Microsoft's Strategic Acquisition of LinkedIn: An Analytical Review

The assignment content consists of academic articles and online sources related to strategic financial management, risk management, and corporate strategy. The articles discuss topics such as energy management, working capital management, and quantitative risk management. The online sources include news articles about Microsoft's acquisition of LinkedIn, providing insights into the company's financial decisions. Overall, the content provides a comprehensive overview of strategic financial management and its applications in various industries.

Strategic finance for managers
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Table of Contents
TASK 1.................................................................................................................................................3
PART A.................................................................................................................................................3
Brief description of the two companies involved in the merger......................................................3
Initial offer and any subsequent offer..............................................................................................4
Reaction of the target by management.............................................................................................6
Defence mechanism.........................................................................................................................6
Role of takeover panel.....................................................................................................................6
SHARE ANALYSIS.............................................................................................................................7
AR calculations................................................................................................................................7
Value of beta....................................................................................................................................9
CAR calculations.............................................................................................................................9
AR and CAR Graphs.....................................................................................................................10
Relationship with research.............................................................................................................14
PART B...............................................................................................................................................15
CONCLUSION..................................................................................................................................15
REFERENCES...................................................................................................................................17
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TASK 1
PART A
Brief description of the two companies involved in the merger
Microsoft Corporation is a multinational technology company, listed on NASDAQ and
headquartered in Redmond, Washington. Company design and manufacture computer software,
personal computers, consumer electronics products and devices. It is one of the leading software
developing company that have a strong product portfolio such as Windows, Offices, Skype,
Dynamics, Visual Audio and Servers etc. The aim of the company is to empower each and every
person on the plant to achieve
improvements. On the other hand,
LinkedIn is a social networking sites traded
on NYSE and operates worldwide.
Company renders professional networking
services especially to the recruiters and
sales professionals to create their profiles to
interact with each other via social
networking. So that, users can interact each
other without the need of website
development. It is the world’s biggest
professional networking company which
aimed at building a strong and growing business (McNeil, Frey & Embrechts, 2015). As a strategic
and savvy move, Microsoft acquired LinkedIn Corporation worth $26.2 billion dollar. The main
purpose of this merger is to jump towards software packages by having vast network of LikedIn
Corporation. It proves as one of the largest and riskiest acquisition in the corporate history. One
main reason behind such behind such merger is to use LinkedIn wide network to deliver best value
to the customers in return for their money invested.
There are number of parties involved in this merger as, Microsoft Corporation’s Certified
Executive Officer (CEO), named Satya Nadella announced a definitive agreement in 2016 to
acquire LinkedIn valued at $196 each share while the total value of acquisition valued at $26.2
billion. While, in the agreement, it has been decided that LikedIn Corp’s CEO, Jeff Weiner will
remain in this position and report to the Satya Nadella (Gara, 2016.). Moreover, board members
such as Reid Hoffman, Board Chairman and Co-founder of LikedIn group are also involved in this
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acquisition and give their acceptance for approval of merger. This merger gives an opportunity to
the Microsoft to bring significant level of changes to connect entire world (Lind & et.al., 2012).
Moreover all the investors are also considered as important stakeholder involved in the merger
because without their approval, it is not possible to acquire LinkedIn by Microsoft Corp (4 Reasons
why Microsoft wasted $26.2 billion to buy LikedIn, 2016). In addition to this, Chief Financial
Officer (CFO) named Amy Hood, Chief Legal Officer (CLO) Brad Smith, Co-founder Bill Gates.
Microsoft’s President, financial advisor Morgan Stanley, legal advisor Simpson Thacher and
Barlett, LikedIn’s financial advisor and Qatalyst Partners, Allen & Company and legal advisor
Wilson Sonsini Goodrich & Rosati, are the parties who are involved in this acquisition (Microsoft
News Center, 2016). LikedIn’s BOD and associated members given their consent on the offer
presented by Microsoft and deal is expected to close down at the end of the year.
Initial offer and any subsequent offer
On 13 June, 2016 at 8:30 AM, Microsoft and LinkedIn organized a joint conference call with
the investors to present initial acquisition offer via web telecast at Microsoft’s official website. The
web telecast hosted by the company’s CEO, Amy Hood, President, Brad Smith on Microsoft News
Center. In the press release, a forward-looking statement has been released containing the
information about potential impact of the offer such as result, inherent risk, legal proceeding, effect
on business relationship and result
in the forthcoming period (Green,
2016). Initially, MSFT announced
to takeover LinkedIn at lower
price, but due to bidding from
sales force, it pushed deal prices
by 22% or roughly by $5 billion
during a period of two months. It
increased acquisition price per
share to $196 (Green. 2016).
Although, LI’s share price has been declined by 40% and generate lower yield than expected
resulted in net loss of $165 billion. But still, health premium offered by MSFT to 50% over the
trading price $133/share is a beneficial deal for LI, as a result, LI agreed to merge with Microsoft
(Green. 2016).
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As per the graph, it can be seen that offer value of $26.2 billion is approximately 91 times of
its EBITDA (Earnings before interest, taxes, depreciation and amortization), however, excluding net
cash, it is about 84 times to EBITDA.
Moreover, Microsoft also held decisions to
acquire Likedin at $250 million as venture
capitalists and deal has been finalised.
M&A offer that Microsfot Corp presented
to LikedIn indicates that it will result in
19% year by year (YOY) growth by
having more than 433 million across
world, 9% YOY growth by having more
than 105 million members each month,
49% YOY by increasing mobile usage to
60%, 49% YOY growth by maximizing mobile usage to 60%, 34% growth YOY by increasing
member page views to 45 billion and increasing 101% growth by having more than 7 million active
job listing.
This M&A offer has been presented by MSFT so as to boost its overall productivity via
maximizing the viral growth of social media. However, it
will be beneficial for the LI because although company
has strong social network revenue base, but still, recently
its turnover growth rate slowed down. Henceforth, it
becomes essential for the board of directors and CEO
Weinner to rethink and redesign its business strategies to
make it easier for the users to use their products and
services (Gordić & et.al., 2010). This acquisition will
enable LikedIn Corp to enlarge their customer base and
make it useful for the people to share their updates. This
skepticism will jeopardy rival bidders and bring huge
market opportunity to maximize target consumer base and maximize profitability to a great extent.
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Reaction of the target by management
With regards to planned M&A, both MSFT and LI’s CEO Satya Nadella and Jeff Weinger
were excited and tell their staff member about the deal. They assumed that this deal will bring
together world’s largest professional cloud company and leading professional networking company.
It will bring fantastic and excellent network by having more than 433 million professionals.
Moreover, potential increase in
number of commercial and dynamic
offices to 365 will assist business to
reinvent its productivity and
operational processes (McKinney,
2015). Henceforth, it is a profound
opportunity for both the companies to
reinvent business functions like
selling, marketing and talent
managerial functioning. Linkedin’s
mission is to connect whole world’s
professional to increase their
productivity. Henceforth, merger with Microsoft is an opportunity exists to LinkedIn to accomplish
the business target. Thus, it will accelerate business growth and build-up a strong corporate image
in the market.
Defence mechanism
In order to manage high cost of acquisition, MSFT decided to finance first by issuance of new
indebtedness. Moreover, for proper reporting, it has been agreed to report LI’s finance as MSFT’s
Productivity and Business segment. In order to get acquisition rights, MSFT expects minimal
dilution of 1% to non-GAAP earnings per share consists of reporting practices, integration,
transaction-based expenses (Aula, 2010). Implementing post-acquisition integration strategy works
as a keystone of a successful acquisition with LikedIn Corporation.
Role of takeover panel
Takeover panel, shortened to PTM is a regulatory body situated in London, England. The
body is responsible and accountable to regulate and monitor takeovers and mergers undertaken by
the company. This panel has been established under the 171 section of ASIC act (Australian
Securities and Investment Commission Act). It plays an essential role to make sure that all the
shareholders are treated equally and well during the period of takeover bids (Ugboro, beng &
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Spann, 2010). PTM has wider authority and power to declare such circumstances that are
unacceptable. Moreover, it also plays an inevitable role in mitigating issues and resolve
complexities associated with the acquisition of LinkedIn with Microsoft Corporation. Both the
companies are liable to follow PTM’s rules, regulations and principles to have successful merger
plan.
SHARE ANALYSIS
AR calculations
Abnormal return, shortened to AR represents the surplus or shortage of estimated return on
share over actual return. In other words, it can be stated that abnormal return indicates differences
between expected or actual return on an event date. In such respect, actual return is computed by
identifying the percentage changes in share prices through comparing the prices with earlier date,
whilst, expected return is computed by taking into account industrial benchmark and market
volatility through beta (Frigo & Anderson, 2011). With the help of this, both the companies MSFT
and LI can compare their stock performance with the investors’ expectations. Regarding to current
scenario; Microsoft Corporation announced acquisition with LinkedIn on 13 June, 2013. Its share
performance by measuring expected and actual return before the period of announcement date and
post-announcement are done below:
Date Microso
ft
Actual
return(%
change)
LinkedI
n
Actual
return(%
change)
NYSE
prices
Actual
return(%
change)
E[R] of
Microso
ft
Abnorma
l return
(MSFT)
E[R] of
LI
Abnor
mal
return
of
Linke
din
29-Jul-
16
56.68 0.008362 192.73 -0.00279 10785.51 0.003849 1.066095 -1.05773 -
0.90057
0.897
775
28-Jul-
16
56.21 0.000356 193.27 0.005044 10744.16 0.000409 1.062655 -1.0623 -
0.90401
0.909
053
27-Jul-
16
56.19 -0.01004 192.3 -0.0013 10739.77 -0.00308 1.059163 -1.06921 -0.9075 0.906
203
26-Jul-
16
56.76 0.000529 192.55 0.003178 10772.99 0.001912 1.064159 -1.06363 -
0.90251
0.905
683
25-Jul-
16
56.73 0.002828 191.94 0.010476 10752.43 -0.00487 1.057377 -1.05455 -
0.90929
0.919
763
22-Jul-
16
56.57 0.013799 189.95 0.002005 10805.04 0.004315 1.066561 -1.05276 -0.9001 0.902
107
21-Jul-
16
55.8 -0.00197 189.57 0.000106 10758.62 -0.00319 1.059052 -1.06102 -
0.90761
0.907
717
20-Jul-
16
55.91 0.053117 189.55 -0.00163 10793.1 0.003212 1.065459 -1.01234 -0.9012 0.899
572
19-Jul-
16
53.09 -0.01612 189.86 0.001371 10758.54 -0.00321 1.059038 -1.07516 -
0.90763
0.908
997
7

18-Jul-
16
53.96 0.004842 189.6 0.000158 10793.17 0.001861 1.064108 -1.05927 -
0.90256
0.902
714
15-Jul-
16
53.7 -0.00074 189.57 0.001373 10773.12 -0.00125 1.060994 -1.06174 -
0.90567
0.907
043
14-Jul-
16
53.74 0.004298 189.31 -0.0029 10786.63 0.004884 1.067131 -1.06283 -
0.89953
0.896
636
13-Jul-
16
53.51 0.005638 189.86 -0.00231 10734.2 0.000691 1.062937 -1.0573 -
0.90373
0.901
414
12-Jul-
16
53.21 0.011789 190.3 0.000158 10726.79 0.009371 1.071618 -1.05983 -
0.89505
0.895
204
11-Jul-
16
52.59 0.005545 190.27 -0.00089 10627.2 0.005242 1.067489 -1.06194 -
0.89918
0.898
282
8-Jul-16 52.3 0.017906 190.44 0.001262 10571.78 0.015154 1.0774 -1.05949 -
0.88926
0.890
525
7-Jul-16 51.38 0 190.2 -0.00131 10413.97 -0.00264 1.059602 -1.0596 -
0.90706
0.905
749
6-Jul-16 51.38 0.004104 190.45 0.002316 10441.58 0.003078 1.065324 -1.06122 -
0.90134
0.903
655
5-Jul-16 51.17 0.000195 190.01 0.002691 10409.54 -0.0101 1.052145 -1.05195 -
0.91452
0.917
21
1-Jul-16 51.16 -0.0002 189.5 0.001321 10515.76 0.002479 1.064725 -1.06492 -
0.90194
0.903
26
30-Jun-
16
51.17 0.012465 189.25 -0.00179 10489.76 0.013451 1.075698 -1.06323 -
0.89097
0.889
172
29-Jun-
16
50.54 0.022249 189.59 0.000475 10350.53 0.018637 1.080883 -1.05863 -
0.88578
0.886
256
28-Jun-
16
49.44 0.020855 189.5 0.000317 10161.16 0.018812 1.081058 -1.0602 -
0.88561
0.885
922
27-Jun-
16
48.43 -0.0281 189.44 -0.00352 9973.54 -0.02062 1.041628 -1.06972 -
0.92504
0.921
512
24-Jun-
16
49.83 -0.04007 190.11 -0.00179 10183.51 -0.04301 1.019238 -1.05931 -
0.94743
0.945
64
23-Jun-
16
51.91 0.018043 190.45 0.000683 10641.17 0.016052 1.078298 -1.06026 -
0.88837
0.889
049
22-Jun-
16
50.99 -0.00391 190.32 -0.00246 10473.06 -0.00169 1.060557 -1.06446 -
0.90611
0.903
643
21-Jun-
16
51.19 0.022369 190.79 -0.0001 10490.78 0.0039 1.066146 -1.04378 -
0.90052
0.900
413
20-Jun-
16
50.07 -0.0012 190.81 5.24E-05 10450.03 0.009866 1.072112 -1.07331 -
0.89455
0.894
604
17-Jun-
16
50.13 -0.00516 190.8 -0.00277 10347.94 0.002432 1.064678 -1.06984 -
0.90199
0.899
216
16-Jun-
16
50.39 0.014087 191.33 0.000209 10322.84 0.002494 1.06474 -1.05065 -
0.90192
0.902
132
15-Jun-
16
49.69 -0.00281 191.29 -0.00177 10297.16 0.00025 1.062496 -1.06531 -
0.90417
0.902
393
14-Jun-
16
49.83 -0.00618 191.63 -0.00302 10294.59 -0.00527 1.056972 -1.06315 -
0.90969
0.906
675
13-Jun-
16
50.14 -0.02603 192.21 0.466356 10349.18 -0.00928 1.052968 -1.079 -0.9137 1.380
052
10-Jun- 51.48 -0.00271 131.08 -0.03985 10446.1 -0.01357 1.048675 -1.05139 - 0.878
8

16 0.91799 141
9-Jun-16 51.62 -0.00807 136.52 0.019948 10589.82 -0.00456 1.057684 -1.06575 -
0.90898
0.928
928
8-Jun-16 52.04 -0.00115 133.85 0.001122 10638.36 0.003693 1.065939 -1.06709 -
0.90072
0.901
846
7-Jun-16 52.1 -0.00058 133.7 -0.01474 10599.22 0.004207 1.066453 -1.06703 -
0.90021
0.885
472
6-Jun-16 52.13 0.006565 135.7 0.004664 10554.82 0.006377 1.068623 -1.06206 -
0.89804
0.902
705
3-Jun-16 51.79 -0.01315 135.07 -0.01048 10487.94 3.43E-05 1.062281 -1.07543 -
0.90438
0.893
907
2-Jun-16 52.48 136.5 10487.58 -
0.90057
0.897
775
Value of beta
It indicates volatility in portfolio in comparison to the overall market and helps to compute
expected return of an individual company’s stock and assets. With reference to both the MSFT
and LinkedIn, it beta value by taking into account volatility in NYSE index is calculated here as
under:
Value MSFT LinkedIn
Beta 1.061083 -0.91613
Alpha 0.001164 0.01171
CAR calculations
CAR is just the cumulative values of abnormal return for the event, in other words, it refers to
sum of abnormal returns (Green. 2016). With reference to the given scenario, cumulative abnormal
return for pre and post-announcement of MSFT and LinkedIn are computed below:
Date AR (Microsoft) CAR (Microsoft) AR (LikedIn) CAR
(LikedIn)
29-Jul-16 -1.05773 -1.05773 0.897775 0.897775
28-Jul-16 -1.0623 -2.12003 0.909053 1.806827
27-Jul-16 -1.06921 -1.06921 0.906203 2.71303
26-Jul-16 -1.06363 -2.13283 0.905683 3.618713
25-Jul-16 -1.05455 -1.05455 0.919763 4.538476
22-Jul-16 -1.05276 -2.10731 0.902107 5.440583
21-Jul-16 -1.06102 -1.06102 0.907717 6.3483
20-Jul-16 -1.01234 -2.07336 0.899572 7.247873
19-Jul-16 -1.07516 -1.07516 0.908997 8.15687
18-Jul-16 -1.05927 -2.13443 0.902714 9.059584
15-Jul-16 -1.06174 -1.06174 0.907043 9.966627
14-Jul-16 -1.06283 -2.12457 0.896636 10.86326
13-Jul-16 -1.0573 -1.0573 0.901414 11.76468
12-Jul-16 -1.05983 -2.11713 0.895204 12.65988
11-Jul-16 -1.06194 -1.06194 0.898282 13.55816
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8-Jul-16 -1.05949 -2.12144 0.890525 14.44869
7-Jul-16 -1.0596 -1.0596 0.905749 15.35444
6-Jul-16 -1.06122 -2.12082 0.903655 16.25809
5-Jul-16 -1.05195 -1.05195 0.91721 17.1753
1-Jul-16 -1.06492 -2.11687 0.90326 18.07856
30-Jun-16 -1.06323 -1.06323 0.889172 18.96773
29-Jun-16 -1.05863 -2.12187 0.886256 19.85399
28-Jun-16 -1.0602 -1.0602 0.885922 20.73991
27-Jun-16 -1.06972 -2.12993 0.921512 21.66142
24-Jun-16 -1.05931 -1.05931 0.94564 22.60706
23-Jun-16 -1.06026 -2.11956 0.889049 23.49611
22-Jun-16 -1.06446 -1.06446 0.903643 24.39976
21-Jun-16 -1.04378 -2.10824 0.900413 25.30017
20-Jun-16 -1.07331 -1.07331 0.894604 26.19477
17-Jun-16 -1.06984 -2.14315 0.899216 27.09399
16-Jun-16 -1.05065 -1.05065 0.902132 27.99612
15-Jun-16 -1.06531 -2.11596 0.902393 28.89851
14-Jun-16 -1.06315 -1.06315 0.906675 29.80519
13-Jun-16 -1.079 -2.14215 1.380052 31.18524
10-Jun-16 -1.05139 -1.05139 0.878141 32.06338
9-Jun-16 -1.06575 -2.11714 0.928928 32.99231
8-Jun-16 -1.06709 -1.06709 0.901846 33.89416
7-Jun-16 -1.06703 -2.13412 0.885472 34.77963
6-Jun-16 -1.06206 -1.06206 0.902705 35.68233
3-Jun-16 -1.07543 -2.13749 0.893907 36.57624
2-Jun-16
AR and CAR Graphs
Figure 1 Pre-announcement abnormal return of Microsoft
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Figure 2Pre-announcement abnormal return of LinkedIn
Figure 3 Pre-announcement cumulative abnormal return of Microsoft
11

Figure 4 Post-announcement abnormal return of Microsoft
Figure 5 Pre-announcement cumulative abnormal return of LinkedIn
12

Figure 6 Post-announcement abnormal return of LikedIn
Figure 7 Post-annoucement cumulative abnormal return of Microsoft
13

Figure 8 LinkedIn's post-announcement cumulative abnormal return
Relationship with research
As per the calculation, it can be seen that before the announcement of acquisition, in the
initial period, MSFT’s stock performance tends to increase, but at the closure of announcement, it
goes decrease. However, on the other hand, after the announcement, suddenly its stock price moves
upward while, thereafter, it dropped down and then fluctuations continuously. Volatile trends in
actual and expected return are the reasons for the movement in share’s abnormal return (Sofat &
Hiro, 2015). However, its CAR shows a constant movement whether before and after the
announcement of acquisition. From the presented graph, it can be seen that actual return of the
MSFT Corporation got increased from negative 0.01315 to positive return of 0.0065, while,
thereafter, it is showing volatile trend till acquisition. Moreover, on 21st June 2016, actual return
suddenly goes to peak level of 0.022369 as stock prices got changed from 50.07 to 51.19. However,
after the period, it is continuously decreased to 50.54 on 29 June 2016 (Warren, 2016). During the
period of 1st July to 29th July, stock price got improved from 51.16 to 56.58 which show that
MSFT’s share price got improved, but still, the rate of growth in the stock prices is fluctuating.
Fluctuations in beta value are the main reason behind volatile return as it measures the volatility or
systematic risk of a portfolio comparison to the market as a whole. In relation to Microsoft
Corporation, volatility in NYSE index and its movement is the reason for fluctuating return in the
MSFT. Moreover, in comparison to actual return, expected return is increasing or decreasing at
lower rate, resulted in fluctuating abnormal and cumulative abnormal return after announcement.
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However, in context to LinkedIn Corporation, it has been found that cumulative abnormal
return (CAR) of LinkedIn was higher. For example, on 3rd June CAR was 36.57 which is
continuously decreasing till 13th June. At the same time, abnormal return (AR) is also fluctuating
with the passage of time. According to the table, AR on 3 June was .89 which increased on 6th
till .90 but on next day again it decreased and reached to 88. Furthermore, the period post merger is
showing that AR has been decreased on 14th June to .9066 and on next day minor changes were
observed as .9023. This is showing that merger does not have significant impact on magnitude of
expected and actual return generated by the corporation. Linkedin already was already having
variation in its return which tends to affect overall performance of the business in the marketplace.
Apart from this, CAR has been reduced to a great extent after the announcement of merger.
This affected performance of the corporation to a great extent. It is because on 14th June CAR was
29.80 but on 1 July it reached to 18.07. Moreover, till the end of July month CAR reduced to .89.
Therefore, on the basis of AR and CAR, it can be said that announcement of company has
significant impact because initially return was decreasing the amount of variation was less. It can be
critically evaluated, that prior announcement of merger both AR and CAR were reducing
continuously (Li & Zhang, 2015). However, difference was greater in the reduction of CAR
whereas AR was having fluctuating trend. Owing to this, CAR can be considered as the imperative
aspect in assessing the impact of merger announcement on overall performance of the firm. Thus,
CAR indicates that performance of company is going down which and cumulative abnormal return
generated by the firm is showing continuous downward trend.
PART B
Enclosed in presentation.
CONCLUSION
After examining the fluctuations in stock performance of both the MSFT and LikedIn, it has
been examined that after announcement, MSFT’s AR shows a sudden increase in the positive
abnormal return immediately after announcement and thereafter shows a volatile trend. However,
LinkedIn’s share prices is increased after some days of announcement adversely due to higher
investors return expectation as compare to actual return. However, on the other hand, both the
company’s pre and post announcement shows a constant movement, but still, MSFT’s share price is
increasing or decreasing at same rate, whilst, LI’s stock price shows a continuous upward trend.
15

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