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riate to “the proposedacquisition”, and the emphasis is “on the arguments … to present such a bid to its
shareholders”. To simply discuss a number of merger motives without much attemptto relate them to the proposed acquisition fails to answer the question. Again, it isnot a competition to include as many motives as possible, but markers will look for
the relevance of the motives to the particular case and the strength of the argument
used to relate them to the case. Of course, most relevant motives should be
included!
With respect to the Valuation, please remember that this is only part of your
assignment and the report that you are writing is only an initial report for the Board to
decide whether the company should investigate this acquisition further. It is not the
final valuation! However, you are required to give an initial recommendation whether
Sainsbury is good value for money. So, you are expected to use market and
accounting information to come to an informed recommendation. The accuracy of
the calculations is of course important, but not as important as you think, and
certainly not enough. To the mere numbers you need to associate critical analysis in
order to “advise the company” and “draw the Board’s attention to any risks or
problems associated with your chosen methods of valuation”. You also need to
justify your choice of valuation methods for this particular acquisition, again possibly
supporting your choice by referring to appropriate literature, and drawing attention to
the limitations and risks associated with them. You need to justify your assumptions,
and the source of the figures used in the valuation should be clearly indicated.
Finally, you should assess the findings in the light of the limitation of the model used.
Some sensitivity analysis would strengthen your case.
In the section on Financing, you should use your knowledge of the debate on capital
structure and distribution policy to inform your choice of financing alternatives.
Identifying the alternatives is only the first step towards assessing their implications
for other financial decisions, which in turn may affect company’s value. Once again
there is plenty of opportunities in this section to use references to both the capital
structure and distribution policy debates, as well as the issue of how the financing of
takeovers may affect their success.
Finally, the Recommendations must be based on the analysis of the previous three
sections. Be careful not to turn this part into a general conclusion without proper
recommendations. ‘Sitting on the fence’ may be comfortable, but not very useful.
Your Board would want you to show conviction in your recommendations!
In conclusion:
• Read the assignment very carefully and identify the exact requirements.
• Research the relevant issues thoroughly before embarking on the assignment.
Textbooks are key reading but not enough at this level.
• Use references appropriately to support and substantiate your analysis, as well as
demonstrate that your knowledge of the literature is appropriate for this level.
• Ensure that the information used is up-to-date and acknowledge the source of any
material, such as tables and figures, included in your assignment.

In addition to the above, here are some general marking descriptors that will be
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