 00 00 00 01 | 00 00 00 00 00 00 00 00 |........|........|
|00000300| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000310| 00 00 00 31 07 00 49 6e | 20 61 20 74 79 70 69 63 |...1..In| a typic|
|00000320| 61 6c 20 63 6f 6e 73 6f | 6c 69 64 61 74 69 6f 6e |al conso|lidation|
|00000330| 2c 20 74 68 65 2e 2e 2e | 20 20 20 20 20 20 01 00 |, the...| ..|
|00000340| 71 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |q.......|........|
|00000350| 00 00 00 00 00 00 00 00 | 00 00 01 00 00 00 00 00 |........|........|
|00000360| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000370| 00 00 00 00 00 00 31 08 | 00 49 6e 20 61 20 74 79 |......1.|.In a ty|
|00000380| 70 69 63 61 6c 20 6d 65 | 72 67 65 72 2c 20 6f 6e |pical me|rger, on|
|00000390| 6c 79 20 74 68 65 20 74 | 61 72 67 65 74 2e 2e 2e |ly the t|arget...|
|000003a0| 20 01 00 71 00 00 00 00 | 00 00 00 00 00 00 00 00 | ..q....|........|
|000003b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 01 00 00 |........|........|
|000003c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000003d0| 00 00 00 00 00 00 00 00 | 00 31 09 00 54 68 65 20 |........|.1..The |
|000003e0| 70 6f 73 73 69 62 6c 65 | 20 62 65 6e 65 66 69 74 |possible| benefit|
|000003f0| 73 20 6f 66 20 61 6e 2e | 2e 2e 20 20 20 20 20 20 |s of an.|.. |
|00000400| 20 20 20 20 01 00 71 00 | 00 00 00 00 00 00 00 00 | ..q.|........|
|00000410| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000420| 01 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000430| 00 00 00 00 00 00 00 00 | 00 00 00 00 31 0a 00 41 |........|....1..A|
|00000440| 20 74 65 6e 64 65 72 20 | 6f 66 66 65 72 20 69 73 | tender |offer is|
|00000450| 20 61 20 70 75 62 6c 69 | 63 20 6f 66 66 65 72 20 | a publi|c offer |
|00000460| 62 79 2e 2e 2e 20 20 01 | 00 71 00 00 00 00 00 00 |by... .|.q......|
|00000470| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000480| 00 00 00 01 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000490| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 31 |........|.......1|
|000004a0| 0b 00 41 20 63 6f 6e 73 | 6f 6c 69 64 61 74 69 6f |..A cons|olidatio|
|000004b0| 6e 20 69 73 20 61 20 6d | 65 72 67 65 72 20 69 6e |n is a m|erger in|
|000004c0| 20 77 68 69 63 68 2e 2e | 2e 20 01 00 71 00 00 00 | which..|. ..q...|
|000004d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000004e0| 00 00 00 00 00 00 01 00 | 00 00 00 00 00 00 00 00 |........|........|
|000004f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000500| 00 00 31 0c 00 41 20 6c | 65 76 65 72 61 67 65 64 |..1..A l|everaged|
|00000510| 20 62 75 79 6f 75 74 20 | 69 73 20 61 20 66 6f 72 | buyout |is a for|
|00000520| 6d 20 6f 66 2e 2e 2e 20 | 20 20 20 20 20 01 00 71 |m of... | ..q|
|00000530| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000540| 00 00 00 00 00 00 00 00 | 00 01 00 00 00 00 00 00 |........|........|
|00000550| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000560| 00 00 00 00 00 31 0d 00 | 49 6e 20 61 20 74 61 78 |.....1..|In a tax|
|00000570| 2d 66 72 65 65 20 61 63 | 71 75 69 73 69 74 69 6f |-free ac|quisitio|
|00000580| 6e 2c 20 74 68 65 2e 2e | 2e 20 20 20 20 20 20 20 |n, the..|. |
|00000590| 01 00 71 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |..q.....|........|
|000005a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 01 00 00 00 |........|........|
|000005b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000005c0| 00 00 00 00 00 00 00 00 | 31 0e 00 54 68 65 20 6d |........|1..The m|
|000005d0| 61 69 6e 20 64 69 66 66 | 65 72 65 6e 63 65 20 62 |ain diff|erence b|
|000005e0| 65 74 77 65 65 6e 20 70 | 75 72 63 68 61 73 65 2e |etween p|urchase.|
|000005f0| 2e 2e 20 01 00 71 00 00 | 00 00 00 00 00 00 00 00 |.. ..q..|........|
|00000600| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 01 |........|........|
|00000610| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000620| 00 00 00 00 00 00 00 00 | 00 00 00 31 0f 00 53 79 |........|...1..Sy|
|00000630| 6e 65 72 67 79 20 69 73 | 20 74 68 65 20 69 6e 63 |nergy is| the inc|
|00000640| 72 65 6d 65 6e 74 61 6c | 20 6e 65 74 20 6c 6f 73 |remental| net los|
|00000650| 73 2e 2e 2e 20 20 01 00 | 71 00 00 00 00 00 00 00 |s... ..|q.......|
|00000660| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000670| 00 00 01 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000680| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 31 10 |........|......1.|
|00000690| 00 47 61 69 6e 73 20 66 | 72 6f 6d 20 6d 65 72 67 |.Gains f|rom merg|
|000006a0| 65 72 73 20 69 6e 63 6c | 75 64 65 64 20 70 6f 73 |ers incl|uded pos|
|000006b0| 73 69 62 6c 65 2e 2e 2e | 20 01 00 71 00 00 00 00 |sible...| ..q....|
|000006c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000006d0| 00 00 00 00 00 01 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000006e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000006f0| 00 31 11 00 49 66 20 46 | 69 72 6d 20 41 20 69 73 |.1..If F|irm A is|
|00000700| 20 61 63 71 75 69 72 69 | 6e 67 20 46 69 72 6d 20 | acquiri|ng Firm |
|00000710| 42 2c 20 74 68 65 6e 2e | 2e 2e 20 20 01 00 71 00 |B, then.|.. ..q.|
|00000720| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000730| 00 00 00 00 00 00 00 00 | 01 00 00 00 00 00 00 00 |........|........|
|00000740| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000750| 00 00 00 00 31 12 00 47 | 72 65 65 6e 6d 61 69 6c |....1..G|reenmail|
|00000760| 20 69 73 20 61 20 66 6f | 72 6d 20 6f 66 20 74 61 | is a fo|rm of ta|
|00000770| 72 67 65 74 65 64 20 73 | 74 6f 63 6b 2e 2e 2e 01 |rgeted s|tock....|
|00000780| 00 71 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |.q......|........|
|00000790| 00 00 00 00 00 00 00 00 | 00 00 00 01 00 00 00 00 |........|........|
|000007a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000007b0| 00 00 00 00 00 00 00 31 | 13 00 50 6f 69 73 6f 6e |.......1|..Poison|
|000007c0| 20 70 69 6c 6c 73 20 61 | 72 65 20 66 69 6e 61 6e | pills a|re finan|
|000007d0| 63 69 61 6c 20 64 65 76 | 69 63 65 73 2e 2e 2e 20 |cial dev|ices... |
|000007e0| 20 20 01 00 71 00 00 00 | 00 00 00 00 00 00 00 00 | ..q...|........|
|000007f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 01 00 |........|........|
|00000800| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000810| 00 00 00 00 00 00 00 00 | 00 00 31 14 00 4f 6e 65 |........|..1..One|
|00000820| 20 65 78 61 6d 70 6c 65 | 20 6f 66 20 61 20 73 68 | example| of a sh|
|00000830| 61 72 6b 20 72 65 70 65 | 6c 6c 65 6e 74 20 69 6e |ark repe|llent in|
|00000840| 20 61 2e 2e 2e 01 00 71 | 00 00 00 00 00 00 00 00 | a.....q|........|
|00000850| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000860| 00 01 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000870| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 31 15 00 |........|.....1..|
|00000880| 57 68 69 63 68 20 6f 66 | 20 74 68 65 20 66 6f 6c |Which of| the fol|
|00000890| 6c 6f 77 69 6e 67 20 69 | 73 20 4e 4f 54 20 61 2e |lowing i|s NOT a.|
|000008a0| 2e 2e 20 20 20 20 20 20 | 01 00 71 00 00 00 00 00 |.. |..q.....|
|000008b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000008c0| 00 00 00 00 01 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000008d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000008e0| 31 16 00 41 20 5f 5f 5f | 5f 5f 5f 5f 5f 5f 5f 5f |1..A ___|________|
|000008f0| 20 6f 63 63 75 72 73 20 | 77 68 65 6e 20 6f 6e 65 | occurs |when one|
|00000900| 20 66 69 72 6d 2e 2e 2e | 20 20 20 01 00 71 00 00 | firm...| ..q..|
|00000910| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000920| 00 00 00 00 00 00 00 01 | 00 00 00 00 00 00 00 00 |........|........|
|00000930| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000940| 00 00 00 31 17 00 5f 5f | 5f 5f 5f 5f 5f 5f 5f 5f |...1..__|________|
|00000950| 5f 5f 20 64 65 73 63 72 | 69 62 65 73 20 74 68 65 |__ descr|ibes the|
|00000960| 20 63 72 65 61 74 69 6f | 6e 2e 2e 2e 20 20 01 00 | creatio|n... ..|
|00000970| 71 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |q.......|........|
|00000980| 00 00 00 00 00 00 00 00 | 00 00 01 00 00 00 00 00 |........|........|
|00000990| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000009a0| 00 00 00 00 00 00 31 18 | 00 57 68 69 63 68 20 6f |......1.|.Which o|
|000009b0| 66 20 74 68 65 20 66 6f | 6c 6c 6f 77 69 6e 67 20 |f the fo|llowing |
|000009c0| 69 73 2f 61 72 65 2e 2e | 2e 20 20 20 20 20 20 20 |is/are..|. |
|000009d0| 20 01 00 71 00 00 00 00 | 00 00 00 00 00 00 00 00 | ..q....|........|
|000009e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 01 00 00 |........|........|
|000009f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000a00| 00 00 00 00 00 00 00 00 | 00 31 19 00 41 20 5f 5f |........|.1..A __|
|00000a10| 5f 5f 5f 5f 5f 5f 5f 20 | 69 73 20 61 20 70 75 62 |_______ |is a pub|
|00000a20| 6c 69 63 20 6f 66 66 65 | 72 20 6d 61 64 65 20 62 |lic offe|r made b|
|00000a30| 79 2e 2e 2e 01 00 71 00 | 00 00 00 00 00 00 00 00 |y.....q.|........|
|00000a40| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000a50| 01 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000a60| 00 00 00 00 00 00 00 00 | 00 00 00 00 31 1a 00 57 |........|....1..W|
|00000a70| 68 69 63 68 20 6f 66 20 | 74 68 65 20 66 6f 6c 6c |hich of |the foll|
|00000a80| 6f 77 69 6e 67 20 77 6f | 75 6c 64 20 62 65 2e 2e |owing wo|uld be..|
|00000a90| 2e 20 20 20 20 20 20 01 | 00 71 00 00 00 00 00 00 |. .|.q......|
|00000aa0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000ab0| 00 00 00 01 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000ac0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 31 |........|.......1|
|00000ad0| 1b 00 54 68 65 20 48 75 | 62 65 72 74 20 50 61 63 |..The Hu|bert Pac|
|00000ae0| 6b 65 74 20 43 6f 72 70 | 6f 72 61 74 69 6f 6e 20 |ket Corp|oration |
|00000af0| 69 6e 74 65 6e 64 73 2e | 2e 2e 01 00 71 00 00 00 |intends.|....q...|
|00000b00| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000b10| 00 00 00 00 00 00 01 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000b20| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000b30| 00 00 31 1c 00 5f 5f 5f | 5f 5f 5f 5f 5f 5f 20 69 |..1..___|______ i|
|00000b40| 73 20 61 20 74 79 70 65 | 20 6f 66 20 74 72 61 6e |s a type| of tran|
|00000b50| 73 61 63 74 69 6f 6e 2e | 2e 2e 20 20 20 01 00 71 |saction.|.. ..q|
|00000b60| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000b70| 00 00 00 00 00 00 00 00 | 00 01 00 00 00 00 00 00 |........|........|
|00000b80| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000b90| 00 00 00 00 00 31 1d 00 | 4b 6f 6a 61 63 6b 20 46 |.....1..|Kojack F|
|00000ba0| 69 6c 6d 20 6e 65 65 64 | 73 20 73 69 6c 76 65 72 |ilm need|s silver|
|00000bb0| 20 74 6f 20 6d 61 6b 65 | 2e 2e 2e 20 20 20 20 20 | to make|... |
|00000bc0| 01 00 71 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |..q.....|........|
|00000bd0| 00 00 00 00 00 00 00 00 | 00 00 00 00 01 00 00 00 |........|........|
|00000be0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000bf0| 00 00 00 00 00 00 00 00 | 31 1e 00 54 68 65 20 65 |........|1..The e|
|00000c00| 6d 70 6c 6f 79 65 65 73 | 20 6f 66 20 55 6e 69 74 |mployees| of Unit|
|00000c10| 65 64 20 41 69 72 6c 69 | 6e 65 73 20 75 73 65 64 |ed Airli|nes used|
|00000c20| 2e 2e 2e 01 00 71 00 00 | 00 00 00 00 00 00 00 00 |.....q..|........|
|00000c30| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 01 |........|........|
|00000c40| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000c50| 00 00 00 00 00 00 00 00 | 00 00 00 31 1f 00 5f 5f |........|...1..__|
|00000c60| 5f 5f 5f 5f 5f 5f 5f 5f | 20 64 65 73 63 72 69 62 |________| describ|
|00000c70| 65 73 20 61 20 74 72 61 | 6e 73 61 63 74 69 6f 6e |es a tra|nsaction|
|00000c80| 20 69 6e 2e 2e 2e 01 00 | 71 00 00 00 00 00 00 00 | in.....|q.......|
|00000c90| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000ca0| 00 00 01 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000cb0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 31 20 |........|......1 |
|00000cc0| 00 5f 5f 5f 5f 5f 5f 5f | 5f 5f 5f 5f 5f 5f 5f 5f |._______|________|
|00000cd0| 5f 5f 5f 5f 5f 20 69 74 | 20 69 73 20 69 6d 70 6f |_____ it| is impo|
|00000ce0| 73 73 69 62 6c 65 2e 2e | 2e 01 00 71 00 00 00 00 |ssible..|...q....|
|00000cf0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000d00| 00 00 00 00 00 01 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000d10| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000d20| 00 31 21 00 57 68 69 63 | 68 20 6f 66 20 74 68 65 |.1!.Whic|h of the|
|00000d30| 20 66 6f 6c 6c 6f 77 69 | 6e 67 20 69 73 20 4e 4f | followi|ng is NO|
|00000d40| 54 20 74 72 75 65 3f 2e | 2e 2e 20 20 01 00 71 00 |T true?.|.. ..q.|
|00000d50| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000d60| 00 00 00 00 00 00 00 00 | 01 00 00 00 00 00 00 00 |........|........|
|00000d70| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000d80| 00 00 00 00 31 22 00 54 | 68 65 20 63 72 65 61 74 |....1".T|he creat|
|00000d90| 69 6f 6e 20 6f 66 20 76 | 61 6c 75 65 20 77 68 65 |ion of v|alue whe|
|00000da0| 6e 20 6f 6e 65 20 66 69 | 72 6d 2e 2e 2e 20 20 01 |n one fi|rm... .|
|00000db0| 00 71 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |.q......|........|
|00000dc0| 00 00 00 00 00 00 00 00 | 00 00 00 01 00 00 00 00 |........|........|
|00000dd0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000de0| 00 00 00 00 00 00 00 31 | 23 00 57 68 69 63 68 20 |.......1|#.Which |
|00000df0| 6f 66 20 74 68 65 20 66 | 6f 6c 6c 6f 77 69 6e 67 |of the f|ollowing|
|00000e00| 20 72 65 66 65 72 20 74 | 6f 2e 2e 2e 20 20 20 20 | refer t|o... |
|00000e10| 20 20 01 00 71 00 00 00 | 00 00 00 00 00 00 00 00 | ..q...|........|
|00000e20| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 01 00 |........|........|
|00000e30| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000e40| 00 00 00 00 00 00 00 00 | 00 00 31 24 00 57 68 69 |........|..1$.Whi|
|00000e50| 63 68 20 6f 66 20 74 68 | 65 20 66 6f 6c 6c 6f 77 |ch of th|e follow|
|00000e60| 69 6e 67 20 72 65 66 65 | 72 20 74 6f 2e 2e 2e 20 |ing refe|r to... |
|00000e70| 20 20 20 20 20 01 00 71 | 00 00 00 00 00 00 00 00 | ..q|........|
|00000e80| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000e90| 00 01 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000ea0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 31 25 00 |........|.....1%.|
|00000eb0| 57 68 69 63 68 20 6f 66 | 20 74 68 65 20 66 6f 6c |Which of| the fol|
|00000ec0| 6c 6f 77 69 6e 67 20 72 | 65 66 65 72 20 74 6f 2e |lowing r|efer to.|
|00000ed0| 2e 2e 20 20 20 20 20 20 | 01 00 71 00 00 00 00 00 |.. |..q.....|
|00000ee0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000ef0| 00 00 00 00 01 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000f00| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000f10| 31 26 00 49 66 20 61 20 | 66 69 72 6d 20 6d 61 6b |1&.If a |firm mak|
|00000f20| 65 73 20 61 6e 20 61 63 | 71 75 69 73 69 74 69 6f |es an ac|quisitio|
|00000f30| 6e 20 74 6f 2e 2e 2e 20 | 20 20 20 01 00 71 00 00 |n to... | ..q..|
|00000f40| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000f50| 00 00 00 00 00 00 00 01 | 00 00 00 00 00 00 00 00 |........|........|
|00000f60| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000f70| 00 00 00 31 27 00 57 68 | 65 6e 20 61 20 66 69 72 |...1'.Wh|en a fir|
|00000f80| 6d 20 6d 61 6b 65 73 20 | 61 6e 20 61 63 71 75 69 |m makes |an acqui|
|00000f90| 73 69 74 69 6f 6e 20 74 | 6f 2e 2e 2e 20 20 01 00 |sition t|o... ..|
|00000fa0| 71 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |q.......|........|
|00000fb0| 00 00 00 00 00 00 00 00 | 00 00 01 00 00 00 00 00 |........|........|
|00000fc0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000fd0| 00 00 00 00 00 00 31 28 | 00 57 68 69 63 68 20 6f |......1(|.Which o|
|00000fe0| 66 20 74 68 65 20 66 6f | 6c 6c 6f 77 69 6e 67 20 |f the fo|llowing |
|00000ff0| 69 73 20 61 20 63 61 73 | 65 20 69 6e 2e 2e 2e 20 |is a cas|e in... |
|00001000| 20 01 00 71 00 00 00 00 | 00 00 00 00 00 00 00 00 | ..q....|........|
|00001010| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 01 00 00 |........|........|
|00001020| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001030| 00 00 00 00 00 00 00 00 | 00 31 29 00 57 68 69 63 |........|.1).Whic|
|00001040| 68 20 6f 66 20 74 68 65 | 20 66 6f 6c 6c 6f 77 69 |h of the| followi|
|00001050| 6e 67 20 69 73 20 61 20 | 63 6f 72 72 65 63 74 2e |ng is a |correct.|
|00001060| 2e 2e 20 20 01 00 71 00 | 00 00 00 00 00 00 00 00 |.. ..q.|........|
|00001070| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001080| 01 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001090| 00 00 00 00 00 00 00 00 | 00 00 00 00 31 2a 00 57 |........|....1*.W|
|000010a0| 68 69 63 68 20 6f 66 20 | 74 68 65 20 66 6f 6c 6c |hich of |the foll|
|000010b0| 6f 77 69 6e 67 20 64 6f | 65 73 20 4e 4f 54 2e 2e |owing do|es NOT..|
|000010c0| 2e 20 20 20 20 20 20 01 | 00 71 00 00 00 00 00 00 |. .|.q......|
|000010d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000010e0| 00 00 00 01 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000010f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 31 |........|.......1|
|00001100| 2b 00 41 20 66 69 72 6d | 20 76 6f 74 65 73 20 74 |+.A firm| votes t|
|00001110| 6f 20 72 65 71 75 69 72 | 65 20 61 6e 79 20 70 72 |o requir|e any pr|
|00001120| 6f 70 6f 73 65 64 2e 2e | 2e 20 01 00 71 00 00 00 |oposed..|. ..q...|
|00001130| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001140| 00 00 00 00 00 00 01 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001150| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001160| 00 00 31 2c 00 5f 5f 5f | 5f 5f 5f 5f 5f 5f 5f 5f |..1,.___|________|
|00001170| 5f 20 69 73 20 61 20 64 | 65 66 65 6e 73 69 76 65 |_ is a d|efensive|
|00001180| 20 74 61 63 74 69 63 20 | 69 6e 2e 2e 2e 01 00 71 | tactic |in.....q|
|00001190| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000011a0| 00 00 00 00 00 00 00 00 | 00 01 00 00 00 00 00 00 |........|........|
|000011b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000011c0| 00 00 00 00 00 31 2d 00 | 4f 6e 65 20 65 78 61 6d |.....1-.|One exam|
|000011d0| 70 6c 65 20 6f 66 20 5f | 5f 5f 5f 5f 5f 5f 5f 5f |ple of _|________|
|000011e0| 5f 5f 20 69 73 20 63 61 | 6c 6c 65 64 2e 2e 2e 20 |__ is ca|lled... |
|000011f0| 01 00 71 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |..q.....|........|
|00001200| 00 00 00 00 00 00 00 00 | 00 00 00 00 01 00 00 00 |........|........|
|00001210| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001220| 00 00 00 00 00 00 00 00 | 31 2e 00 41 6e 6f 74 68 |........|1..Anoth|
|00001230| 65 72 20 63 6f 6d 6d 6f | 6e 20 6e 61 6d 65 20 66 |er commo|n name f|
|00001240| 6f 72 20 61 20 70 6f 69 | 73 6f 6e 20 70 69 6c 6c |or a poi|son pill|
|00001250| 2e 2e 2e 01 00 71 00 00 | 00 00 00 00 00 00 00 00 |.....q..|........|
|00001260| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 01 |........|........|
|00001270| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001280| 00 00 00 00 00 00 00 00 | 00 00 00 31 2f 00 41 20 |........|...1/.A |
|00001290| 5f 5f 5f 5f 5f 5f 5f 5f | 5f 5f 20 69 73 20 61 20 |________|__ is a |
|000012a0| 74 61 6b 65 6f 76 65 72 | 20 64 65 66 65 6e 73 65 |takeover| defense|
|000012b0| 20 69 6e 2e 2e 2e 01 00 | 71 00 00 00 00 00 00 00 | in.....|q.......|
|000012c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000012d0| 00 00 01 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000012e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 31 30 |........|......10|
|000012f0| 00 5f 5f 5f 5f 5f 5f 5f | 5f 5f 20 69 73 20 74 68 |._______|__ is th|
|00001300| 65 20 67 65 6e 65 72 69 | 63 20 74 65 72 6d 20 74 |e generi|c term t|
|00001310| 68 61 74 2e 2e 2e 20 20 | 20 01 00 71 00 00 00 00 |hat... | ..q....|
|00001320| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001330| 00 00 00 00 00 01 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001340| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001350| 00 31 31 00 46 69 72 73 | 74 42 61 6e 6b 43 6f 72 |.11.Firs|tBankCor|
|00001360| 70 2e 20 68 61 73 20 6a | 75 73 74 20 72 65 63 65 |p. has j|ust rece|
|00001370| 69 76 65 64 20 61 2e 2e | 2e 20 20 20 01 00 71 00 |ived a..|. ..q.|
|00001380| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001390| 00 00 00 00 00 00 00 00 | 01 00 00 00 00 00 00 00 |........|........|
|000013a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000013b0| 00 00 00 00 31 32 00 41 | 20 66 69 72 6d 20 69 73 |....12.A| firm is|
|000013c0| 20 65 6d 70 6c 6f 79 69 | 6e 67 20 61 20 5f 5f 5f | employi|ng a ___|
|000013d0| 5f 5f 5f 5f 20 69 66 20 | 69 74 2e 2e 2e 20 20 01 |____ if |it... .|
|000013e0| 00 71 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |.q......|........|
|000013f0| 00 00 00 00 00 00 00 00 | 00 00 00 01 00 00 00 00 |........|........|
|00001400| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001410| 00 00 00 00 00 00 00 72 | 27 00 00 31 33 00 41 20 |.......r|'..13.A |
|00001420| 74 61 6b 65 6f 76 65 72 | 20 64 65 66 65 6e 73 65 |takeover| defense|
|00001430| 20 69 6e 20 77 68 69 63 | 68 20 61 20 66 69 72 6d | in whic|h a firm|
|00001440| 2e 2e 2e 20 20 20 01 00 | 71 00 00 00 00 00 00 00 |... ..|q.......|
|00001450| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001460| 00 00 01 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001470| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 31 34 |........|......14|
|00001480| 00 41 20 5f 5f 5f 5f 5f | 5f 5f 5f 5f 5f 20 6f 63 |.A _____|_____ oc|
|00001490| 63 75 72 73 20 77 68 65 | 6e 20 6f 6e 65 20 66 69 |curs whe|n one fi|
|000014a0| 72 6d 2e 2e 2e 20 20 20 | 20 01 00 71 00 00 00 00 |rm... | ..q....|
|000014b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000014c0| 00 00 00 00 00 01 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000014d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000014e0| 00 31 35 00 41 20 5f 5f | 5f 5f 5f 5f 5f 5f 5f 20 |.15.A __|_______ |
|000014f0| 6f 63 63 75 72 73 20 77 | 68 65 6e 20 6f 6e 65 20 |occurs w|hen one |
|00001500| 66 69 72 6d 2e 2e 2e 20 | 20 20 20 20 01 00 71 00 |firm... | ..q.|
|00001510| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001520| 00 00 00 00 00 00 00 00 | 01 00 00 00 00 00 00 00 |........|........|
|00001530| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001540| 00 00 00 00 31 36 00 41 | 20 5f 5f 5f 5f 5f 5f 5f |....16.A| _______|
|00001550| 5f 5f 5f 5f 20 69 73 20 | 61 6e 20 65 76 65 6e 74 |____ is |an event|
|00001560| 20 69 6e 20 77 68 69 63 | 68 2e 2e 2e 20 20 20 01 | in whic|h... .|
|00001570| 00 71 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |.q......|........|
|00001580| 00 00 00 00 00 00 00 00 | 00 00 00 01 00 00 00 00 |........|........|
|00001590| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000015a0| 00 00 00 00 00 00 00 31 | 37 00 41 20 5f 5f 5f 5f |.......1|7.A ____|
|000015b0| 5f 5f 5f 5f 5f 5f 20 69 | 73 20 74 68 65 20 70 75 |______ i|s the pu|
|000015c0| 62 6c 69 63 20 6f 66 66 | 65 72 20 66 72 6f 6d 2e |blic off|er from.|
|000015d0| 2e 2e 01 00 71 00 00 00 | 00 00 00 00 00 00 00 00 |....q...|........|
|000015e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 01 00 |........|........|
|000015f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001600| 00 00 00 00 00 00 00 00 | 00 00 31 38 00 41 20 5f |........|..18.A _|
|00001610| 5f 5f 5f 5f 5f 5f 5f 5f | 5f 5f 20 69 73 20 61 6e |________|__ is an|
|00001620| 20 61 74 74 65 6d 70 74 | 20 74 6f 20 67 61 69 6e | attempt| to gain|
|00001630| 2e 2e 2e 20 20 01 00 71 | 00 00 00 00 00 00 00 00 |... ..q|........|
|00001640| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001650| 00 01 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001660| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 31 39 00 |........|.....19.|
|00001670| 41 6c 6c 20 6f 66 20 74 | 68 65 20 66 6f 6c 6c 6f |All of t|he follo|
|00001680| 77 69 6e 67 20 61 72 65 | 20 70 6f 73 73 69 62 6c |wing are| possibl|
|00001690| 65 2e 2e 2e 20 20 20 20 | 01 00 71 00 00 00 00 00 |e... |..q.....|
|000016a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000016b0| 00 00 00 00 01 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000016c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000016d0| 31 3a 00 57 68 69 63 68 | 20 6f 66 20 74 68 65 20 |1:.Which| of the |
|000016e0| 66 6f 6c 6c 6f 77 69 6e | 67 20 69 73 2f 61 72 65 |followin|g is/are|
|000016f0| 20 74 72 75 65 3f 49 2e | 2e 2e 2e 01 00 71 00 00 | true?I.|.....q..|
|00001700| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001710| 00 00 00 00 00 00 00 01 | 00 00 00 00 00 00 00 00 |........|........|
|00001720| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001730| 00 00 00 31 3b 00 4f 66 | 20 74 68 65 20 66 6f 6c |...1;.Of| the fol|
|00001740| 6c 6f 77 69 6e 67 2c 20 | 6f 6e 6c 79 20 5f 5f 5f |lowing, |only ___|
|00001750| 5f 5f 5f 5f 5f 5f 2e 2e | 2e 20 20 20 20 20 01 00 |______..|. ..|
|00001760| 71 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |q.......|........|
|00001770| 00 00 00 00 00 00 00 00 | 00 00 01 00 00 00 00 00 |........|........|
|00001780| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001790| 00 00 00 00 00 00 31 3c | 00 57 68 69 63 68 20 6f |......1<|.Which o|
|000017a0| 66 20 74 68 65 20 66 6f | 6c 6c 6f 77 69 6e 67 20 |f the fo|llowing |
|000017b0| 73 74 61 74 65 6d 65 6e | 74 73 20 69 73 2e 2e 2e |statemen|ts is...|
|000017c0| 20 01 00 71 00 00 00 00 | 00 00 00 00 00 00 00 00 | ..q....|........|
|000017d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 01 00 00 |........|........|
|000017e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000017f0| 00 00 00 00 00 00 00 00 | 00 31 3d 00 46 69 72 6d |........|.1=.Firm|
|00001800| 73 20 41 20 61 6e 64 20 | 42 20 61 72 65 20 63 6f |s A and |B are co|
|00001810| 6d 70 65 74 69 74 6f 72 | 73 2e 20 20 42 6f 74 68 |mpetitor|s. Both|
|00001820| 2e 2e 2e 20 01 00 71 00 | 00 00 00 00 00 00 00 00 |... ..q.|........|
|00001830| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001840| 01 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001850| 00 00 00 00 00 00 00 00 | 00 00 00 00 31 3e 00 57 |........|....1>.W|
|00001860| 68 65 6e 20 61 63 63 6f | 75 6e 74 69 6e 67 20 66 |hen acco|unting f|
|00001870| 6f 72 20 61 20 6d 65 72 | 67 65 72 2c 20 74 68 65 |or a mer|ger, the|
|00001880| 20 74 77 6f 2e 2e 2e 01 | 00 71 00 00 00 00 00 00 | two....|.q......|
|00001890| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000018a0| 00 00 00 01 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000018b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 31 |........|.......1|
|000018c0| 3f 00 57 68 69 63 68 20 | 6f 66 20 74 68 65 20 66 |?.Which |of the f|
|000018d0| 6f 6c 6c 6f 77 69 6e 67 | 20 61 72 65 20 62 65 6e |ollowing| are ben|
|000018e0| 65 66 69 63 69 61 6c 2e | 2e 2e 01 00 71 00 00 00 |eficial.|....q...|
|000018f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001900| 00 00 00 00 00 00 01 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001910| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001920| 00 00 31 40 00 57 68 69 | 63 68 20 6f 66 20 74 68 |..1@.Whi|ch of th|
|00001930| 65 20 66 6f 6c 6c 6f 77 | 69 6e 67 20 61 63 63 75 |e follow|ing accu|
|00001940| 72 61 74 65 6c 79 2e 2e | 2e 20 20 20 20 01 00 71 |rately..|. ..q|
|00001950| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001960| 00 00 00 00 00 00 00 00 | 00 01 00 00 00 00 00 00 |........|........|
|00001970| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001980| 00 00 00 00 00 31 41 00 | 53 75 70 70 6f 73 65 20 |.....1A.|Suppose |
|00001990| 61 20 62 69 67 20 61 75 | 74 6f 20 6d 61 6e 75 66 |a big au|to manuf|
|000019a0| 61 63 74 75 72 65 72 20 | 73 75 63 68 2e 2e 2e 20 |acturer |such... |
|000019b0| 01 00 71 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |..q.....|........|
|000019c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 01 00 00 00 |........|........|
|000019d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000019e0| 00 00 00 00 00 00 00 00 | 31 42 00 4e 6f 74 20 6c |........|1B.Not l|
|000019f0| 6f 6e 67 20 61 67 6f 2c | 20 43 68 72 79 73 6c 65 |ong ago,| Chrysle|
|00001a00| 72 20 70 75 72 63 68 61 | 73 65 64 2e 2e 2e 20 20 |r purcha|sed... |
|00001a10| 20 20 20 01 00 71 00 00 | 00 00 00 00 00 00 00 00 | ..q..|........|
|00001a20| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 01 |........|........|
|00001a30| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001a40| 00 00 00 00 00 00 00 00 | 00 00 00 31 43 00 53 75 |........|...1C.Su|
|00001a50| 70 70 6f 73 65 20 46 6f | 72 64 20 4d 6f 74 6f 72 |ppose Fo|rd Motor|
|00001a60| 20 43 6f 6d 70 61 6e 79 | 20 28 61 6e 2e 2e 2e 20 | Company| (an... |
|00001a70| 20 20 20 20 20 20 01 00 | 71 00 00 00 00 00 00 00 | ..|q.......|
|00001a80| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001a90| 00 00 01 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001aa0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 31 44 |........|......1D|
|00001ab0| 00 49 6e 20 61 28 6e 29 | 20 5f 5f 5f 5f 5f 5f 5f |.In a(n)| _______|
|00001ac0| 5f 5f 5f 5f 5f 2c 20 74 | 68 65 20 76 6f 74 65 73 |_____, t|he votes|
|00001ad0| 20 6f 66 2e 2e 2e 20 20 | 20 01 00 71 00 00 00 00 | of... | ..q....|
|00001ae0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001af0| 00 00 00 00 00 01 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001b00| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001b10| 00 31 45 00 49 6e 20 61 | 28 6e 29 20 5f 5f 5f 5f |.1E.In a|(n) ____|
|00001b20| 5f 5f 5f 5f 5f 5f 5f 2c | 20 74 68 65 20 6d 61 6e |_______,| the man|
|00001b30| 61 67 65 72 73 20 6f 66 | 2e 2e 2e 20 01 00 71 00 |agers of|... ..q.|
|00001b40| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001b50| 00 00 00 00 00 00 00 00 | 01 00 00 00 00 00 00 00 |........|........|
|00001b60| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001b70| 00 00 00 00 31 46 00 47 | 65 6e 65 72 61 6c 6c 79 |....1F.G|enerally|
|00001b80| 20 73 70 65 61 6b 69 6e | 67 2c 20 69 66 20 61 6e | speakin|g, if an|
|00001b90| 20 61 63 71 75 69 72 69 | 6e 67 2e 2e 2e 20 20 01 | acquiri|ng... .|
|00001ba0| 00 71 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |.q......|........|
|00001bb0| 00 00 00 00 00 00 00 00 | 00 00 00 01 00 00 00 00 |........|........|
|00001bc0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001bd0| 00 00 00 00 00 00 00 31 | 47 00 53 75 70 70 6f 73 |.......1|G.Suppos|
|00001be0| 65 20 50 65 72 6f 74 20 | 4d 66 67 2e 20 70 75 72 |e Perot |Mfg. pur|
|00001bf0| 63 68 61 73 65 73 20 43 | 6c 69 6e 74 6f 6e 2e 2e |chases C|linton..|
|00001c00| 2e 20 01 00 71 00 00 00 | 00 00 00 00 00 00 00 00 |. ..q...|........|
|00001c10| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 01 00 |........|........|
|00001c20| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001c30| 00 00 00 00 00 00 00 00 | 00 00 31 48 00 57 68 69 |........|..1H.Whi|
|00001c40| 63 68 20 6f 66 20 74 68 | 65 20 66 6f 6c 6c 6f 77 |ch of th|e follow|
|00001c50| 69 6e 67 20 74 79 70 65 | 73 20 6f 66 2e 2e 2e 20 |ing type|s of... |
|00001c60| 20 20 20 20 20 01 00 71 | 00 00 00 00 00 00 00 00 | ..q|........|
|00001c70| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001c80| 00 01 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001c90| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 31 49 00 |........|.....1I.|
|00001ca0| 54 68 65 20 77 6f 72 64 | 28 73 29 20 5f 5f 5f 5f |The word|(s) ____|
|00001cb0| 5f 5f 5f 5f 5f 5f 20 68 | 61 73 20 62 65 65 6e 20 |______ h|as been |
|00001cc0| 75 73 65 64 2e 2e 2e 20 | 01 00 71 00 00 00 00 00 |used... |..q.....|
|00001cd0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001ce0| 00 00 00 00 01 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001cf0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001d00| 31 4a 00 57 68 69 63 68 | 20 6f 66 20 74 68 65 20 |1J.Which| of the |
|00001d10| 66 6f 6c 6c 6f 77 69 6e | 67 20 72 65 70 72 65 73 |followin|g repres|
|00001d20| 65 6e 74 20 61 2e 2e 2e | 20 20 20 01 00 71 00 00 |ent a...| ..q..|
|00001d30| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001d40| 00 00 00 00 00 00 00 01 | 00 00 00 00 00 00 00 00 |........|........|
|00001d50| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001d60| 00 00 00 31 4b 00 57 68 | 69 63 68 20 6f 66 20 74 |...1K.Wh|ich of t|
|00001d70| 68 65 20 66 6f 6c 6c 6f | 77 69 6e 67 20 69 73 20 |he follo|wing is |
|00001d80| 4e 4f 54 20 61 2e 2e 2e | 20 20 20 20 20 20 01 00 |NOT a...| ..|
|00001d90| 71 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |q.......|........|
|00001da0| 00 00 00 00 00 00 00 00 | 00 00 01 00 00 00 00 00 |........|........|
|00001db0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001dc0| 00 00 00 00 00 00 31 4c | 00 57 68 69 63 68 20 6f |......1L|.Which o|
|00001dd0| 66 20 74 68 65 20 66 6f | 6c 6c 6f 77 69 6e 67 20 |f the fo|llowing |
|00001de0| 69 73 20 4e 4f 54 20 61 | 2e 2e 2e 20 20 20 20 20 |is NOT a|... |
|00001df0| 20 01 00 71 00 00 00 00 | 00 00 00 00 00 00 00 00 | ..q....|........|
|00001e00| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 01 00 00 |........|........|
|00001e10| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001e20| 00 00 00 00 00 00 00 00 | 00 31 4d 00 49 6e 20 74 |........|.1M.In t|
|00001e30| 68 65 20 65 61 72 6c 79 | 20 31 39 30 30 73 2c 20 |he early| 1900s, |
|00001e40| 74 68 65 20 53 74 61 6e | 64 61 72 64 20 4f 69 6c |the Stan|dard Oil|
|00001e50| 2e 2e 2e 20 01 00 71 00 | 00 00 00 00 00 00 00 00 |... ..q.|........|
|00001e60| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001e70| 01 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001e80| 00 00 00 00 00 00 00 00 | 00 00 00 00 31 4e 00 53 |........|....1N.S|
|00001e90| 75 70 70 6f 73 65 20 4d | 6f 6e 74 61 6e 61 20 61 |uppose M|ontana a|
|00001ea0| 6e 64 20 43 6f 2e 20 61 | 63 71 75 69 72 65 2e 2e |nd Co. a|cquire..|
|00001eb0| 2e 20 20 20 20 20 20 01 | 00 71 00 00 00 00 00 00 |. .|.q......|
|00001ec0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001ed0| 00 00 00 01 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001ee0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 31 |........|.......1|
|00001ef0| 4f 00 53 63 68 6f 74 74 | 65 6e 68 65 69 6d 65 72 |O.Schott|enheimer|
|00001f00| 20 49 6e 64 75 73 74 72 | 69 65 73 20 68 61 73 20 | Industr|ies has |
|00001f10| 61 20 67 72 65 61 74 2e | 2e 2e 01 00 71 00 00 00 |a great.|....q...|
|00001f20| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001f30| 00 00 00 00 00 00 01 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001f40| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001f50| 00 00 31 50 00 49 6e 20 | 6f 72 64 65 72 20 74 6f |..1P.In |order to|
|00001f60| 20 74 68 77 61 72 74 20 | 61 6e 20 75 6e 77 65 6c | thwart |an unwel|
|00001f70| 63 6f 6d 65 2e 2e 2e 20 | 20 20 20 20 20 01 00 71 |come... | ..q|
|00001f80| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001f90| 00 00 00 00 00 00 00 00 | 00 01 00 00 00 00 00 00 |........|........|
|00001fa0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001fb0| 00 00 00 00 00 31 51 00 | 41 20 66 69 6e 61 6e 63 |.....1Q.|A financ|
|00001fc0| 69 61 6c 20 64 65 76 69 | 63 65 20 64 65 73 69 67 |ial devi|ce desig|
|00001fd0| 6e 65 64 20 74 6f 20 6d | 61 6b 65 2e 2e 2e 20 20 |ned to m|ake... |
|00001fe0| 01 00 71 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |..q.....|........|
|00001ff0| 00 00 00 00 00 00 00 00 | 00 00 00 00 01 00 00 00 |........|........|
|00002000| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002010| 00 00 00 00 00 00 00 00 | 31 52 00 41 20 70 6f 69 |........|1R.A poi|
|00002020| 73 6f 6e 20 70 69 6c 6c | 20 70 72 6f 76 69 73 69 |son pill| provisi|
|00002030| 6f 6e 20 69 73 20 73 6f | 6d 65 74 69 6d 65 73 2e |on is so|metimes.|
|00002040| 2e 2e 20 01 00 71 00 00 | 00 00 00 00 00 00 00 00 |.. ..q..|........|
|00002050| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 01 |........|........|
|00002060| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002070| 00 00 00 00 00 00 00 00 | 00 00 00 31 53 00 49 74 |........|...1S.It|
|00002080| 20 69 73 20 6e 6f 74 20 | 75 6e 63 6f 6d 6d 6f 6e | is not |uncommon|
|00002090| 20 66 6f 72 20 74 68 65 | 20 65 78 65 63 75 74 69 | for the| executi|
|000020a0| 76 65 73 2e 2e 2e 01 00 | 71 00 00 00 00 00 00 00 |ves.....|q.......|
|000020b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000020c0| 00 00 01 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000020d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 31 54 |........|......1T|
|000020e0| 00 43 6f 6d 62 53 74 61 | 6b 65 20 4d 69 6e 69 6e |.CombSta|ke Minin|
|000020f0| 67 2c 20 61 20 67 6f 6c | 64 20 6d 69 6e 69 6e 67 |g, a gol|d mining|
|00002100| 2e 2e 2e 20 20 20 20 20 | 20 01 00 71 00 00 00 00 |... | ..q....|
|00002110| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002120| 00 00 00 00 00 01 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002130| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002140| 00 31 55 00 53 75 70 70 | 6f 73 65 20 79 6f 75 20 |.1U.Supp|ose you |
|00002150| 68 61 76 65 20 74 68 65 | 20 66 6f 6c 6c 6f 77 69 |have the| followi|
|00002160| 6e 67 2e 2e 2e 20 20 20 | 20 20 20 20 01 00 71 00 |ng... | ..q.|
|00002170| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002180| 00 00 00 00 00 00 00 00 | 01 00 00 00 00 00 00 00 |........|........|
|00002190| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000021a0| 00 00 00 00 31 56 00 53 | 75 70 70 6f 73 65 20 79 |....1V.S|uppose y|
|000021b0| 6f 75 20 68 61 76 65 20 | 74 68 65 20 66 6f 6c 6c |ou have |the foll|
|000021c0| 6f 77 69 6e 67 2e 2e 2e | 20 20 20 20 20 20 20 01 |owing...| .|
|000021d0| 00 71 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |.q......|........|
|000021e0| 00 00 00 00 00 00 00 00 | 00 00 00 01 00 00 00 00 |........|........|
|000021f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002200| 00 00 00 00 00 00 00 31 | 57 00 53 75 70 70 6f 73 |.......1|W.Suppos|
|00002210| 65 20 79 6f 75 20 68 61 | 76 65 20 74 68 65 20 66 |e you ha|ve the f|
|00002220| 6f 6c 6c 6f 77 69 6e 67 | 2e 2e 2e 20 20 20 20 20 |ollowing|... |
|00002230| 20 20 01 00 71 00 00 00 | 00 00 00 00 00 00 00 00 | ..q...|........|
|00002240| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 01 00 |........|........|
|00002250| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002260| 00 00 00 00 00 00 00 00 | 00 00 31 58 00 53 75 70 |........|..1X.Sup|
|00002270| 70 6f 73 65 20 79 6f 75 | 20 68 61 76 65 20 74 68 |pose you| have th|
|00002280| 65 20 66 6f 6c 6c 6f 77 | 69 6e 67 2e 2e 2e 20 20 |e follow|ing... |
|00002290| 20 20 20 20 20 01 00 71 | 00 00 00 00 00 00 00 00 | ..q|........|
|000022a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000022b0| 00 01 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000022c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 31 59 00 |........|.....1Y.|
|000022d0| 53 75 70 70 6f 73 65 20 | 79 6f 75 20 68 61 76 65 |Suppose |you have|
|000022e0| 20 74 68 65 20 66 6f 6c | 6c 6f 77 69 6e 67 2e 2e | the fol|lowing..|
|000022f0| 2e 20 20 20 20 20 20 20 | 01 00 71 00 00 00 00 00 |. |..q.....|
|00002300| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002310| 00 00 00 00 01 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002320| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002330| 31 5a 00 53 75 70 70 6f | 73 65 20 79 6f 75 20 68 |1Z.Suppo|se you h|
|00002340| 61 76 65 20 74 68 65 20 | 66 6f 6c 6c 6f 77 69 6e |ave the |followin|
|00002350| 67 2e 2e 2e 20 20 20 20 | 20 20 20 01 00 71 00 00 |g... | ..q..|
|00002360| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002370| 00 00 00 00 00 00 00 01 | 00 00 00 00 00 00 00 00 |........|........|
|00002380| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002390| 00 00 00 31 5b 00 53 75 | 70 70 6f 73 65 20 79 6f |...1[.Su|ppose yo|
|000023a0| 75 20 68 61 76 65 20 74 | 68 65 20 66 6f 6c 6c 6f |u have t|he follo|
|000023b0| 77 69 6e 67 2e 2e 2e 20 | 20 20 20 20 20 20 01 00 |wing... | ..|
|000023c0| 71 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |q.......|........|
|000023d0| 00 00 00 00 00 00 00 00 | 00 00 01 00 00 00 00 00 |........|........|
|000023e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000023f0| 00 00 00 00 00 00 31 5c | 00 53 75 70 70 6f 73 65 |......1\|.Suppose|
|00002400| 20 79 6f 75 20 68 61 76 | 65 20 74 68 65 20 66 6f | you hav|e the fo|
|00002410| 6c 6c 6f 77 69 6e 67 2e | 2e 2e 20 20 20 20 20 20 |llowing.|.. |
|00002420| 20 01 00 71 00 00 00 00 | 00 00 00 00 00 00 00 00 | ..q....|........|
|00002430| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 01 00 00 |........|........|
|00002440| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002450| 00 00 00 00 00 00 00 00 | 00 31 5d 00 53 75 70 70 |........|.1].Supp|
|00002460| 6f 73 65 20 79 6f 75 20 | 68 61 76 65 20 74 68 65 |ose you |have the|
|00002470| 20 66 6f 6c 6c 6f 77 69 | 6e 67 2e 2e 2e 20 20 20 | followi|ng... |
|00002480| 20 20 20 20 01 00 71 00 | 00 00 00 00 00 00 00 00 | ..q.|........|
|00002490| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000024a0| 01 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000024b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 31 5e 00 54 |........|....1^.T|
|000024c0| 77 6f 20 66 69 72 6d 73 | 20 70 6c 61 6e 20 74 6f |wo firms| plan to|
|000024d0| 20 6d 65 72 67 65 2e 20 | 44 45 46 2e 2e 2e 20 20 | merge. |DEF... |
|000024e0| 20 20 20 20 20 20 20 01 | 00 71 00 00 00 00 00 00 | .|.q......|
|000024f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002500| 00 00 00 01 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002510| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 31 |........|.......1|
|00002520| 5f 00 54 77 6f 20 66 69 | 72 6d 73 20 70 6c 61 6e |_.Two fi|rms plan|
|00002530| 20 74 6f 20 6d 65 72 67 | 65 2e 20 44 45 46 2e 2e | to merg|e. DEF..|
|00002540| 2e 20 20 20 20 20 20 20 | 20 20 01 00 71 00 00 00 |. | ..q...|
|00002550| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002560| 00 00 00 00 00 00 01 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002570| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002580| 00 00 31 60 00 54 77 6f | 20 66 69 72 6d 73 20 70 |..1`.Two| firms p|
|00002590| 6c 61 6e 20 74 6f 20 6d | 65 72 67 65 2e 20 44 45 |lan to m|erge. DE|
|000025a0| 46 2e 2e 2e 20 20 20 20 | 20 20 20 20 20 01 00 71 |F... | ..q|
|000025b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000025c0| 00 00 00 00 00 00 00 00 | 00 01 00 00 00 00 00 00 |........|........|
|000025d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000025e0| 00 00 00 00 00 31 61 00 | 54 77 6f 20 66 69 72 6d |.....1a.|Two firm|
|000025f0| 73 20 70 6c 61 6e 20 74 | 6f 20 6d 65 72 67 65 2e |s plan t|o merge.|
|00002600| 20 44 45 46 2e 2e 2e 20 | 20 20 20 20 20 20 20 20 | DEF... | |
|00002610| 01 00 71 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |..q.....|........|
|00002620| 00 00 00 00 00 00 00 00 | 00 00 00 00 01 00 00 00 |........|........|
|00002630| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002640| 00 00 00 00 00 00 00 00 | 31 62 00 54 77 6f 20 66 |........|1b.Two f|
|00002650| 69 72 6d 73 20 70 6c 61 | 6e 20 74 6f 20 6d 65 72 |irms pla|n to mer|
|00002660| 67 65 2e 20 44 45 46 2e | 2e 2e 20 20 20 20 20 20 |ge. DEF.|.. |
|00002670| 20 20 20 01 00 71 00 00 | 00 00 00 00 00 00 00 00 | ..q..|........|
|00002680| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 01 |........|........|
|00002690| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000026a0| 00 00 00 00 00 00 00 00 | 00 00 00 31 63 00 46 69 |........|...1c.Fi|
|000026b0| 72 6d 20 41 20 68 61 73 | 20 31 30 2c 30 30 30 20 |rm A has| 10,000 |
|000026c0| 73 68 61 72 65 73 20 6f | 66 20 73 74 6f 63 6b 2e |shares o|f stock.|
|000026d0| 2e 2e 20 20 20 20 01 00 | 71 00 00 00 00 00 00 00 |.. ..|q.......|
|000026e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000026f0| 00 00 01 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002700| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 31 64 |........|......1d|
|00002710| 00 46 69 72 6d 20 41 20 | 68 61 73 20 31 30 2c 30 |.Firm A |has 10,0|
|00002720| 30 30 20 73 68 61 72 65 | 73 20 6f 66 20 73 74 6f |00 share|s of sto|
|00002730| 63 6b 2e 2e 2e 20 20 20 | 20 01 00 71 00 00 00 00 |ck... | ..q....|
|00002740| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002750| 00 00 00 00 00 01 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002760| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002770| 00 00 00 00 00 31 65 00 | 46 69 72 6d 20 41 20 68 |.....1e.|Firm A h|
|00002780| 61 73 20 31 30 2c 30 30 | 30 20 73 68 61 72 65 73 |as 10,00|0 shares|
|00002790| 20 6f 66 20 73 74 6f 63 | 6b 2e 2e 2e 20 20 20 20 | of stoc|k... |
|000027a0| 01 00 71 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |..q.....|........|
|000027b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 01 00 00 00 |........|........|
|000027c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000027d0| 00 00 00 00 00 00 00 00 | 31 66 00 46 69 72 6d 20 |........|1f.Firm |
|000027e0| 41 20 68 61 73 20 31 30 | 2c 30 30 30 20 73 68 61 |A has 10|,000 sha|
|000027f0| 72 65 73 20 6f 66 20 73 | 74 6f 63 6b 2e 2e 2e 20 |res of s|tock... |
|00002800| 20 20 20 01 00 71 00 00 | 00 00 00 00 00 00 00 00 | ..q..|........|
|00002810| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 01 |........|........|
|00002820| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002830| 00 00 00 00 00 00 00 00 | 00 00 00 31 67 00 46 69 |........|...1g.Fi|
|00002840| 72 6d 20 41 20 68 61 73 | 20 31 30 2c 30 30 30 20 |rm A has| 10,000 |
|00002850| 73 68 61 72 65 73 20 6f | 66 20 73 74 6f 63 6b 2e |shares o|f stock.|
|00002860| 2e 2e 20 20 20 20 01 00 | 71 00 00 00 00 00 00 00 |.. ..|q.......|
|00002870| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002880| 00 00 01 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002890| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 31 68 |........|......1h|
|000028a0| 00 46 69 72 6d 20 41 20 | 68 61 73 20 31 30 2c 30 |.Firm A |has 10,0|
|000028b0| 30 30 20 73 68 61 72 65 | 73 20 6f 66 20 73 74 6f |00 share|s of sto|
|000028c0| 63 6b 2e 2e 2e 20 20 20 | 20 01 00 71 00 00 00 00 |ck... | ..q....|
|000028d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000028e0| 00 00 00 00 00 01 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000028f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002900| 00 31 69 00 46 69 72 6d | 20 41 20 68 61 73 20 31 |.1i.Firm| A has 1|
|00002910| 30 2c 30 30 30 20 73 68 | 61 72 65 73 20 6f 66 20 |0,000 sh|ares of |
|00002920| 73 74 6f 63 6b 2e 2e 2e | 20 20 20 20 01 00 71 00 |stock...| ..q.|
|00002930| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002940| 00 00 00 00 00 00 00 00 | 01 00 00 00 00 00 00 00 |........|........|
|00002950| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002960| 00 00 00 00 31 6a 00 46 | 69 72 6d 20 41 20 68 61 |....1j.F|irm A ha|
|00002970| 73 20 31 30 2c 30 30 30 | 20 73 68 61 72 65 73 20 |s 10,000| shares |
|00002980| 6f 66 20 73 74 6f 63 6b | 2e 2e 2e 20 20 20 20 01 |of stock|... .|
|00002990| 00 71 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |.q......|........|
|000029a0| 00 00 00 00 00 00 00 00 | 00 00 00 01 00 00 00 00 |........|........|
|000029b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000029c0| 00 00 00 00 00 00 00 31 | 6b 00 46 69 72 6d 20 41 |.......1|k.Firm A|
|000029d0| 20 68 61 73 20 31 30 2c | 30 30 30 20 73 68 61 72 | has 10,|000 shar|
|000029e0| 65 73 20 6f 66 20 73 74 | 6f 63 6b 2e 2e 2e 20 20 |es of st|ock... |
|000029f0| 20 20 01 00 71 00 00 00 | 00 00 00 00 00 00 00 00 | ..q...|........|
|00002a00| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 01 00 |........|........|
|00002a10| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002a20| 00 00 00 00 00 00 00 00 | 00 00 31 6c 00 46 69 72 |........|..1l.Fir|
|00002a30| 6d 20 41 20 68 61 73 20 | 31 30 2c 30 30 30 20 73 |m A has |10,000 s|
|00002a40| 68 61 72 65 73 20 6f 66 | 20 73 74 6f 63 6b 2e 2e |hares of| stock..|
|00002a50| 2e 20 20 20 20 01 00 71 | 00 00 00 00 00 00 00 00 |. ..q|........|
|00002a60| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002a70| 00 01 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002a80| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002a90| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00002aa0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00002ab0| 20 20 20 20 20 20 20 20 | 00 00 00 00 00 00 00 00 | |........|
|00002ac0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002ad0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002ae0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002af0| 00 00 00 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |... | |
|00002b00| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00002b10| 20 20 20 20 20 20 20 20 | 20 20 20 00 00 00 00 00 | | .....|
|00002b20| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002b30| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002b40| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002b50| 00 00 00 00 00 00 20 20 | 20 20 20 20 20 20 20 20 |...... | |
|00002b60| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00002b70| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 00 00 | | ..|
|00002b80| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002b90| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002ba0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002bb0| 00 00 00 00 00 00 00 00 | 00 20 20 20 20 20 20 20 |........|. |
|00002bc0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00002bd0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00002be0| 20 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 | .......|........|
|00002bf0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002c00| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002c10| 00 00 00 00 00 00 00 00 | 00 00 00 00 20 20 20 20 |........|.... |
|00002c20| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00002c30| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00002c40| 20 20 20 20 00 00 00 00 | 00 00 00 00 00 00 00 00 | ....|........|
|00002c50| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002c60| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002c70| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 20 |........|....... |
|00002c80| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00002c90| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00002ca0| 20 20 20 20 20 20 20 00 | 00 00 00 00 00 00 00 00 | .|........|
|00002cb0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002cc0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002cd0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002ce0| 00 00 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |.. | |
|00002cf0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00002d00| 20 20 20 20 20 20 20 20 | 20 20 00 00 00 00 00 00 | | ......|
|00002d10| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002d20| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002d30| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002d40| 00 00 00 00 00 20 20 20 | 20 20 20 20 20 20 20 20 |..... | |
|00002d50| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00002d60| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 00 00 00 | | ...|
|00002d70| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002d80| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002d90| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002da0| 00 00 00 00 00 00 00 00 | 20 20 20 20 20 20 20 20 |........| |
|00002db0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00002dc0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00002dd0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002de0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002df0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002e00| 00 00 00 00 00 00 00 00 | 00 00 00 20 20 20 20 20 |........|... |
|00002e10| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00002e20| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00002e30| 20 20 20 00 00 00 00 00 | 00 00 00 00 00 00 00 00 | .....|........|
|00002e40| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002e50| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002e60| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 20 20 |........|...... |
|00002e70| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00002e80| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00002e90| 20 20 20 20 20 20 00 00 | 00 00 00 00 00 00 00 00 | ..|........|
|00002ea0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002eb0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002ec0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002ed0| 00 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |. | |
|00002ee0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00002ef0| 20 20 20 20 20 20 20 20 | 20 00 00 00 00 00 00 00 | | .......|
|00002f00| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002f10| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002f20| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002f30| 00 00 00 00 20 20 20 20 | 20 20 20 20 20 20 20 20 |.... | |
|00002f40| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00002f50| 20 20 20 20 20 20 20 20 | 20 20 20 20 00 00 00 00 | | ....|
|00002f60| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002f70| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002f80| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002f90| 00 00 00 00 00 00 00 20 | 20 20 20 20 20 20 20 20 |....... | |
|00002fa0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00002fb0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 00 | | .|
|00002fc0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002fd0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002fe0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002ff0| 00 00 00 00 00 00 00 00 | 00 00 20 20 20 20 20 20 |........|.. |
|00003000| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003010| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003020| 20 20 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 | ......|........|
|00003030| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003040| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003050| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 20 20 20 |........|..... |
|00003060| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003070| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003080| 20 20 20 20 20 00 00 00 | 00 00 00 00 00 00 00 00 | ...|........|
|00003090| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000030a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000030b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000030c0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|000030d0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|000030e0| 20 20 20 20 20 20 20 20 | 00 00 00 00 00 00 00 00 | |........|
|000030f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003100| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003110| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003120| 00 00 00 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |... | |
|00003130| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003140| 20 20 20 20 20 20 20 20 | 20 20 20 00 00 00 00 00 | | .....|
|00003150| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003160| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003170| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003180| 00 00 00 00 00 00 20 20 | 20 20 20 20 20 20 20 20 |...... | |
|00003190| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|000031a0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 00 00 | | ..|
|000031b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000031c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000031d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000031e0| 00 00 00 00 00 00 00 00 | 00 20 20 20 20 20 20 20 |........|. |
|000031f0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003200| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003210| 20 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 | .......|........|
|00003220| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003230| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003240| 00 00 00 00 00 00 00 00 | 00 00 00 00 20 20 20 20 |........|.... |
|00003250| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003260| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003270| 20 20 20 20 00 00 00 00 | 00 00 00 00 00 00 00 00 | ....|........|
|00003280| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003290| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000032a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 20 |........|....... |
|000032b0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|000032c0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|000032d0| 20 20 20 20 20 20 20 00 | 00 00 00 00 00 00 00 00 | .|........|
|000032e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000032f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003300| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003310| 00 00 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |.. | |
|00003320| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003330| 20 20 20 20 20 20 20 20 | 20 20 00 00 00 00 00 00 | | ......|
|00003340| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003350| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003360| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003370| 00 00 00 00 00 20 20 20 | 20 20 20 20 20 20 20 20 |..... | |
|00003380| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003390| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 00 00 00 | | ...|
|000033a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000033b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000033c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000033d0| 00 00 00 00 00 00 00 00 | 20 20 20 20 20 20 20 20 |........| |
|000033e0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|000033f0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003400| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003410| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003420| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003430| 00 00 00 00 00 00 00 00 | 00 00 00 20 20 20 20 20 |........|... |
|00003440| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003450| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003460| 20 20 20 00 00 00 00 00 | 00 00 00 00 00 00 00 00 | .....|........|
|00003470| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003480| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003490| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 20 20 |........|...... |
|000034a0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|000034b0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|000034c0| 20 20 20 20 20 20 00 00 | 00 00 00 00 00 00 00 00 | ..|........|
|000034d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000034e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000034f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003500| 00 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |. | |
|00003510| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003520| 20 20 20 20 20 20 20 20 | 20 00 00 00 00 00 00 00 | | .......|
|00003530| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003540| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003550| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003560| 00 00 00 00 20 20 20 20 | 20 20 20 20 20 20 20 20 |.... | |
|00003570| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003580| 20 20 20 20 20 20 20 20 | 20 20 20 20 00 00 00 00 | | ....|
|00003590| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000035a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000035b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000035c0| 00 00 00 00 00 00 00 20 | 20 20 20 20 20 20 20 20 |....... | |
|000035d0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|000035e0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 00 | | .|
|000035f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003600| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003610| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003620| 00 00 00 00 00 00 00 00 | 00 00 20 20 20 20 20 20 |........|.. |
|00003630| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003640| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003650| 20 20 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 | ......|........|
|00003660| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003670| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003680| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 20 20 20 |........|..... |
|00003690| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|000036a0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|000036b0| 20 20 20 20 20 00 00 00 | 00 00 00 00 00 00 00 00 | ...|........|
|000036c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000036d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000036e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000036f0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003700| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003710| 20 20 20 20 20 20 20 20 | 00 00 00 00 00 00 00 00 | |........|
|00003720| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003730| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003740| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003750| 00 00 00 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |... | |
|00003760| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003770| 20 20 20 20 20 20 20 20 | 20 20 20 00 00 00 00 00 | | .....|
|00003780| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003790| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000037a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000037b0| 00 00 00 00 00 00 20 20 | 20 20 20 20 20 20 20 20 |...... | |
|000037c0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|000037d0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 00 00 | | ..|
|000037e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000037f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003800| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003810| 00 00 00 00 00 00 00 00 | 00 20 20 20 20 20 20 20 |........|. |
|00003820| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003830| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003840| 20 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 | .......|........|
|00003850| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003860| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003870| 00 00 00 00 00 00 00 00 | 00 00 00 00 20 20 20 20 |........|.... |
|00003880| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003890| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|000038a0| 20 20 20 20 00 00 00 00 | 00 00 00 00 00 00 00 00 | ....|........|
|000038b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000038c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000038d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 20 |........|....... |
|000038e0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|000038f0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003900| 20 20 20 20 20 20 20 00 | 00 00 00 00 00 00 00 00 | .|........|
|00003910| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003920| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003930| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003940| 00 00 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |.. | |
|00003950| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003960| 20 20 20 20 20 20 20 20 | 20 20 00 00 00 00 00 00 | | ......|
|00003970| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003980| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003990| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000039a0| 00 00 00 00 00 20 20 20 | 20 20 20 20 20 20 20 20 |..... | |
|000039b0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|000039c0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 00 00 00 | | ...|
|000039d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000039e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000039f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003a00| 00 00 00 00 00 00 00 00 | 20 20 20 20 20 20 20 20 |........| |
|00003a10| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003a20| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003a30| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003a40| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003a50| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003a60| 00 00 00 00 00 00 00 00 | 00 00 00 20 20 20 20 20 |........|... |
|00003a70| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003a80| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003a90| 20 20 20 00 00 00 00 00 | 00 00 00 00 00 00 00 00 | .....|........|
|00003aa0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003ab0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003ac0| 00 00 00 00 00 00 00 00 | 00 00 00 7a e8 00 00 98 |........|...z....|
|00003ad0| 3b 00 00 8a 3d 00 00 92 | 3f 00 00 e4 41 00 00 17 |;...=...|?...A...|
|00003ae0| 44 00 00 c8 46 00 00 9d | 48 00 00 53 4a 00 00 0e |D...F...|H..SJ...|
|00003af0| 4c 00 00 f6 4d 00 00 bf | 4f 00 00 ac 51 00 00 c9 |L...M...|O...Q...|
|00003b00| 53 00 00 b8 55 00 00 a6 | 57 00 00 72 59 00 00 a7 |S...U...|W..rY...|
|00003b10| 5b 00 00 0a 5e 00 00 ca | 5f 00 00 d7 61 00 00 a7 |[...^...|_...a...|
|00003b20| 63 00 00 4e 68 00 00 f9 | 6b 00 00 74 6f 00 00 2f |c..Nh...|k..to../|
|00003b30| 74 00 00 2c 78 00 00 9d | 7c 00 00 38 81 00 00 00 |t..,x...||..8....|
|00003b40| 85 00 00 81 89 00 00 52 | 8d 00 00 aa 91 00 00 1e |.......R|........|
|00003b50| 96 00 00 18 9c 00 00 fb | 9f 00 00 77 a4 00 00 14 |........|...w....|
|00003b60| a9 00 00 d4 ad 00 00 5c | b2 00 00 2d b6 00 00 32 |.......\|...-...2|
|00003b70| bb 00 00 c1 bf 00 00 24 | c4 00 00 24 c9 00 00 08 |.......$|...$....|
|00003b80| ce 00 00 58 d2 00 00 d5 | d6 00 00 39 db 00 00 59 |...X....|...9...Y|
|00003b90| de 00 00 d7 e3 00 00 33 | 01 00 39 00 00 00 00 00 |.......3|..9.....|
|00003ba0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003bb0| 02 00 02 00 14 00 7b 5c | 66 6f 6e 74 74 62 6c 7b |......{\|fonttbl{|
|00003bc0| 5c 66 30 7d 7b 5c 66 31 | 7d 7d 00 00 6d 00 7b 20 |\f0}{\f1|}}..m.{ |
|00003bd0| 49 6e 20 67 65 6e 65 72 | 61 6c 2c 20 74 68 65 20 |In gener|al, the |
|00003be0| 65 76 69 64 65 6e 63 65 | 20 69 6e 64 69 63 61 74 |evidence| indicat|
|00003bf0| 65 73 20 74 68 61 74 20 | 6d 65 72 67 65 72 73 20 |es that |mergers |
|00003c00| 63 72 65 61 74 65 20 77 | 65 61 6c 74 68 20 66 6f |create w|ealth fo|
|00003c10| 72 20 74 68 65 20 73 74 | 6f 63 6b 68 6f 6c 64 65 |r the st|ockholde|
|00003c20| 72 73 20 6f 66 20 74 68 | 65 20 61 63 71 75 69 72 |rs of th|e acquir|
|00003c30| 69 6e 67 20 66 69 72 6d | 2e 20 7d 08 00 7b 20 54 |ing firm|. }..{ T|
|00003c40| 72 75 65 20 7d 09 00 7b | 20 46 61 6c 73 65 20 7d |rue }..{| False }|
|00003c50| 00 00 00 00 00 00 7c 00 | 7b 5c 66 6f 6e 74 74 62 |......|.|{\fonttb|
|00003c60| 6c 7b 5c 66 30 7d 7b 5c | 66 31 7d 7d 7b 5c 44 46 |l{\f0}{\|f1}}{\DF|
|00003c70| 20 54 68 65 20 65 76 69 | 64 65 6e 63 65 20 69 6e | The evi|dence in|
|00003c80| 64 69 63 61 74 65 73 20 | 74 68 65 20 67 61 69 6e |dicates |the gain|
|00003c90| 73 20 67 6f 20 74 6f 20 | 74 68 65 20 73 74 6f 63 |s go to |the stoc|
|00003ca0| 6b 68 6f 6c 64 65 72 73 | 20 6f 66 20 74 68 65 20 |kholders| of the |
|00003cb0| 73 65 6c 6c 69 6e 67 20 | 66 69 72 6d 2e 20 52 65 |selling |firm. Re|
|00003cc0| 76 69 65 77 20 73 65 63 | 74 69 6f 6e 20 32 35 2e |view sec|tion 25.|
|00003cd0| 38 2e 20 7d 2b 00 7b 5c | 66 6f 6e 74 74 62 6c 7b |8. }+.{\|fonttbl{|
|00003ce0| 5c 66 30 7d 7b 5c 66 31 | 7d 7d 7b 5c 44 46 20 59 |\f0}{\f1|}}{\DF Y|
|00003cf0| 6f 75 20 61 72 65 20 63 | 6f 72 72 65 63 74 21 20 |ou are c|orrect! |
|00003d00| 7d 00 00 00 00 00 00 00 | 00 01 00 00 00 00 00 00 |}.......|........|
|00003d10| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003d20| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003d30| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003d40| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003d50| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003d60| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003d70| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003d80| 00 00 00 00 00 00 00 00 | 00 33 01 00 39 00 00 00 |........|.3..9...|
|00003d90| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003da0| 00 00 01 00 02 00 14 00 | 7b 5c 66 6f 6e 74 74 62 |........|{\fonttb|
|00003db0| 6c 7b 5c 66 30 7d 7b 5c | 66 31 7d 7d 00 00 99 00 |l{\f0}{\|f1}}....|
|00003dc0| 7b 20 41 6c 6c 20 65 6c | 73 65 20 65 71 75 61 6c |{ All el|se equal|
|00003dd0| 2c 20 74 68 65 20 63 6f | 73 74 20 6f 66 20 61 6e |, the co|st of an|
|00003de0| 20 61 63 71 75 69 73 69 | 74 69 6f 6e 20 77 69 6c | acquisi|tion wil|
|00003df0| 6c 20 6c 69 6b 65 6c 79 | 20 62 65 20 68 69 67 68 |l likely| be high|
|00003e00| 65 72 20 69 66 20 74 68 | 65 20 61 63 71 75 69 72 |er if th|e acquir|
|00003e10| 65 72 20 75 73 65 73 20 | 69 74 73 20 6f 77 6e 20 |er uses |its own |
|00003e20| 63 6f 6d 6d 6f 6e 20 73 | 74 6f 63 6b 20 72 61 74 |common s|tock rat|
|00003e30| 68 65 72 20 74 68 61 6e | 20 63 61 73 68 20 74 6f |her than| cash to|
|00003e40| 20 63 6f 6d 70 6c 65 74 | 65 20 74 68 65 20 70 75 | complet|e the pu|
|00003e50| 72 63 68 61 73 65 2e 20 | 7d 08 00 7b 20 54 72 75 |rchase. |}..{ Tru|
|00003e60| 65 20 7d 09 00 7b 20 46 | 61 6c 73 65 20 7d 00 00 |e }..{ F|alse }..|
|00003e70| 00 00 00 00 2b 00 7b 5c | 66 6f 6e 74 74 62 6c 7b |....+.{\|fonttbl{|
|00003e80| 5c 66 30 7d 7b 5c 66 31 | 7d 7d 7b 5c 44 46 20 59 |\f0}{\f1|}}{\DF Y|
|00003e90| 6f 75 20 61 72 65 20 63 | 6f 72 72 65 63 74 21 20 |ou are c|orrect! |
|00003ea0| 7d 66 00 7b 5c 66 6f 6e | 74 74 62 6c 7b 5c 66 30 |}f.{\fon|ttbl{\f0|
|00003eb0| 7d 7b 5c 66 31 7d 7d 7b | 5c 44 46 20 49 74 20 69 |}{\f1}}{|\DF It i|
|00003ec0| 73 20 74 72 75 65 20 74 | 68 61 74 20 63 61 73 68 |s true t|hat cash|
|00003ed0| 20 74 72 61 6e 73 61 63 | 74 69 6f 6e 73 20 74 79 | transac|tions ty|
|00003ee0| 70 69 63 61 6c 6c 79 20 | 63 6f 73 74 20 6c 65 73 |pically |cost les|
|00003ef0| 73 2e 20 52 65 76 69 65 | 77 20 73 65 63 74 69 6f |s. Revie|w sectio|
|00003f00| 6e 20 32 35 2e 36 2e 20 | 7d 00 00 00 00 00 00 00 |n 25.6. |}.......|
|00003f10| 00 01 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003f20| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003f30| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003f40| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003f50| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003f60| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003f70| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003f80| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003f90| 00 33 01 00 39 00 00 00 | 00 00 00 00 00 00 00 00 |.3..9...|........|
|00003fa0| 00 00 00 00 00 00 00 00 | 00 00 02 00 02 00 14 00 |........|........|
|00003fb0| 7b 5c 66 6f 6e 74 74 62 | 6c 7b 5c 66 30 7d 7b 5c |{\fonttb|l{\f0}{\|
|00003fc0| 66 31 7d 7d 00 00 a5 00 | 7b 20 53 74 6f 63 6b 68 |f1}}....|{ Stockh|
|00003fd0| 6f 6c 64 65 72 73 20 6c | 69 6b 65 20 6d 75 74 75 |olders l|ike mutu|
|00003fe0| 61 6c 20 66 75 6e 64 73 | 3b 20 74 68 65 72 65 66 |al funds|; theref|
|00003ff0| 6f 72 65 2c 20 74 68 65 | 79 20 77 69 6c 6c 20 70 |ore, the|y will p|
|00004000| 61 79 20 61 20 70 72 65 | 6d 69 75 6d 20 66 6f 72 |ay a pre|mium for|
|00004010| 20 74 68 65 20 73 68 61 | 72 65 73 20 6f 66 20 61 | the sha|res of a|
|00004020| 20 66 69 72 6d 20 74 68 | 61 74 20 69 73 20 61 20 | firm th|at is a |
|00004030| 63 6f 6e 67 6c 6f 6d 65 | 72 61 74 65 20 62 65 63 |conglome|rate bec|
|00004040| 61 75 73 65 20 74 68 65 | 20 66 69 72 6d 20 69 73 |ause the| firm is|
|00004050| 20 65 73 73 65 6e 74 69 | 61 6c 6c 79 20 61 20 6d | essenti|ally a m|
|00004060| 75 74 75 61 6c 20 66 75 | 6e 64 2e 20 7d 08 00 7b |utual fu|nd. }..{|
|00004070| 20 54 72 75 65 20 7d 09 | 00 7b 20 46 61 6c 73 65 | True }.|.{ False|
|00004080| 20 7d 00 00 00 00 00 00 | a4 00 7b 5c 66 6f 6e 74 | }......|..{\font|
|00004090| 74 62 6c 7b 5c 66 30 7d | 7b 5c 66 31 7d 7d 7b 5c |tbl{\f0}|{\f1}}{\|
|000040a0| 44 46 20 53 74 6f 63 6b | 68 6f 6c 64 65 72 73 20 |DF Stock|holders |
|000040b0| 63 61 6e 20 64 69 76 65 | 72 73 69 66 79 20 74 68 |can dive|rsify th|
|000040c0| 65 6d 73 65 6c 76 65 73 | 20 73 6f 20 74 68 65 72 |emselves| so ther|
|000040d0| 65 20 69 73 20 6e 6f 20 | 76 61 6c 75 65 20 74 6f |e is no |value to|
|000040e0| 20 61 20 66 69 72 6d 20 | 63 72 65 61 74 69 6e 67 | a firm |creating|
|000040f0| 20 61 20 63 6f 6e 67 6c | 6f 6d 65 72 61 74 65 20 | a congl|omerate |
|00004100| 6f 66 20 73 65 70 61 72 | 61 74 65 20 62 75 73 69 |of separ|ate busi|
|00004110| 6e 65 73 73 65 73 2e 20 | 52 65 76 69 65 77 20 73 |nesses. |Review s|
|00004120| 65 63 74 69 6f 6e 20 32 | 35 2e 35 2e 20 7d 2b 00 |ection 2|5.5. }+.|
|00004130| 7b 5c 66 6f 6e 74 74 62 | 6c 7b 5c 66 30 7d 7b 5c |{\fonttb|l{\f0}{\|
|00004140| 66 31 7d 7d 7b 5c 44 46 | 20 59 6f 75 20 61 72 65 |f1}}{\DF| You are|
|00004150| 20 63 6f 72 72 65 63 74 | 21 20 7d 00 00 00 00 00 | correct|! }.....|
|00004160| 00 00 00 01 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004170| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004180| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004190| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000041a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000041b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000041c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000041d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000041e0| 00 00 00 33 01 00 39 00 | 00 00 00 00 00 00 00 00 |...3..9.|........|
|000041f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 02 00 02 00 |........|........|
|00004200| 14 00 7b 5c 66 6f 6e 74 | 74 62 6c 7b 5c 66 30 7d |..{\font|tbl{\f0}|
|00004210| 7b 5c 66 31 7d 7d 00 00 | 77 00 7b 20 57 68 65 6e |{\f1}}..|w.{ When|
|00004220| 20 6f 6e 65 20 66 69 72 | 6d 20 61 63 71 75 69 72 | one fir|m acquir|
|00004230| 65 73 20 61 6e 6f 74 68 | 65 72 20 73 6f 6c 65 6c |es anoth|er solel|
|00004240| 79 20 66 6f 72 20 74 68 | 65 20 70 75 72 70 6f 73 |y for th|e purpos|
|00004250| 65 20 6f 66 20 64 69 76 | 65 72 73 69 66 69 63 61 |e of div|ersifica|
|00004260| 74 69 6f 6e 2c 20 74 68 | 65 20 6d 65 72 67 65 72 |tion, th|e merger|
|00004270| 20 69 73 20 63 61 6c 6c | 65 64 20 61 20 68 6f 72 | is call|ed a hor|
|00004280| 69 7a 6f 6e 74 61 6c 20 | 6d 65 72 67 65 72 2e 20 |izontal |merger. |
|00004290| 7d 08 00 7b 20 54 72 75 | 65 20 7d 09 00 7b 20 46 |}..{ Tru|e }..{ F|
|000042a0| 61 6c 73 65 20 7d 00 00 | 00 00 00 00 b3 00 7b 5c |alse }..|......{\|
|000042b0| 66 6f 6e 74 74 62 6c 7b | 5c 66 30 7d 7b 5c 66 31 |fonttbl{|\f0}{\f1|
|000042c0| 7d 7d 7b 5c 44 46 20 41 | 20 68 6f 72 69 7a 6f 6e |}}{\DF A| horizon|
|000042d0| 74 61 6c 20 6d 65 72 67 | 65 72 20 69 73 20 6f 6e |tal merg|er is on|
|000042e0| 65 20 69 6e 20 77 68 69 | 63 68 20 66 69 72 6d 73 |e in whi|ch firms|
|000042f0| 20 61 63 71 75 69 72 65 | 20 6f 74 68 65 72 20 66 | acquire| other f|
|00004300| 69 72 6d 73 20 69 6e 20 | 74 68 65 69 72 20 69 6e |irms in |their in|
|00004310| 64 75 73 74 72 79 2e 20 | 54 68 65 72 65 20 69 73 |dustry. |There is|
|00004320| 20 6e 6f 20 64 69 76 65 | 72 73 69 66 69 63 61 74 | no dive|rsificat|
|00004330| 69 6f 6e 20 69 6e 20 74 | 68 65 73 65 20 74 72 61 |ion in t|hese tra|
|00004340| 6e 73 61 63 74 69 6f 6e | 73 2e 20 52 65 76 69 65 |nsaction|s. Revie|
|00004350| 77 20 73 65 63 74 69 6f | 6e 20 32 35 2e 31 2e 20 |w sectio|n 25.1. |
|00004360| 7d 2b 00 7b 5c 66 6f 6e | 74 74 62 6c 7b 5c 66 30 |}+.{\fon|ttbl{\f0|
|00004370| 7d 7b 5c 66 31 7d 7d 7b | 5c 44 46 20 59 6f 75 20 |}{\f1}}{|\DF You |
|00004380| 61 72 65 20 63 6f 72 72 | 65 63 74 21 20 7d 00 00 |are corr|ect! }..|
|00004390| 00 00 00 00 00 00 01 00 | 00 00 00 00 00 00 00 00 |........|........|
|000043a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000043b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000043c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000043d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000043e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000043f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004400| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004410| 00 00 00 00 00 00 33 01 | 00 39 00 00 00 00 00 00 |......3.|.9......|
|00004420| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 02 |........|........|
|00004430| 00 02 00 14 00 7b 5c 66 | 6f 6e 74 74 62 6c 7b 5c |.....{\f|onttbl{\|
|00004440| 66 30 7d 7b 5c 66 31 7d | 7d 00 00 d7 00 7b 20 49 |f0}{\f1}|}....{ I|
|00004450| 6e 20 61 6e 20 65 63 6f | 6e 6f 6d 69 63 20 73 65 |n an eco|nomic se|
|00004460| 6e 73 65 2c 20 67 6f 6f | 64 77 69 6c 6c 20 63 72 |nse, goo|dwill cr|
|00004470| 65 61 74 65 64 20 69 6e | 20 61 6e 20 61 63 71 75 |eated in| an acqu|
|00004480| 69 73 69 74 69 6f 6e 20 | 72 65 70 72 65 73 65 6e |isition |represen|
|00004490| 74 73 20 62 6c 75 65 20 | 73 6b 79 2c 20 74 68 61 |ts blue |sky, tha|
|000044a0| 74 20 69 73 2c 20 74 68 | 65 20 61 63 71 75 69 72 |t is, th|e acquir|
|000044b0| 69 6e 67 20 66 69 72 6d | 20 69 73 20 65 73 73 65 |ing firm| is esse|
|000044c0| 6e 74 69 61 6c 6c 79 20 | 70 61 79 69 6e 67 20 61 |ntially |paying a|
|000044d0| 20 70 72 65 6d 69 75 6d | 20 66 6f 72 20 74 68 65 | premium| for the|
|000044e0| 20 70 75 72 63 68 61 73 | 65 20 61 6e 64 20 67 65 | purchas|e and ge|
|000044f0| 74 74 69 6e 67 20 6e 6f | 74 68 69 6e 67 20 6f 66 |tting no|thing of|
|00004500| 20 76 61 6c 75 65 20 66 | 6f 72 20 74 68 69 73 20 | value f|or this |
|00004510| 70 61 72 74 20 6f 66 20 | 74 68 65 20 70 72 69 63 |part of |the pric|
|00004520| 65 2e 20 7d 08 00 7b 20 | 54 72 75 65 20 7d 09 00 |e. }..{ |True }..|
|00004530| 7b 20 46 61 6c 73 65 20 | 7d 00 00 00 00 00 00 d1 |{ False |}.......|
|00004540| 00 7b 5c 66 6f 6e 74 74 | 62 6c 7b 5c 66 30 7d 7b |.{\fontt|bl{\f0}{|
|00004550| 5c 66 31 7d 7d 7b 5c 44 | 46 20 54 68 69 73 20 73 |\f1}}{\D|F This s|
|00004560| 75 67 67 65 73 74 73 20 | 74 68 61 74 20 61 6e 79 |uggests |that any|
|00004570| 74 69 6d 65 20 67 6f 6f | 64 77 69 6c 6c 20 69 73 |time goo|dwill is|
|00004580| 20 63 72 65 61 74 65 64 | 20 74 68 65 20 66 69 72 | created| the fir|
|00004590| 6d 20 68 61 73 20 61 63 | 71 75 69 72 65 64 20 61 |m has ac|quired a|
|000045a0| 20 6e 65 67 61 74 69 76 | 65 20 4e 50 56 20 70 72 | negativ|e NPV pr|
|000045b0| 6f 6a 65 63 74 2c 20 77 | 68 69 63 68 20 77 65 20 |oject, w|hich we |
|000045c0| 6b 6e 6f 77 20 66 72 6f | 6d 20 74 68 65 20 65 76 |know fro|m the ev|
|000045d0| 69 64 65 6e 63 65 20 72 | 65 6c 61 74 69 6e 67 20 |idence r|elating |
|000045e0| 74 6f 20 6d 65 72 67 65 | 72 73 20 69 73 20 6e 6f |to merge|rs is no|
|000045f0| 74 20 74 68 65 20 63 61 | 73 65 2e 20 52 65 76 69 |t the ca|se. Revi|
|00004600| 65 77 20 73 65 63 74 69 | 6f 6e 20 32 35 2e 33 2e |ew secti|on 25.3.|
|00004610| 20 7d 2b 00 7b 5c 66 6f | 6e 74 74 62 6c 7b 5c 66 | }+.{\fo|nttbl{\f|
|00004620| 30 7d 7b 5c 66 31 7d 7d | 7b 5c 44 46 20 59 6f 75 |0}{\f1}}|{\DF You|
|00004630| 20 61 72 65 20 63 6f 72 | 72 65 63 74 21 20 7d 00 | are cor|rect! }.|
|00004640| 00 00 00 00 00 00 00 01 | 00 00 00 00 00 00 00 00 |........|........|
|00004650| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004660| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004670| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004680| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004690| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000046a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000046b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000046c0| 00 00 00 00 00 00 00 33 | 01 00 39 00 00 00 00 00 |.......3|..9.....|
|000046d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000046e0| 02 00 02 00 14 00 7b 5c | 66 6f 6e 74 74 62 6c 7b |......{\|fonttbl{|
|000046f0| 5c 66 30 7d 7b 5c 66 31 | 7d 7d 00 00 6e 00 7b 20 |\f0}{\f1|}}..n.{ |
|00004700| 41 20 74 65 6e 64 65 72 | 20 6f 66 66 65 72 20 6d |A tender| offer m|
|00004710| 75 73 74 20 62 65 20 61 | 70 70 72 6f 76 65 64 20 |ust be a|pproved |
|00004720| 62 79 20 61 20 76 6f 74 | 65 20 6f 66 20 74 68 65 |by a vot|e of the|
|00004730| 20 73 68 61 72 65 68 6f | 6c 64 65 72 73 20 6f 66 | shareho|lders of|
|00004740| 20 74 68 65 20 74 61 72 | 67 65 74 20 66 69 72 6d | the tar|get firm|
|00004750| 2c 20 77 68 69 6c 65 20 | 61 20 6d 65 72 67 65 72 |, while |a merger|
|00004760| 20 64 6f 65 73 20 6e 6f | 74 2e 20 7d 08 00 7b 20 | does no|t. }..{ |
|00004770| 54 72 75 65 20 7d 09 00 | 7b 20 46 61 6c 73 65 20 |True }..|{ False |
|00004780| 7d 00 00 00 00 00 00 5e | 00 7b 5c 66 6f 6e 74 74 |}......^|.{\fontt|
|00004790| 62 6c 7b 5c 66 30 7d 7b | 5c 66 31 7d 7d 7b 5c 44 |bl{\f0}{|\f1}}{\D|
|000047a0| 46 20 53 68 61 72 65 68 | 6f 6c 64 65 72 73 20 6d |F Shareh|olders m|
|000047b0| 75 73 74 20 61 70 70 72 | 6f 76 65 20 65 69 74 68 |ust appr|ove eith|
|000047c0| 65 72 20 74 79 70 65 20 | 6f 66 20 64 65 61 6c 2e |er type |of deal.|
|000047d0| 20 52 65 76 69 65 77 20 | 73 65 63 74 69 6f 6e 20 | Review |section |
|000047e0| 32 35 2e 31 2e 20 7d 2b | 00 7b 5c 66 6f 6e 74 74 |25.1. }+|.{\fontt|
|000047f0| 62 6c 7b 5c 66 30 7d 7b | 5c 66 31 7d 7d 7b 5c 44 |bl{\f0}{|\f1}}{\D|
|00004800| 46 20 59 6f 75 20 61 72 | 65 20 63 6f 72 72 65 63 |F You ar|e correc|
|00004810| 74 21 20 7d 00 00 00 00 | 00 00 00 00 01 00 00 00 |t! }....|........|
|00004820| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004830| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004840| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004850| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004860| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004870| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004880| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004890| 00 00 00 00 00 00 00 00 | 00 00 00 00 33 01 00 39 |........|....3..9|
|000048a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000048b0| 00 00 00 00 00 02 00 02 | 00 14 00 7b 5c 66 6f 6e |........|...{\fon|
|000048c0| 74 74 62 6c 7b 5c 66 30 | 7d 7b 5c 66 31 7d 7d 00 |ttbl{\f0|}{\f1}}.|
|000048d0| 00 4b 00 7b 20 49 6e 20 | 61 20 74 79 70 69 63 61 |.K.{ In |a typica|
|000048e0| 6c 20 63 6f 6e 73 6f 6c | 69 64 61 74 69 6f 6e 2c |l consol|idation,|
|000048f0| 20 74 68 65 20 74 61 72 | 67 65 74 20 72 65 74 61 | the tar|get reta|
|00004900| 69 6e 73 20 69 74 73 20 | 69 6e 64 69 76 69 64 75 |ins its |individu|
|00004910| 61 6c 20 69 64 65 6e 74 | 69 74 79 2e 20 7d 08 00 |al ident|ity. }..|
|00004920| 7b 20 54 72 75 65 20 7d | 09 00 7b 20 46 61 6c 73 |{ True }|..{ Fals|
|00004930| 65 20 7d 00 00 00 00 00 | 00 62 00 7b 5c 66 6f 6e |e }.....|.b.{\fon|
|00004940| 74 74 62 6c 7b 5c 66 30 | 7d 7b 5c 66 31 7d 7d 7b |ttbl{\f0|}{\f1}}{|
|00004950| 5c 44 46 20 42 6f 74 68 | 20 66 69 72 6d 73 20 6c |\DF Both| firms l|
|00004960| 6f 73 65 20 74 68 65 69 | 72 20 69 64 65 6e 74 69 |ose thei|r identi|
|00004970| 74 79 20 69 6e 20 61 20 | 63 6f 6e 73 6f 6c 69 64 |ty in a |consolid|
|00004980| 61 74 69 6f 6e 2e 20 52 | 65 76 69 65 77 20 73 65 |ation. R|eview se|
|00004990| 63 74 69 6f 6e 20 32 35 | 2e 31 2e 20 7d 2b 00 7b |ction 25|.1. }+.{|
|000049a0| 5c 66 6f 6e 74 74 62 6c | 7b 5c 66 30 7d 7b 5c 66 |\fonttbl|{\f0}{\f|
|000049b0| 31 7d 7d 7b 5c 44 46 20 | 59 6f 75 20 61 72 65 20 |1}}{\DF |You are |
|000049c0| 63 6f 72 72 65 63 74 21 | 20 7d 00 00 00 00 00 00 |correct!| }......|
|000049d0| 00 00 01 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000049e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000049f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004a00| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004a10| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004a20| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004a30| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004a40| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004a50| 00 00 33 01 00 39 00 00 | 00 00 00 00 00 00 00 00 |..3..9..|........|
|00004a60| 00 00 00 00 00 00 00 00 | 00 00 00 02 00 02 00 14 |........|........|
|00004a70| 00 7b 5c 66 6f 6e 74 74 | 62 6c 7b 5c 66 30 7d 7b |.{\fontt|bl{\f0}{|
|00004a80| 5c 66 31 7d 7d 00 00 4e | 00 7b 20 49 6e 20 61 20 |\f1}}..N|.{ In a |
|00004a90| 74 79 70 69 63 61 6c 20 | 6d 65 72 67 65 72 2c 20 |typical |merger, |
|00004aa0| 6f 6e 6c 79 20 74 68 65 | 20 74 61 72 67 65 74 20 |only the| target |
|00004ab0| 66 69 72 6d 20 72 65 74 | 61 69 6e 73 20 69 74 73 |firm ret|ains its|
|00004ac0| 20 69 6e 64 69 76 69 64 | 75 61 6c 20 69 64 65 6e | individ|ual iden|
|00004ad0| 74 69 74 79 2e 20 7d 08 | 00 7b 20 54 72 75 65 20 |tity. }.|.{ True |
|00004ae0| 7d 09 00 7b 20 46 61 6c | 73 65 20 7d 00 00 00 00 |}..{ Fal|se }....|
|00004af0| 00 00 64 00 7b 5c 66 6f | 6e 74 74 62 6c 7b 5c 66 |..d.{\fo|nttbl{\f|
|00004b00| 30 7d 7b 5c 66 31 7d 7d | 7b 5c 44 46 20 54 68 65 |0}{\f1}}|{\DF The|
|00004b10| 20 74 61 72 67 65 74 20 | 75 73 75 61 6c 6c 79 20 | target |usually |
|00004b20| 6c 6f 73 65 73 20 69 74 | 73 20 69 64 65 6e 74 69 |loses it|s identi|
|00004b30| 74 79 20 69 6e 20 74 68 | 65 20 6d 65 72 67 65 72 |ty in th|e merger|
|00004b40| 2e 20 52 65 76 69 65 77 | 20 73 65 63 74 69 6f 6e |. Review| section|
|00004b50| 20 32 35 2e 31 2e 20 7d | 2b 00 7b 5c 66 6f 6e 74 | 25.1. }|+.{\font|
|00004b60| 74 62 6c 7b 5c 66 30 7d | 7b 5c 66 31 7d 7d 7b 5c |tbl{\f0}|{\f1}}{\|
|00004b70| 44 46 20 59 6f 75 20 61 | 72 65 20 63 6f 72 72 65 |DF You a|re corre|
|00004b80| 63 74 21 20 7d 00 00 00 | 00 00 00 00 00 01 00 00 |ct! }...|........|
|00004b90| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004ba0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004bb0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004bc0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004bd0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004be0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004bf0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004c00| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 33 01 00 |........|.....3..|
|00004c10| 39 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |9.......|........|
|00004c20| 00 00 00 00 00 00 01 00 | 02 00 14 00 7b 5c 66 6f |........|....{\fo|
|00004c30| 6e 74 74 62 6c 7b 5c 66 | 30 7d 7b 5c 66 31 7d 7d |nttbl{\f|0}{\f1}}|
|00004c40| 00 00 5c 00 7b 20 54 68 | 65 20 70 6f 73 73 69 62 |..\.{ Th|e possib|
|00004c50| 6c 65 20 62 65 6e 65 66 | 69 74 73 20 6f 66 20 61 |le benef|its of a|
|00004c60| 6e 20 61 63 71 75 69 73 | 69 74 69 6f 6e 20 69 6e |n acquis|ition in|
|00004c70| 63 6c 75 64 65 20 72 65 | 76 65 6e 75 65 20 65 6e |clude re|venue en|
|00004c80| 68 61 6e 63 65 6d 65 6e | 74 20 61 6e 64 20 63 6f |hancemen|t and co|
|00004c90| 73 74 20 72 65 64 75 63 | 74 69 6f 6e 73 2e 20 7d |st reduc|tions. }|
|00004ca0| 08 00 7b 20 54 72 75 65 | 20 7d 09 00 7b 20 46 61 |..{ True| }..{ Fa|
|00004cb0| 6c 73 65 20 7d 00 00 00 | 00 00 00 2b 00 7b 5c 66 |lse }...|...+.{\f|
|00004cc0| 6f 6e 74 74 62 6c 7b 5c | 66 30 7d 7b 5c 66 31 7d |onttbl{\|f0}{\f1}|
|00004cd0| 7d 7b 5c 44 46 20 59 6f | 75 20 61 72 65 20 63 6f |}{\DF Yo|u are co|
|00004ce0| 72 72 65 63 74 21 20 7d | 83 00 7b 5c 66 6f 6e 74 |rrect! }|..{\font|
|00004cf0| 74 62 6c 7b 5c 66 30 7d | 7b 5c 66 31 7d 7d 7b 5c |tbl{\f0}|{\f1}}{\|
|00004d00| 44 46 20 54 68 65 73 65 | 20 61 72 65 20 6a 75 73 |DF These| are jus|
|00004d10| 74 20 74 77 6f 20 6f 66 | 20 74 68 65 20 70 6f 73 |t two of| the pos|
|00004d20| 73 69 62 6c 65 20 62 65 | 6e 65 66 69 74 73 20 6f |sible be|nefits o|
|00004d30| 66 20 61 6e 20 61 63 71 | 75 69 73 69 74 69 6f 6e |f an acq|uisition|
|00004d40| 2e 20 57 68 61 74 20 61 | 72 65 20 74 68 65 20 6f |. What a|re the o|
|00004d50| 74 68 65 72 73 3f 20 52 | 65 76 69 65 77 20 73 65 |thers? R|eview se|
|00004d60| 63 74 69 6f 6e 20 32 35 | 2e 34 2e 20 7d 00 00 00 |ction 25|.4. }...|
|00004d70| 00 00 00 00 00 01 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004d80| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004d90| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004da0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004db0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004dc0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004dd0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004de0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004df0| 00 00 00 00 00 33 01 00 | 39 00 00 00 00 00 00 00 |.....3..|9.......|
|00004e00| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 01 00 |........|........|
|00004e10| 02 00 14 00 7b 5c 66 6f | 6e 74 74 62 6c 7b 5c 66 |....{\fo|nttbl{\f|
|00004e20| 30 7d 7b 5c 66 31 7d 7d | 00 00 5c 00 7b 20 41 20 |0}{\f1}}|..\.{ A |
|00004e30| 74 65 6e 64 65 72 20 6f | 66 66 65 72 20 69 73 20 |tender o|ffer is |
|00004e40| 61 20 70 75 62 6c 69 63 | 20 6f 66 66 65 72 20 62 |a public| offer b|
|00004e50| 79 20 6f 6e 65 20 66 69 | 72 6d 20 74 6f 20 64 69 |y one fi|rm to di|
|00004e60| 72 65 63 74 6c 79 20 62 | 75 79 20 74 68 65 20 73 |rectly b|uy the s|
|00004e70| 68 61 72 65 73 20 6f 66 | 20 61 6e 6f 74 68 65 72 |hares of| another|
|00004e80| 20 66 69 72 6d 2e 20 7d | 08 00 7b 20 54 72 75 65 | firm. }|..{ True|
|00004e90| 20 7d 09 00 7b 20 46 61 | 6c 73 65 20 7d 00 00 00 | }..{ Fa|lse }...|
|00004ea0| 00 00 00 2b 00 7b 5c 66 | 6f 6e 74 74 62 6c 7b 5c |...+.{\f|onttbl{\|
|00004eb0| 66 30 7d 7b 5c 66 31 7d | 7d 7b 5c 44 46 20 59 6f |f0}{\f1}|}{\DF Yo|
|00004ec0| 75 20 61 72 65 20 63 6f | 72 72 65 63 74 21 20 7d |u are co|rrect! }|
|00004ed0| 64 00 7b 5c 66 6f 6e 74 | 74 62 6c 7b 5c 66 30 7d |d.{\font|tbl{\f0}|
|00004ee0| 7b 5c 66 31 7d 7d 7b 5c | 44 46 20 54 68 65 20 6f |{\f1}}{\|DF The o|
|00004ef0| 66 66 65 72 20 69 73 20 | 6d 61 64 65 20 74 6f 20 |ffer is |made to |
|00004f00| 74 68 65 20 74 61 72 67 | 65 74 20 66 69 72 6d 27 |the targ|et firm'|
|00004f10| 73 20 73 68 61 72 65 68 | 6f 6c 64 65 72 73 2e 20 |s shareh|olders. |
|00004f20| 52 65 76 69 65 77 20 73 | 65 63 74 69 6f 6e 20 32 |Review s|ection 2|
|00004f30| 35 2e 31 2e 20 7d 00 00 | 00 00 00 00 00 00 01 00 |5.1. }..|........|
|00004f40| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004f50| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004f60| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004f70| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004f80| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004f90| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004fa0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004fb0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 33 01 |........|......3.|
|00004fc0| 00 39 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |.9......|........|
|00004fd0| 00 00 00 00 00 00 00 01 | 00 02 00 14 00 7b 5c 66 |........|.....{\f|
|00004fe0| 6f 6e 74 74 62 6c 7b 5c | 66 30 7d 7b 5c 66 31 7d |onttbl{\|f0}{\f1}|
|00004ff0| 7d 00 00 81 00 7b 20 41 | 20 63 6f 6e 73 6f 6c 69 |}....{ A| consoli|
|00005000| 64 61 74 69 6f 6e 20 69 | 73 20 61 20 6d 65 72 67 |dation i|s a merg|
|00005010| 65 72 20 69 6e 20 77 68 | 69 63 68 20 61 6e 20 65 |er in wh|ich an e|
|00005020| 6e 74 69 72 65 6c 79 20 | 6e 65 77 20 66 69 72 6d |ntirely |new firm|
|00005030| 20 69 73 20 63 72 65 61 | 74 65 64 20 61 6e 64 20 | is crea|ted and |
|00005040| 62 6f 74 68 20 74 68 65 | 20 61 63 71 75 69 72 65 |both the| acquire|
|00005050| 64 20 61 6e 64 20 61 63 | 71 75 69 72 69 6e 67 20 |d and ac|quiring |
|00005060| 66 69 72 6d 20 63 65 61 | 73 65 20 74 6f 20 65 78 |firm cea|se to ex|
|00005070| 69 73 74 2e 20 7d 08 00 | 7b 20 54 72 75 65 20 7d |ist. }..|{ True }|
|00005080| 09 00 7b 20 46 61 6c 73 | 65 20 7d 00 00 00 00 00 |..{ Fals|e }.....|
|00005090| 00 2b 00 7b 5c 66 6f 6e | 74 74 62 6c 7b 5c 66 30 |.+.{\fon|ttbl{\f0|
|000050a0| 7d 7b 5c 66 31 7d 7d 7b | 5c 44 46 20 59 6f 75 20 |}{\f1}}{|\DF You |
|000050b0| 61 72 65 20 63 6f 72 72 | 65 63 74 21 20 7d 63 00 |are corr|ect! }c.|
|000050c0| 7b 5c 66 6f 6e 74 74 62 | 6c 7b 5c 66 30 7d 7b 5c |{\fonttb|l{\f0}{\|
|000050d0| 66 31 7d 7d 7b 5c 44 46 | 20 54 68 69 73 20 69 73 |f1}}{\DF| This is|
|000050e0| 20 74 68 65 20 74 65 78 | 74 62 6f 6f 6b 20 64 65 | the tex|tbook de|
|000050f0| 66 69 6e 69 74 69 6f 6e | 20 6f 66 20 61 20 63 6f |finition| of a co|
|00005100| 6e 73 6f 6c 69 64 61 74 | 69 6f 6e 2e 20 52 65 76 |nsolidat|ion. Rev|
|00005110| 69 65 77 20 73 65 63 74 | 69 6f 6e 20 32 35 2e 31 |iew sect|ion 25.1|
|00005120| 2e 20 7d 00 00 00 00 00 | 00 00 00 01 00 00 00 00 |. }.....|........|
|00005130| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005140| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005150| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005160| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005170| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005180| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005190| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000051a0| 00 00 00 00 00 00 00 00 | 00 00 00 33 01 00 39 00 |........|...3..9.|
|000051b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000051c0| 00 00 00 00 01 00 02 00 | 14 00 7b 5c 66 6f 6e 74 |........|..{\font|
|000051d0| 74 62 6c 7b 5c 66 30 7d | 7b 5c 66 31 7d 7d 00 00 |tbl{\f0}|{\f1}}..|
|000051e0| 3e 00 7b 20 41 20 6c 65 | 76 65 72 61 67 65 64 20 |>.{ A le|veraged |
|000051f0| 62 75 79 6f 75 74 20 69 | 73 20 61 20 66 6f 72 6d |buyout i|s a form|
|00005200| 20 6f 66 20 67 6f 69 6e | 67 2d 70 72 69 76 61 74 | of goin|g-privat|
|00005210| 65 20 74 72 61 6e 73 61 | 63 74 69 6f 6e 2e 20 7d |e transa|ction. }|
|00005220| 08 00 7b 20 54 72 75 65 | 20 7d 09 00 7b 20 46 61 |..{ True| }..{ Fa|
|00005230| 6c 73 65 20 7d 00 00 00 | 00 00 00 2b 00 7b 5c 66 |lse }...|...+.{\f|
|00005240| 6f 6e 74 74 62 6c 7b 5c | 66 30 7d 7b 5c 66 31 7d |onttbl{\|f0}{\f1}|
|00005250| 7d 7b 5c 44 46 20 59 6f | 75 20 61 72 65 20 63 6f |}{\DF Yo|u are co|
|00005260| 72 72 65 63 74 21 20 7d | d6 00 7b 5c 66 6f 6e 74 |rrect! }|..{\font|
|00005270| 74 62 6c 7b 5c 66 30 7d | 7b 5c 66 31 7d 7d 7b 5c |tbl{\f0}|{\f1}}{\|
|00005280| 44 46 20 54 68 65 20 6f | 6e 6c 79 20 74 68 69 6e |DF The o|nly thin|
|00005290| 67 20 74 68 61 74 20 6d | 61 6b 65 73 20 69 74 20 |g that m|akes it |
|000052a0| 64 69 66 66 65 72 65 6e | 74 20 66 72 6f 6d 20 61 |differen|t from a|
|000052b0| 6e 20 6f 72 64 69 6e 61 | 72 79 20 67 6f 69 6e 67 |n ordina|ry going|
|000052c0| 2d 70 72 69 76 61 74 65 | 20 74 72 61 6e 73 61 63 |-private| transac|
|000052d0| 74 69 6f 6e 20 69 73 20 | 74 68 61 74 20 61 20 6c |tion is |that a l|
|000052e0| 61 72 67 65 20 70 65 72 | 63 65 6e 74 61 67 65 20 |arge per|centage |
|000052f0| 6f 66 20 74 68 65 20 6d | 6f 6e 65 79 20 75 73 65 |of the m|oney use|
|00005300| 64 20 74 6f 20 62 75 79 | 20 74 68 65 20 73 74 6f |d to buy| the sto|
|00005310| 63 6b 20 69 73 20 62 6f | 72 72 6f 77 65 64 20 69 |ck is bo|rrowed i|
|00005320| 6e 20 61 6e 20 4c 42 4f | 2e 20 52 65 76 69 65 77 |n an LBO|. Review|
|00005330| 20 73 65 63 74 69 6f 6e | 20 32 35 2e 31 2e 20 7d | section| 25.1. }|
|00005340| 00 00 00 00 00 00 00 00 | 01 00 00 00 00 00 00 00 |........|........|
|00005350| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005360| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005370| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005380| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005390| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000053a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000053b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000053c0| 00 00 00 00 00 00 00 00 | 33 01 00 39 00 00 00 00 |........|3..9....|
|000053d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000053e0| 00 02 00 02 00 14 00 7b | 5c 66 6f 6e 74 74 62 6c |.......{|\fonttbl|
|000053f0| 7b 5c 66 30 7d 7b 5c 66 | 31 7d 7d 00 00 65 00 7b |{\f0}{\f|1}}..e.{|
|00005400| 20 49 6e 20 61 20 74 61 | 78 2d 66 72 65 65 20 61 | In a ta|x-free a|
|00005410| 63 71 75 69 73 69 74 69 | 6f 6e 2c 20 74 68 65 20 |cquisiti|on, the |
|00005420| 61 63 71 75 69 73 69 74 | 69 6f 6e 20 6f 66 20 73 |acquisit|ion of s|
|00005430| 68 61 72 65 73 20 69 73 | 20 63 6f 6e 73 69 64 65 |hares is| conside|
|00005440| 72 65 64 20 61 20 73 61 | 6c 65 20 69 6e 73 74 65 |red a sa|le inste|
|00005450| 61 64 20 6f 66 20 61 6e | 20 65 78 63 68 61 6e 67 |ad of an| exchang|
|00005460| 65 2e 20 7d 08 00 7b 20 | 54 72 75 65 20 7d 09 00 |e. }..{ |True }..|
|00005470| 7b 20 46 61 6c 73 65 20 | 7d 00 00 00 00 00 00 81 |{ False |}.......|
|00005480| 00 7b 5c 66 6f 6e 74 74 | 62 6c 7b 5c 66 30 7d 7b |.{\fontt|bl{\f0}{|
|00005490| 5c 66 31 7d 7d 7b 5c 44 | 46 20 54 6f 20 62 65 20 |\f1}}{\D|F To be |
|000054a0| 74 61 78 20 66 72 65 65 | 2c 20 74 68 65 20 61 63 |tax free|, the ac|
|000054b0| 71 75 69 73 69 74 69 6f | 6e 20 6d 75 73 74 20 62 |quisitio|n must b|
|000054c0| 65 20 63 6f 6e 73 69 64 | 65 72 65 64 20 74 6f 20 |e consid|ered to |
|000054d0| 62 65 20 61 6e 20 65 78 | 63 68 61 6e 67 65 2c 20 |be an ex|change, |
|000054e0| 6e 6f 74 20 61 20 73 61 | 6c 65 2e 20 52 65 76 69 |not a sa|le. Revi|
|000054f0| 65 77 20 73 65 63 74 69 | 6f 6e 20 32 35 2e 32 2e |ew secti|on 25.2.|
|00005500| 20 7d 2b 00 7b 5c 66 6f | 6e 74 74 62 6c 7b 5c 66 | }+.{\fo|nttbl{\f|
|00005510| 30 7d 7b 5c 66 31 7d 7d | 7b 5c 44 46 20 59 6f 75 |0}{\f1}}|{\DF You|
|00005520| 20 61 72 65 20 63 6f 72 | 72 65 63 74 21 20 7d 00 | are cor|rect! }.|
|00005530| 00 00 00 00 00 00 00 01 | 00 00 00 00 00 00 00 00 |........|........|
|00005540| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005550| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005560| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005570| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005580| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005590| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000055a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000055b0| 00 00 00 00 00 00 00 33 | 01 00 39 00 00 00 00 00 |.......3|..9.....|
|000055c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000055d0| 01 00 02 00 14 00 7b 5c | 66 6f 6e 74 74 62 6c 7b |......{\|fonttbl{|
|000055e0| 5c 66 30 7d 7b 5c 66 31 | 7d 7d 00 00 86 00 7b 20 |\f0}{\f1|}}....{ |
|000055f0| 54 68 65 20 6d 61 69 6e | 20 64 69 66 66 65 72 65 |The main| differe|
|00005600| 6e 63 65 20 62 65 74 77 | 65 65 6e 20 70 75 72 63 |nce betw|een purc|
|00005610| 68 61 73 65 20 61 63 63 | 6f 75 6e 74 69 6e 67 20 |hase acc|ounting |
|00005620| 61 6e 64 20 70 6f 6f 6c | 69 6e 67 20 6f 66 20 69 |and pool|ing of i|
|00005630| 6e 74 65 72 65 73 74 73 | 20 69 73 20 74 68 65 20 |nterests| is the |
|00005640| 67 6f 6f 64 77 69 6c 6c | 20 63 72 65 61 74 65 64 |goodwill| created|
|00005650| 20 77 68 65 6e 20 70 75 | 72 63 68 61 73 65 20 61 | when pu|rchase a|
|00005660| 63 63 6f 75 6e 74 69 6e | 67 20 69 73 20 75 73 65 |ccountin|g is use|
|00005670| 64 2e 20 7d 08 00 7b 20 | 54 72 75 65 20 7d 09 00 |d. }..{ |True }..|
|00005680| 7b 20 46 61 6c 73 65 20 | 7d 00 00 00 00 00 00 2b |{ False |}......+|
|00005690| 00 7b 5c 66 6f 6e 74 74 | 62 6c 7b 5c 66 30 7d 7b |.{\fontt|bl{\f0}{|
|000056a0| 5c 66 31 7d 7d 7b 5c 44 | 46 20 59 6f 75 20 61 72 |\f1}}{\D|F You ar|
|000056b0| 65 20 63 6f 72 72 65 63 | 74 21 20 7d 5f 00 7b 5c |e correc|t! }_.{\|
|000056c0| 66 6f 6e 74 74 62 6c 7b | 5c 66 30 7d 7b 5c 66 31 |fonttbl{|\f0}{\f1|
|000056d0| 7d 7d 7b 5c 44 46 20 54 | 68 69 73 20 69 73 20 74 |}}{\DF T|his is t|
|000056e0| 68 65 20 70 72 69 6d 61 | 72 79 20 64 69 66 66 65 |he prima|ry diffe|
|000056f0| 72 65 6e 63 65 20 62 65 | 74 77 65 65 6e 20 74 68 |rence be|tween th|
|00005700| 65 20 74 77 6f 2e 20 52 | 65 76 69 65 77 20 73 65 |e two. R|eview se|
|00005710| 63 74 69 6f 6e 20 32 35 | 2e 33 2e 20 7d 00 00 00 |ction 25|.3. }...|
|00005720| 00 00 00 00 00 01 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005730| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005740| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005750| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005760| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005770| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005780| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005790| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000057a0| 00 00 00 00 00 33 01 00 | 39 00 00 00 00 00 00 00 |.....3..|9.......|
|000057b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 02 00 |........|........|
|000057c0| 02 00 14 00 7b 5c 66 6f | 6e 74 74 62 6c 7b 5c 66 |....{\fo|nttbl{\f|
|000057d0| 30 7d 7b 5c 66 31 7d 7d | 00 00 75 00 7b 20 53 79 |0}{\f1}}|..u.{ Sy|
|000057e0| 6e 65 72 67 79 20 69 73 | 20 74 68 65 20 69 6e 63 |nergy is| the inc|
|000057f0| 72 65 6d 65 6e 74 61 6c | 20 6e 65 74 20 6c 6f 73 |remental| net los|
|00005800| 73 20 61 73 73 6f 63 69 | 61 74 65 64 20 77 69 74 |s associ|ated wit|
|00005810| 68 20 74 68 65 20 63 6f | 6d 62 69 6e 61 74 69 6f |h the co|mbinatio|
|00005820| 6e 20 6f 66 20 74 77 6f | 20 66 69 72 6d 73 20 74 |n of two| firms t|
|00005830| 68 72 6f 75 67 68 20 61 | 20 6d 65 72 67 65 72 20 |hrough a| merger |
|00005840| 6f 72 20 61 63 71 75 69 | 73 69 74 69 6f 6e 2e 20 |or acqui|sition. |
|00005850| 7d 08 00 7b 20 54 72 75 | 65 20 7d 09 00 7b 20 46 |}..{ Tru|e }..{ F|
|00005860| 61 6c 73 65 20 7d 00 00 | 00 00 00 00 4e 00 7b 5c |alse }..|....N.{\|
|00005870| 66 6f 6e 74 74 62 6c 7b | 5c 66 30 7d 7b 5c 66 31 |fonttbl{|\f0}{\f1|
|00005880| 7d 7d 7b 5c 44 46 20 53 | 79 6e 65 72 67 79 20 69 |}}{\DF S|ynergy i|
|00005890| 73 20 61 20 67 61 69 6e | 2c 20 6e 6f 74 20 61 20 |s a gain|, not a |
|000058a0| 6c 6f 73 73 2e 20 52 65 | 76 69 65 77 20 73 65 63 |loss. Re|view sec|
|000058b0| 74 69 6f 6e 20 32 35 2e | 34 2e 20 7d 2b 00 7b 5c |tion 25.|4. }+.{\|
|000058c0| 66 6f 6e 74 74 62 6c 7b | 5c 66 30 7d 7b 5c 66 31 |fonttbl{|\f0}{\f1|
|000058d0| 7d 7d 7b 5c 44 46 20 59 | 6f 75 20 61 72 65 20 63 |}}{\DF Y|ou are c|
|000058e0| 6f 72 72 65 63 74 21 20 | 7d 00 00 00 00 00 00 00 |orrect! |}.......|
|000058f0| 00 01 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005900| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005910| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005920| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005930| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005940| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005950| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005960| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005970| 00 33 01 00 39 00 00 00 | 00 00 00 00 00 00 00 00 |.3..9...|........|
|00005980| 00 00 00 00 00 00 00 00 | 00 00 01 00 02 00 14 00 |........|........|
|00005990| 7b 5c 66 6f 6e 74 74 62 | 6c 7b 5c 66 30 7d 7b 5c |{\fonttb|l{\f0}{\|
|000059a0| 66 31 7d 7d 00 00 8e 00 | 7b 20 47 61 69 6e 73 20 |f1}}....|{ Gains |
|000059b0| 66 72 6f 6d 20 6d 65 72 | 67 65 72 73 20 69 6e 63 |from mer|gers inc|
|000059c0| 6c 75 64 65 64 20 70 6f | 73 73 69 62 6c 65 20 74 |luded po|ssible t|
|000059d0| 61 78 20 63 6f 6e 73 65 | 71 75 65 6e 63 65 73 20 |ax conse|quences |
|000059e0| 73 75 63 68 20 61 73 20 | 74 68 65 20 61 62 69 6c |such as |the abil|
|000059f0| 69 74 79 20 74 6f 20 66 | 75 6c 6c 79 20 75 74 69 |ity to f|ully uti|
|00005a00| 6c 69 7a 65 20 74 61 78 | 20 6c 6f 73 73 65 73 20 |lize tax| losses |
|00005a10| 61 6e 64 20 74 68 65 20 | 75 73 65 20 6f 66 20 75 |and the |use of u|
|00005a20| 6e 75 73 65 64 20 64 65 | 62 74 20 63 61 70 61 63 |nused de|bt capac|
|00005a30| 69 74 79 2e 20 7d 08 00 | 7b 20 54 72 75 65 20 7d |ity. }..|{ True }|
|00005a40| 09 00 7b 20 46 61 6c 73 | 65 20 7d 00 00 00 00 00 |..{ Fals|e }.....|
|00005a50| 00 2b 00 7b 5c 66 6f 6e | 74 74 62 6c 7b 5c 66 30 |.+.{\fon|ttbl{\f0|
|00005a60| 7d 7b 5c 66 31 7d 7d 7b | 5c 44 46 20 59 6f 75 20 |}{\f1}}{|\DF You |
|00005a70| 61 72 65 20 63 6f 72 72 | 65 63 74 21 20 7d 9e 00 |are corr|ect! }..|
|00005a80| 7b 5c 66 6f 6e 74 74 62 | 6c 7b 5c 66 30 7d 7b 5c |{\fonttb|l{\f0}{\|
|00005a90| 66 31 7d 7d 7b 5c 44 46 | 20 54 68 65 73 65 20 61 |f1}}{\DF| These a|
|00005aa0| 72 65 20 6a 75 73 74 20 | 74 77 6f 20 6f 66 20 74 |re just |two of t|
|00005ab0| 68 65 20 73 6f 75 72 63 | 65 73 20 6f 66 20 70 6f |he sourc|es of po|
|00005ac0| 73 69 74 69 76 65 20 74 | 61 78 20 62 65 6e 65 66 |sitive t|ax benef|
|00005ad0| 69 74 73 20 69 6e 20 61 | 20 6d 65 72 67 65 72 20 |its in a| merger |
|00005ae0| 6f 72 20 61 63 71 75 69 | 73 69 74 69 6f 6e 2e 20 |or acqui|sition. |
|00005af0| 57 68 61 74 20 61 72 65 | 20 74 68 65 20 6f 74 68 |What are| the oth|
|00005b00| 65 72 20 74 77 6f 3f 20 | 52 65 76 69 65 77 20 73 |er two? |Review s|
|00005b10| 65 63 74 69 6f 6e 20 32 | 35 2e 34 2e 20 7d 00 00 |ection 2|5.4. }..|
|00005b20| 00 00 00 00 00 00 01 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005b30| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005b40| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005b50| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005b60| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005b70| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005b80| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005b90| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005ba0| 00 00 00 00 00 00 33 01 | 00 39 00 00 00 00 00 00 |......3.|.9......|
|00005bb0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 02 |........|........|
|00005bc0| 00 02 00 14 00 7b 5c 66 | 6f 6e 74 74 62 6c 7b 5c |.....{\f|onttbl{\|
|00005bd0| 66 30 7d 7b 5c 66 31 7d | 7d 00 00 80 00 7b 20 49 |f0}{\f1}|}....{ I|
|00005be0| 66 20 46 69 72 6d 20 41 | 20 69 73 20 61 63 71 75 |f Firm A| is acqu|
|00005bf0| 69 72 69 6e 67 20 46 69 | 72 6d 20 42 2c 20 74 68 |iring Fi|rm B, th|
|00005c00| 65 6e 20 74 68 65 20 63 | 6f 73 74 20 6f 66 20 63 |en the c|ost of c|
|00005c10| 61 70 69 74 61 6c 20 74 | 68 61 74 20 73 68 6f 75 |apital t|hat shou|
|00005c20| 6c 64 20 62 65 20 75 73 | 65 64 20 74 6f 20 76 61 |ld be us|ed to va|
|00005c30| 6c 75 65 20 74 68 65 20 | 6d 65 72 67 65 72 20 69 |lue the |merger i|
|00005c40| 73 20 46 69 72 6d 20 41 | 27 73 20 63 6f 73 74 20 |s Firm A|'s cost |
|00005c50| 6f 66 20 63 61 70 69 74 | 61 6c 2e 20 7d 08 00 7b |of capit|al. }..{|
|00005c60| 20 54 72 75 65 20 7d 09 | 00 7b 20 46 61 6c 73 65 | True }.|.{ False|
|00005c70| 20 7d 00 00 00 00 00 00 | da 00 7b 5c 66 6f 6e 74 | }......|..{\font|
|00005c80| 74 62 6c 7b 5c 66 30 7d | 7b 5c 66 31 7d 7d 7b 5c |tbl{\f0}|{\f1}}{\|
|00005c90| 44 46 20 54 68 65 20 63 | 6f 73 74 20 6f 66 20 63 |DF The c|ost of c|
|00005ca0| 61 70 69 74 61 6c 20 64 | 65 70 65 6e 64 73 20 6f |apital d|epends o|
|00005cb0| 6e 20 68 6f 77 20 74 68 | 65 20 66 75 6e 64 73 20 |n how th|e funds |
|00005cc0| 61 72 65 20 75 73 65 64 | 20 77 68 69 63 68 2c 20 |are used| which, |
|00005cd0| 69 6e 20 74 68 69 73 20 | 63 61 73 65 2c 20 69 73 |in this |case, is|
|00005ce0| 20 74 68 65 20 61 63 71 | 75 69 73 69 74 69 6f 6e | the acq|uisition|
|00005cf0| 20 6f 66 20 74 68 65 20 | 61 73 73 65 74 73 20 6f | of the |assets o|
|00005d00| 66 20 46 69 72 6d 20 42 | 2e 20 54 68 65 72 65 66 |f Firm B|. Theref|
|00005d10| 6f 72 65 2c 20 46 69 72 | 6d 20 42 27 73 20 63 6f |ore, Fir|m B's co|
|00005d20| 73 74 20 6f 66 20 63 61 | 70 69 74 61 6c 20 73 68 |st of ca|pital sh|
|00005d30| 6f 75 6c 64 20 62 65 20 | 75 73 65 64 2e 20 52 65 |ould be |used. Re|
|00005d40| 76 69 65 77 20 73 65 63 | 74 69 6f 6e 20 32 35 2e |view sec|tion 25.|
|00005d50| 34 2e 20 7d 2b 00 7b 5c | 66 6f 6e 74 74 62 6c 7b |4. }+.{\|fonttbl{|
|00005d60| 5c 66 30 7d 7b 5c 66 31 | 7d 7d 7b 5c 44 46 20 59 |\f0}{\f1|}}{\DF Y|
|00005d70| 6f 75 20 61 72 65 20 63 | 6f 72 72 65 63 74 21 20 |ou are c|orrect! |
|00005d80| 7d 00 00 00 00 00 00 00 | 00 01 00 00 00 00 00 00 |}.......|........|
|00005d90| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005da0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005db0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005dc0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005dd0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005de0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005df0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005e00| 00 00 00 00 00 00 00 00 | 00 33 01 00 39 00 00 00 |........|.3..9...|
|00005e10| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005e20| 00 00 01 00 02 00 14 00 | 7b 5c 66 6f 6e 74 74 62 |........|{\fonttb|
|00005e30| 6c 7b 5c 66 30 7d 7b 5c | 66 31 7d 7d 00 00 35 00 |l{\f0}{\|f1}}..5.|
|00005e40| 7b 20 47 72 65 65 6e 6d | 61 69 6c 20 69 73 20 61 |{ Greenm|ail is a|
|00005e50| 20 66 6f 72 6d 20 6f 66 | 20 74 61 72 67 65 74 65 | form of| targete|
|00005e60| 64 20 73 74 6f 63 6b 20 | 72 65 70 75 72 63 68 61 |d stock |repurcha|
|00005e70| 73 65 2e 20 7d 08 00 7b | 20 54 72 75 65 20 7d 09 |se. }..{| True }.|
|00005e80| 00 7b 20 46 61 6c 73 65 | 20 7d 00 00 00 00 00 00 |.{ False| }......|
|00005e90| 2b 00 7b 5c 66 6f 6e 74 | 74 62 6c 7b 5c 66 30 7d |+.{\font|tbl{\f0}|
|00005ea0| 7b 5c 66 31 7d 7d 7b 5c | 44 46 20 59 6f 75 20 61 |{\f1}}{\|DF You a|
|00005eb0| 72 65 20 63 6f 72 72 65 | 63 74 21 20 7d 82 00 7b |re corre|ct! }..{|
|00005ec0| 5c 66 6f 6e 74 74 62 6c | 7b 5c 66 30 7d 7b 5c 66 |\fonttbl|{\f0}{\f|
|00005ed0| 31 7d 7d 7b 5c 44 46 20 | 49 6e 20 74 68 69 73 20 |1}}{\DF |In this |
|00005ee0| 63 61 73 65 2c 20 74 68 | 65 20 73 74 6f 63 6b 20 |case, th|e stock |
|00005ef0| 69 73 20 61 63 71 75 69 | 72 65 64 20 66 72 6f 6d |is acqui|red from|
|00005f00| 20 75 6e 66 72 69 65 6e | 64 6c 79 20 6f 72 20 75 | unfrien|dly or u|
|00005f10| 6e 77 61 6e 74 65 64 20 | 70 6f 74 65 6e 74 69 61 |nwanted |potentia|
|00005f20| 6c 20 62 69 64 64 65 72 | 73 2e 20 52 65 76 69 65 |l bidder|s. Revie|
|00005f30| 77 20 73 65 63 74 69 6f | 6e 20 32 35 2e 37 2e 20 |w sectio|n 25.7. |
|00005f40| 7d 00 00 00 00 00 00 00 | 00 01 00 00 00 00 00 00 |}.......|........|
|00005f50| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005f60| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005f70| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005f80| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005f90| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005fa0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005fb0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005fc0| 00 00 00 00 00 00 00 00 | 00 33 01 00 39 00 00 00 |........|.3..9...|
|00005fd0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005fe0| 00 00 02 00 02 00 14 00 | 7b 5c 66 6f 6e 74 74 62 |........|{\fonttb|
|00005ff0| 6c 7b 5c 66 30 7d 7b 5c | 66 31 7d 7d 00 00 64 00 |l{\f0}{\|f1}}..d.|
|00006000| 7b 20 50 6f 69 73 6f 6e | 20 70 69 6c 6c 73 20 61 |{ Poison| pills a|
|00006010| 72 65 20 66 69 6e 61 6e | 63 69 61 6c 20 64 65 76 |re finan|cial dev|
|00006020| 69 63 65 73 20 64 65 73 | 69 67 6e 65 64 20 74 6f |ices des|igned to|
|00006030| 20 6d 61 6b 65 20 75 6e | 66 72 69 65 6e 64 6c 79 | make un|friendly|
|00006040| 20 74 61 6b 65 6f 76 65 | 72 20 61 74 74 65 6d 70 | takeove|r attemp|
|00006050| 74 73 20 6d 6f 72 65 20 | 61 70 70 65 61 6c 69 6e |ts more |appealin|
|00006060| 67 2e 20 7d 08 00 7b 20 | 54 72 75 65 20 7d 09 00 |g. }..{ |True }..|
|00006070| 7b 20 46 61 6c 73 65 20 | 7d 00 00 00 00 00 00 a0 |{ False |}.......|
|00006080| 00 7b 5c 66 6f 6e 74 74 | 62 6c 7b 5c 66 30 7d 7b |.{\fontt|bl{\f0}{|
|00006090| 5c 66 31 7d 7d 7b 5c 44 | 46 20 50 6f 69 73 6f 6e |\f1}}{\D|F Poison|
|000060a0| 20 70 69 6c 6c 73 20 61 | 72 65 20 66 69 6e 61 6e | pills a|re finan|
|000060b0| 63 69 61 6c 20 64 65 76 | 69 63 65 73 20 64 65 73 |cial dev|ices des|
|000060c0| 69 67 6e 65 64 20 74 6f | 20 6d 61 6b 65 20 75 6e |igned to| make un|
|000060d0| 66 72 69 65 6e 64 6c 79 | 20 74 61 6b 65 6f 76 65 |friendly| takeove|
|000060e0| 72 20 61 74 74 65 6d 70 | 74 73 20 75 6e 61 70 70 |r attemp|ts unapp|
|000060f0| 65 61 6c 69 6e 67 2c 20 | 69 66 20 6e 6f 74 20 69 |ealing, |if not i|
|00006100| 6d 70 6f 73 73 69 62 6c | 65 2e 20 52 65 76 69 65 |mpossibl|e. Revie|
|00006110| 77 20 73 65 63 74 69 6f | 6e 20 32 35 2e 37 2e 20 |w sectio|n 25.7. |
|00006120| 7d 2b 00 7b 5c 66 6f 6e | 74 74 62 6c 7b 5c 66 30 |}+.{\fon|ttbl{\f0|
|00006130| 7d 7b 5c 66 31 7d 7d 7b | 5c 44 46 20 59 6f 75 20 |}{\f1}}{|\DF You |
|00006140| 61 72 65 20 63 6f 72 72 | 65 63 74 21 20 7d 00 00 |are corr|ect! }..|
|00006150| 00 00 00 00 00 00 01 00 | 00 00 00 00 00 00 00 00 |........|........|
|00006160| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00006170| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00006180| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00006190| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000061a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000061b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000061c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000061d0| 00 00 00 00 00 00 33 01 | 00 39 00 00 00 00 00 00 |......3.|.9......|
|000061e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 01 |........|........|
|000061f0| 00 02 00 14 00 7b 5c 66 | 6f 6e 74 74 62 6c 7b 5c |.....{\f|onttbl{\|
|00006200| 66 30 7d 7b 5c 66 31 7d | 7d 00 00 44 00 7b 20 4f |f0}{\f1}|}..D.{ O|
|00006210| 6e 65 20 65 78 61 6d 70 | 6c 65 20 6f 66 20 61 20 |ne examp|le of a |
|00006220| 73 68 61 72 6b 20 72 65 | 70 65 6c 6c 65 6e 74 20 |shark re|pellent |
|00006230| 69 6e 20 61 20 74 61 6b | 65 6f 76 65 72 20 69 73 |in a tak|eover is|
|00006240| 20 61 20 70 6f 69 73 6f | 6e 20 70 69 6c 6c 2e 20 | a poiso|n pill. |
|00006250| 7d 08 00 7b 20 54 72 75 | 65 20 7d 09 00 7b 20 46 |}..{ Tru|e }..{ F|
|00006260| 61 6c 73 65 20 7d 00 00 | 00 00 00 00 2b 00 7b 5c |alse }..|....+.{\|
|00006270| 66 6f 6e 74 74 62 6c 7b | 5c 66 30 7d 7b 5c 66 31 |fonttbl{|\f0}{\f1|
|00006280| 7d 7d 7b 5c 44 46 20 59 | 6f 75 20 61 72 65 20 63 |}}{\DF Y|ou are c|
|00006290| 6f 72 72 65 63 74 21 20 | 7d 83 00 7b 5c 66 6f 6e |orrect! |}..{\fon|
|000062a0| 74 74 62 6c 7b 5c 66 30 | 7d 7b 5c 66 31 7d 7d 7b |ttbl{\f0|}{\f1}}{|
|000062b0| 5c 44 46 20 54 68 65 20 | 70 6f 69 73 6f 6e 20 70 |\DF The |poison p|
|000062c0| 69 6c 6c 20 69 73 20 64 | 65 73 69 67 6e 65 64 20 |ill is d|esigned |
|000062d0| 74 6f 20 72 65 70 65 6c | 20 74 68 65 20 75 6e 77 |to repel| the unw|
|000062e0| 61 6e 74 65 64 20 73 75 | 69 74 6f 72 2c 20 74 68 |anted su|itor, th|
|000062f0| 61 74 20 69 73 2c 20 72 | 65 70 65 6c 20 74 68 65 |at is, r|epel the|
|00006300| 20 73 68 61 72 6b 2e 20 | 52 65 76 69 65 77 20 73 | shark. |Review s|
|00006310| 65 63 74 69 6f 6e 20 32 | 35 2e 37 2e 20 7d 00 00 |ection 2|5.7. }..|
|00006320| 00 00 00 00 00 00 01 00 | 00 00 00 00 00 00 00 00 |........|........|
|00006330| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00006340| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00006350| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00006360| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00006370| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00006380| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00006390| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000063a0| 00 00 00 00 00 00 33 01 | 00 39 00 00 00 00 00 00 |......3.|.9......|
|000063b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 04 |........|........|
|000063c0| 00 05 00 14 00 7b 5c 66 | 6f 6e 74 74 62 6c 7b 5c |.....{\f|onttbl{\|
|000063d0| 66 30 7d 7b 5c 66 31 7d | 7d 00 00 8a 00 7b 20 57 |f0}{\f1}|}....{ W|
|000063e0| 68 69 63 68 20 6f 66 20 | 74 68 65 20 66 6f 6c 6c |hich of |the foll|
|000063f0| 6f 77 69 6e 67 20 69 73 | 20 4e 4f 54 20 61 20 63 |owing is| NOT a c|
+--------+-------------------------+-------------------------+--------+--------+
Only 25.0 KB of data is shown above.