At Muddy Waters, our mission is to foster transparency no matter how unpopular it might be. We pride ourselves on the depth and breadth of our analytical research into often-opaque and hard-to-value companies. The Economist is a publication firmly established as one of the world’s most authoritative and influential publications. Editorial independence with a commitment to the facts lies at the heart of the The Economist.
With this spirit in mind, we partnered with The Economist for this MBA Investment Case Study: Investment Challenge. Each school in the competition picked three of their best students to complete the case study. Each team produced a thorough report as well as a 15-minute video explaining their analysis that was posted to The Economists’ Which MBA? site. The presentations were recorded live so the pressure was on.
My colleagues and I at Muddy Waters are the case competition judges and selected the three winners. The People’s Choice prize was awarded to the team that received the most votes from visitors to The Economist website.
First place team received $10,000
Second place received $5,000
Third place received $3,000
People’s Choice received $3,000
Read Carson Block’s feedback to the competing teams.
View the announcement of the winning teams.
The challenge involves evaluating Zillow’s $3.5 billion acquisition of rival real estate website, Trulia in a stock-only transaction.
More specifically, we are looking for you to answer these key questions about the deal.
• Which company is getting the better deal and why?
• Does the structure of the deal make sense for each company?
• What will the futures likely be for each company on a standalone basis if the transaction fails to close?
• Based on the companies’ present combined market valuations, what assumptions about their future would you have to make in order to buy stock in the combined company?
• What trades, if any, would you recommend around this transaction and why?
The more in-depth and unconventional the answers, the better. Wall Street analysts and the media have already pored over this deal and issued their opinions. We’re looking for something deeper. Please Check the Economist ‘s Which MBA website? Site for frequent updates. Good Luck!
* Update 10/16/2014- Please note the description of the case was updated to indicate this was not a "cash only" transaction rather a "stock only" transaction. While the transcript of the video contains the description "all cash" that is an error. The video has been updated accordingly.
Ничего не упустив. Беккер еще раз обвел глазами кучу вещей и нахмурился. Зачем АНБ вся эта рухлядь. Вернулся лейтенант с маленькой коробкой в руке, и Беккер начал складывать в нее вещи. Лейтенант дотронулся до ноги покойного.