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Complete Case details are given below :
Case Name : Times Mirror Co. PEPS Proposal Review
Authors : Peter Tufano, Cameron Poetzscher
Discipline : Finance
Case Length : 15 pages
Solution sample availability : YES
Plagiarism : NO (100% Original work)
Description for case is given below :
Times Mirror Co. (TMC) owns a substantial block of Netscape common stock purchased prior to Netscape's IPO, on which it has substantial unrealized gains. TMC is restricted from selling the stock in a public offering and is therefore considering a proposal by Morgan Stanley to issue Premium Equity Participating Securities (PEPS) to monetize its Netscape holdings. These PEPS would pay interest quarterly and be redeemable in five years at a price tied to the value of Netscape shares, subject to certain formulas and call provisions effectively apportioning the upside in Netscape stock between TMC and the PEPS investors. The tax treatment of the PEPS, while unclear, is of significant importance.
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