m&a multiple valuation
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Spring 2015, page 1IB 600 – A4 Mergers and Acquisitions
Mergers and AcquisitionsAssignment FLK
Spring 2015BA
Dustin Bauer, David Meyer, Jonas Reiner
Spring 2015, page 2IB 600 – A4 Mergers and Acquisitions
Structure
1. Overall analysis of McDonalds
1.1 SWOT
1.2 PESTLE
1.3 STP
1.4 Porter’s 5 Forces
2. Possible M&A targets (LEGO, Denny’s)
2.1 Explanation of the targets
2.2 The pros and cons of the targets
2.3 Further facts about the targets
2.4 Issue Tree
3. Multiple Valuation
4. Financing Options
4.1 The price of the targets
4.2 Possible Financing Options
5. Recommendations
Spring 2015, page 3IB 600 – A4 Mergers and Acquisitions
1. An overall analysis of McDonald’s should lead to several merger opportunities
In general it is important to analyze the current marketand market position of McDonald‘s as well as theindividual profile of the company, before growthopportunities can be identified. In the following, a SWOT-,PESTLE-, STP- and Porters 5 forces- Analysis will give acloser look at the current situation of McDonald‘s.
With the results of the analyses it will be possible to createan overview of the company itself, but also to identifyseveral merger opportunities.
1. Overall Analysis of McDonald‘s
Spring 2015, page 4IB 600 – A4 Mergers and Acquisitions
1.1 McDonald‘s has a variety of opportunities in order to grow but
due to its own weaknesses and threats the current situation is difficult
1. Largest fast food market share1
2. Partnerships with best brands2
3. Locally adapted menus4. $2 billion advertising budget (2013)1
5. Children program5
1. Increasing demand for healthier food4
2. Delivery Services3. New costumer groups4
4. New Image campaigns4
5. Emerging markets
1. Several scandals negative publicity5
2. Unhealthy food3. Low differentiation4. Lack of menu innovation
1. Trend of healthy fast food2. Local fast food chains3. Scandals and lawsuits5
4. Awareness campaigns5
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1.The New York Times (2012). How McDonald’s Came Back Bigger Than Ever, available at: http://www.nytimes.com/2012/05/06/magazine/how-mcdonalds-came
-back-bigger-than-ever.html?pagewanted=2&_r=0&ref=mcdonaldscorporation
2. McDonald’s Investors (2015). Company profile, available at: http://www.aboutmcdonalds.com/mcd/investors/company_profile.html
3. United States Securities and Exchange Commission (2012). 10-K Form McDonald’s Corporation, available at: http://sec.gov/Archives/edgar/data/63908/000119312511046701/d10k.htm
4. Forbes (2013). 2013 Food Trends Get Technical, Sustainable & Healthy, available at: http://www.forbes.com/sites/daniellegould/2012/12/28/2013-food-trends-get-technical-sustainable-healthy/
5. Wikipedia (2015). McDonald’s, available at: http://en.wikipedia.org/wiki/McDonald'
Spring 2015, page 5IB 600 – A4 Mergers and Acquisitions
Political Economical Social Technological Legal Ecological
Hygiene policies getting more strict6
Lower revenues9 Different lifestyles in the local markets
Possibilities of the internet
Local legal frameworksEU+US12
Increasing amount of green initiatives
Lower demand for unhealthy fast food4
Lower demand for unhealthy fast food4
Changing demographical structure11
Social Media opportunities
Attempts to regulate fast food industryeven more12
Environmental issues in food industry13
Restrictions forissuing license for franchises8
Drive ofIndividualism
6.GOV UK (2015). available at: https://www.gov.uk/food-safety-your-responsibilities/food-safety
7. Aljazeera America (2014). WHO: Governments should regulate fast food to slow obesity epidemic, available at: http://america.aljazeera.com/articles/2014/2/2/who-tighter-
economicregulationneededtoreverseobesityepidemic.html
8. Kern & Hillman, LLC (2015). AN OVERVIEW OF FRANCHISE REGULATION IN THE UNITED STATES, available at: http://www.franchiselawsource.com/overview_franchise_regulation.html
9. BloombergBusiness (2014). McDonald‘s U.S. sales Drop the Most in at Least a Decade, available at: http://www.bloomberg.com/news/articles/2014-12-08/mcdonald-s-monthly-sales-trail-
estimates-as-u-s-slump-deepens
10. Gallup (2013). Fast Food Still Major Part of U.S. Diet, available at: http://www.gallup.com/poll/163868/fast-food-major-part-diet.aspx
11. Congressional Research Service (2011). The Changing Demographic Profile of the United States, available at: https://fas.org/sgp/crs/misc/RL32701.pdf
12. Common Dreams (2013). US Food Industry Battles Against Regulation, available at: http://www.commondreams.org/views/2013/02/11/us-food-industry-battles-against-regulation
13. Just Means (2013). Fast Food Companies Turning More Environment- Friendly, available at: http://www.justmeans.com/blogs/fast-food-companies-turning-more-environment-friendly
14. Martin Roll, (2015). Resurrecting a Falling Brand Read, available at: http://knowledge.insead.edu/blog/insead-blog/resurrecting-a-falling-brand-3839
1.2 There are many influences in the fast food market, which had a huge impact in the past, but also on the current situation of the fast food market
Spring 2015, page 6IB 600 – A4 Mergers and Acquisitions
1.3 McDonald’s has a global marketing strategy and addresses the various differences between geographic regions
• By Demographics
• Age, Income
• By Psychographics
• Taste preference, religious beliefs
Segmenting
• Children
• Families
• Young IndividualsTargeting
• Individual positioning to each target segment (offering of various price points, localized menus adapted to countries religious beliefs or local food preference
• Focusing on convenience, a relaxing and family like atmosphere
Positioning
After dividing the customer segments into regions15:
15. McDonald‘s Corp. (2013). Annual Report, available at: http://www.aboutmcdonalds.com/content/dam/AboutMcDonalds/Investors/McDs2013AnnualReport.pdf;
Spring 2015, page 7IB 600 – A4 Mergers and Acquisitions
MODERATE THREAT OF NEW ENTRANTSIndustry dominated by global chains with very high brand
valuesHigh brand awareness and loyalty
Already competitive industryRetaliation from strong incumbent playersEasy market access and low start up costs
STRONG COMPETITIVE RIVALRY IN THE FAST-FOOD INDUSTRY(18)(16)
Fragmented marketLow margin, high turnover – drives
competitionincreasing dilution of it’s brand equity
Competitors gaining market share(direct, indirect and proximity outlets)
Main competitors: Burger King and Yum!
LOW POWER OF SUPPLIERS(16)
Many undifferentiated suppliersFast-food chains have high purchasing
power due to high volumerising but still low labour and
operational costs
MODERATE POWER OF BUYERSDrive of Individualism
Customers became sophisticatedHigh price sensitivityLow switching costs
Raising salary allows to buy high priced fast food
HIGH THREAT OF SUBSTITUTIONSAlternative foodservice options (bakeries, snakes, kebab)
Ready meals and home cooking ingredientsCooking – The “New” Food Trend (Health Trend)(19)
Main players quite differentiatedHigh competition to local street vendors
16. Dr. Essam Ibrahim, (2012). Fast Food Industrie, available at: https://angelajohndotme.files.wordpress.com/2012/10/fast-food-industry.pdf
17. Mroll Martin, (2015). Resurrecting a Falling Brand Read, available at: http://knowledge.insead.edu/blog/insead-blog/resurrecting-a-falling-brand-3839
18. Virginie Mialon, (2014). Burger War, available at: https://bigmacvswhooper.wordpress.com/2013/10/23/porter-analysis-mcdonald-vs-burger-king/
19. Hallgarth Hannah, (2015). Cooking – The “New” Food Trend of 2015, available at: http://www.foodday.org/cooking_2015
1.4 The high competition and the fragmented market plus the high threat of substitutes a horizontal merger seems to be ineffective(16)(17)
Spring 2015, page 8IB 600 – A4 Mergers and Acquisitions
1.4 Fast Food Industrie (Quick Service Restaurants)
World wide growing QSR markets
Global QSR market of US$477.1 bn in 2013
QSR market to be worth $617.6 bn by 2019
Mc Donald’s stores: around 35.000
Burger King stores: 11.100
Subway stores: 40.00021
What can be derived is, that the QSR market is growing constantly, and theattractiveness is increasing, but as mentioned in the 5 forces analysis themarket is highly fragmented and there is a huge variety of competitors forMcDonald’s. So the main focus for a possible merger will be a lateral merger.But it would also be possible to use the advantages of the growing QSRmarket.
20. Transparency Market Research, (2014). Global Fast Food Market - Industry Analysis, Size, Share, Growth, Trends, and Forecast 2013 – 2019, available at:
http://www.businesswire.com/news/home/20141124005356/en/Global-Fast-Food-Market-Worth-US617.6-Billion#.VRMGPRolodc
21. Subway Germany (2015). Numbers and Facts, available at: http://www.subway-sandwiches.de/unternehmen/subway-auf-einen-blick/zahlen-und-fakten.html
Spring 2015, page 9IB 600 – A4 Mergers and Acquisitions
2.1 The analysis lead to two possible merger opportunities: LEGO and Denny‘s
As a result of the analysis, two potential merger targets could be LEGO and Denny‘s.LEGO would be the kind of lateral merger that would lead to the desired kind ofdiversification. Due to it’s popularity and good image, LEGO would perfectlycomplement with the child program of McDonald‘s. For example, it could be used inHappy Meals or for „playing corners“ at the McDonald‘s stores. This could bring morefamilies to the McDonald‘s stores and enhance growth. Furthermore, McDonald‘s wouldget the LEGO theme parks. At the theme parks McDonald‘s could offer it’s menu to thevisitors in order to achieve growth. The positive image of LEGO could also be used toovercome the bad image of McDonald‘s. All in all LEGO would be a good mergeropportunity for McDonald‘s to achieve further growth.
The second possible target could be Denny‘s. Denny‘s famous breakfast offer wouldperfectly supplement the breakfast offer of McDonald‘s. Since the company alreadywants to expand it’s breakfast menus22. Denny‘s is also very popular in the U.S., but alsoin South America. Consequently the breakfast offer of Denny‘s would give McDonald‘sthe opportunity to stimulate it’s breakfast sales and to enhance growth. With it’s manyroadside restaurants23 Denny‘s would also expand McDonald‘s amount of stores, togenerate a higher presence.
22. McDonald‘s Corp. (2013). Annual Report, available at: http://www.aboutmcdonalds.com/content/dam/AboutMcDonalds/Investors/McDs2013AnnualReport.pdf; p. 11
23. The Washington Post (2015). Why IHOP and Denny’s are leading a roadside diner revival, available at: http://www.washingtonpost.com/news/business/wp/2015/02/26/why-ihop-and-
dennys-are-leading-a-roadside-diner-revival/
Spring 2015, page 10IB 600 – A4 Mergers and Acquisitions
2.2 The two potential targets have many pros but also some cons
Revenue: 4,16 bn $ (28,578 mDKK)25
Strong brand + imageSales growth (2014 first half) + 15%24
Own Theme Parks (Lego Land)25
Profit: 1,02 bn $ (7,025 mDKK)25
Revenue: 462,593 mill. $27
Strong Brand in the USASales growth in the past two yearsLeading roadside restaurant in the US2829
Profit: 24,57 mill. $27
Also high fragmented market (toy market)Scandal due to Star Wars building sets 201326
Mostly unknown outside the US and South AmericaHad several racist lawsuits in the past30
Pro
sC
on
s
Revenue: converted at USD/DKK 6,8669 (26.3.15 ~20:09) Revenue conerted at EUR/USD 1,0982 (26.3.15 ~14:30)
24. Lego (2014). GLOBAL LEGO® SALES UP 15 PERCENT IN FIRST HALF OF 2014, available at: https://wwwsecure.lego.com/en-US/aboutus/news-room/2014/september/interim-result-2014
25. Lego (2014). Annual Report 2014, available at: http://www.lego.com/de-de/aboutus/lego-group/annual-report
26. Berliner Zeitung (2013). Lego nimmt Jabba's Palace vom Markt,available at: http://www.berliner-zeitung.de/wirtschaft/steine-des-anstosses-lego-nimmt-jabba-s-palace-vom-
markt,10808230,22306958.html
27. Dennys (2015). Investor Relations, available at: http://investor.dennys.com/annuals.cfm
28. The Washington Post (2015). Why IHOP and Denny’s are leading a roadside diner revival, available at: http://www.washingtonpost.com/news/business/wp/2015/02/26/why-ihop-and-dennys-are-
leading-a-roadside-diner-revival/
29. Business Insider UK (2014). Denny's Is Suddenly Cool Again, available at: http://uk.businessinsider.com/dennys-is-suddenly-cool-again-2014-10?r=US
30. Lubbock Avalanche-Journal (2002). After lawsuit, Denny's restaurant chain buries its racist image, available at: http://lubbockonline.com/stories/040602/nat_0406020065.shtml#.VRQItlza-t8
Spring 2015, page 11IB 600 – A4 Mergers and Acquisitions
2.3 Some facts about LEGO and Dennys
Size:Revenues: 4,16 bn $ (see slide before)
Employees: 12.58231
Profit: 1,02 bn $ (see slide before)
Price:
Shareholder Structure32:KIRKBI A/S 75%
LEGO Foundation 25%
Fit:- Theme parks32
- Happy Meal (slide 9)
- Family Focus (slide 9)
Size: Revenues: 462,593 mill. $ (see slide
before)
Employees: 8.25033
Profit: 24,57 mill. $ (see slide before)
Price:
Shareholder Structure34:Institutions 66,64%
Mutual Funds 31,96%
Insiders 1,40 %
Fit:- Breakfast offer (slide 9)
- Roadside restaurants28
31. LEGO (2015). The LEGO Group , about us, available at:,http://cache.lego.com/upload/contentTemplating/AboutUsFactsAndFiguresContent/otherfiles/downloadC60A-
8E1ACF6EEDBEFB62747F119FBDC6.pdf
32. LEGO (2014). Annual Report, available at: http://www.lego.com/de-de/aboutus/lego-group/annual-report
33. Dennys (2015). Annual Report 2013,Investor Relations. available at: http://investor.dennys.com/annuals.cfm
34.. Morningstar (2015). Denny‘s Corp, available at: http://investors.morningstar.com/ownership/shareholders-overview.html?t=DENN
Spring 2015, page 12IB 600 – A4 Mergers and Acquisitions
2.4 The results of the analysis can be summarized in an issue tree with identified merger opportunities
Sale
s d
evel
op
men
t
Up (M&A)
Image
Competition
Menu varietyIncrease
differentiationBuy Denny’s
Price
Convenience
Service
Product Family
Diversification Lateral Buy Lego
Theme Park
Toys
Image
Complements menu
down
Health Trends
Fitness Tracking
Green Image
Buy Subway
(privately held)
Buy Dean&David(privately held, data)
Bad Image (west)
Regulation disclosure
External Health campaigns
Competition
Menu variety
Low differentiation
Lack of innovation
PriceRegulation’s impact on margins (cost+)
Convenience
Service
Product quality
Spring 2015, page 13IB 600 – A4 Mergers and Acquisitions
(M USD) (M USD) (M USD) (M USD) (M USD) (M USD)
Peer Group LEGO Equity Value Enterprise Value Net Debt Cash Equivalents EBIT EBITDA
Mattel Inc 7.815,36 9.964,21 2.148,85 1.039,22 1.172,08 1.368,47
Hasbro 7.543,23 9.535,26 1.992,03 682,45 452,48 681,16
Bandai Namco Holdings Inc 4.265,58 4.215,45 50,12 - 1.103,03 408,32 579,69
The Walt Disney Company 179.456,73 212.043,73 32.587,00 3.421,00 12.223,00 14.511,00
Sanrio Co. Ltd. 2.493,35 2.522,19 28,84 438,72 175,13 188,06
Mean 40.314,85 47.656,17 7.341,32 1.336,88 2.886,20 3.465,68
(M USD) (M USD) (M USD) (M USD) (M USD) (M USD)
Peer Group Denny's Equity Value Enterprise Value Net Debt Cash Equivalents EBIT EBITDA
Bob Evans Farms Inc 1.078,45 1.502,15 423,70 9,01 43,86 - 35,63
Cracker Barrel Old Country Store 3.565,01 4.349,26 784,25 119,36 208,41 276,80
DineEquity Inc 2.032,73 4.016,18 1.983,45 106,01 210,88 246,24
Così 101,52 111,38 9,86 6,02 11,53 - 8,80 -
The Cheesecake Factory 2.417,42 2.902,43 485,01 61,75 160,95 239,51
Mean 1.839,03 2.576,28 193,41 199,54
USD/DKK 6,8669
USD/JPY 119,1300
3 The Multiple Valuation of McDonald’s M&A Targets
All data has been taken from the annual reports of the companies and the relevant data of bloomberg.com and finanzen.net, a more detailed
overview of the sources can be found in the excel sheet and the bibliography.
Spring 2015, page 14IB 600 – A4 Mergers and Acquisitions
3 The Multiple Valuation of McDonald’s M&A Targets
Sector: Consumer Discretionary Industry: Leisure Products Sub-Industry: Toys & Games
Peer Group LEGO P/E ratio EV / EBIT EV / EBITDA
Mattel Inc 15,4609 8,5013 7,2813
Hasbro 19,0596 21,0732 13,9986
Bandai Namco Holdings Inc 18,4092 10,3239 7,2719
The Walt Disney Company 23,2174 17,3479 14,6126
Sanrio Co. Ltd. 22,7785 14,4020 13,4114
Mean 19,7851 14,3297 11,3152
Sector: Consumer Discretionary Industry: Gaming, Lodging & Restaurants Sub-Industry: Restaurants
Peer Group Denny's P/E ratio EV / EBIT EV / EBITDA
Bob Evans Farms Inc 35,3333 34,2510 - 42,1655
Cracker Barrel Old Country Store 23,9959 20,8691 15,7129
DineEquity Inc 26,7068 19,0448 16,3103
Così -8,8710 9,6628 - 12,6528 -
The Cheesecake Factory 24,3426 18,0327 12,1181
Mean 27,5947 19,3155 21,5767
Valuation - Fundamentals (M USD) (M USD) (M USD)
Targets Net Income EBIT EBITDA
LEGO 1.019,24 1.026,23 1.164,14
Denny's 24,57 46,38 67,88
Valuation - Multiples (M USD) (M USD) (M USD)
Targets P/E - Value EV / EBIT - Value EV / EBITDA Value
LEGO 20.165,73 14.705,51 13.172,37
Denny's 486,16 664,64 768,11
Company Value - Market comparison (M USD)
Targets Market Cap
LEGO 14.600,00 (estimate)
Denny's Corp 976,67
All data has been taken from the annual reports of the companies and the relevant data of bloomberg.com and finanzen.net, a more detailed
overview of the sources can be found in the excel sheet and the bibliography. Negative multiples are excluded for the calculation of the mean.
35. Kollectobil (2013). LEGO Now World’s Most Valuable Toy Company, available at: http://www.kollectobil.com/2013/03/lego-now-worlds-most-
valuable-toy-company
Spring 2015, page 15IB 600 – A4 Mergers and Acquisitions
4.1 The price of LEGO should be $ 14,71 bn
The value of LEGO ranges between $13,17bn and $20,17bn.
An estimate of LEGO’s market capitalization results in $14,60bn.36
In this case, the EV/EBIT value seems to be the most accurate, as it coincides with an external assessment of the company’s value.
LEGO
$13,17bn – EV/EBITDA
$14,60bn – Market cap. est.
$14.71bn – EV/EBIT
$20,17bn – P/E
All data has been taken from the multiple valuation
36. Kollectobil (2013). LEGO Now World’s Most Valuable Toy Company, available at: http://www.kollectobil.com/2013/03/lego-now-worlds-most-valuable-toy-company/
Spring 2015, page 16IB 600 – A4 Mergers and Acquisitions
4.1 The price of Denny’s should be $ 976,67 m
The value of LEGO ranges between $486,16m and $976,67m.
The market capitalization of LEGO amounts to 976,67m.
In this case, the market capitalization is the relevant value, as it is unlikely that Denny’s shareholder would sell below the market value of the company.
Denny’s might be overvalued by the market participants
Denny’s
$768,11m – EV/EBITDA
$976,67m – Market cap.
$664,64m – EV/EBIT
$486,16m – P/E
All data has been taken from the multiple valuation
Spring 2015, page 17IB 600 – A4 Mergers and Acquisitions
4.2 Possible Financing Options
McDonald’s should acquire a 75% - 100% stake in Denny’s so that full controlof the target can be achieved. With $3bn in cash37, McDonald’s could financethe entire deal with cash. The current shareholder of Denny’s (100%) isDineEquity Inc.
The multiple valuation showed that LEGO’s value is far above the cash- andcash equivalents total value of McDonald’s. Consequently, McDonald’s willhave to take on debt or increase it’s capital in order to finance a possibleacquisition of LEGO. The objective would be to acquire a controlling stake75%, which are owned by the Kirkbi Holding.38 39
Taking on debt is feasible, as the current debt ratio is at 56,29%.37
37. McDonald‘s Corp. (2013). Annual Report, available at: http://www.aboutmcdonalds.com/content/dam/AboutMcDonalds/Investors/McDs2013AnnualReport.pdf
38. LEGO (2014). Annual Report, available at: http://www.lego.com/de-de/aboutus/lego-group/annual-report
39. Kirkbi Holding (2015). About us, available at: http://www.kirkbi.com
Spring 2015, page 18IB 600 – A4 Mergers and Acquisitions
4.2 Possible Financing Options
• Purchase of Denny’sCash only
Cash, debt, and increasing capital
• Purchase of Denny’s
• Purchase of LEGO
• => a mixture of cash, debt, and an increase in capital can be used to optimize capital costs
Spring 2015, page 19IB 600 – A4 Mergers and Acquisitions
5 McDonald‘s should acquire both Denny‘s and LEGO
McDonald‘s should acquire Denny‘s and LEGO, because it should stimulategrowth by creating an even stronger brand and a broader product portfolio.Denny‘s enhances McDonald‘s breakfast offering. LEGO provides a differentproduct to different customers and new customers could be acquired. LEGOshigh quality product can be offered in happy meals and the theme parks couldenhance the strengths of the brand. Further, the acquisition of LEGO couldcreate a better image for McDonald‘s, because of the values for which LEGOstands (family, etc.) would have a healing effect on McDonald‘ damagedimage.
Recommendations
Spring 2015, page 20IB 600 – A4 Mergers and Acquisitions
Bibliography
Spring 2015, page 21IB 600 – A4 Mergers and Acquisitions
Bibliography
Aljazeera America (2014). WHO: Governments should regulate fast food to slow obesity epidemic, available at: http://america.aljazeera.com/articles/2014/2/2/who-tighter-economicregulationneededtoreverseobesityepidemic.html
Bandai Namco Holdings Inc (2014). Annual Report, available at: http://www.bandainamco.co.jp/en/ir/annual/pdf_bnh/en_2014_9.pdf
Berliner Zeitung (2013). Lego nimmt Jabba's Palace vom Markt, available at: http://www.berliner-zeitung.de/wirtschaft/steine-des-anstosses-lego-nimmt-jabba-s-palace-vom-markt,10808230,22306958.html
Bob Evans Farms Inc (2013). Annual Report, available at: http://files.shareholder.com/downloads/BOBE/4158914653x0x675072/ECE9CAEA-2D4D-4AE8-9FB8-7A3E78DC7369/2013_Annual_Report.pdf
BloombergBusiness (2014). McDonald‘s U.S. sales Drop the Most in at Least a Decade, available at: http://www.bloomberg.com/news/articles/2014-12-08/mcdonald-s-monthly-sales-trail-estimates-as-u-s-slump-deepens
Business Insider UK (2014). Denny's Is Suddenly Cool Again, available at: http://uk.businessinsider.com/dennys-is-suddenly-cool-again-2014-10?r=US
The Cheesecake Factory (2013). Annual Report, available at: http://investors.thecheesecakefactory.com/phoenix.zhtml?c=109258&p=irol-reportsannual
Common Dreams (2013). US Food Industry Battles Against Regulation, available at: http://www.commondreams.org/views/2013/02/11/us-food-industry-battles-against-regulation
Congressional Research Service (2011). The Changing Demographic Profile of the United States, available at: https://fas.org/sgp/crs/misc/RL32701.pdf
Così (2013). Annual Report, available at: http://getcosi.com/investor-info/annual-report.html
Cracker Barrel Old Country Store (2014). Annual Report, available at: http://investor.crackerbarrel.com/common/download/download.cfm?companyid=CBRL&fileid=784629&filekey=3E6370A0-0F0C-46BF-9D5D-E07F20BF7063&filename=2014_CB_Annual_Report_1_2.pdf
Dennys (2015). Annual Report 2013 Investor Relations, available at: http://investor.dennys.com/annuals.cfm
Dennys (2015). Investor Relations, available at: http://investor.dennys.com/-annuals.cfm
Dine Equity Inc (2013). Annual Report, available at: http://www.envisionreports.com/DIN/2014/28011MA14E/default.htm#p=0&c=0&v=2?voting=false
Dr. Essam Ibrahim, (2012). Fast Food Industrie, available at: https://angelajohndotme.files.wordpress.com/2012/10/fast-food-industry.pdf
Forbes (2013). 2013 Food Trends Get Technical, Sustainable & Healthy, available at: http://www.forbes.com/sites/daniellegould/2012/12/28/2013-food-trends-get-technical-sustainable-healthy/
Spring 2015, page 22IB 600 – A4 Mergers and Acquisitions
Bibliography
Forbes (2013). 2013 Food Trends Get Technical, Sustainable & Healthy, available at: http://www.forbes.com/sites/daniellegould/2012/12/28/2013-food-trends-get-technical-sustainable-healthy/
Gallup (2013). Fast Food Still Major Part of U.S. Diet, available at: http://www.gall-up.com/poll/163868/fast-food-major-part-diet.aspx
GOV UK (2015). available at: https://www.gov.uk/food-safety-your-responsibilities/food-safety
Hallgarth Hannah, (2015). Cooking – The “New” Food Trend of 2015, available at: http://www.foodday.org/cooking_2015
Hasbro (2013). Annual Report, available at: http://files.shareholder.com/downloads/HAS/4155268987x0x741385/E28E2FAF-2077-43D9-A860-63D242A90D00/HAS_2013_Annual_Report_FINAL.pdf
Interbrand (2013). Best Global Brands 2012, available at: http://www.interbrand.com/en/best-global-brands/2012/Best-Global-Brands-2012.aspx
Just Means (2013). Fast Food Companies Turning More Environment- Friendly, available at: http://www.justmeans.com/blogs/fast-food-companies-turning-more-environment-friendly
Kern & Hillman, LLC (2015). AN OVERVIEW OF FRANCHISE REGULATION IN THE UNITED STATES, available at: http://www.franchiselawsource.com/overview_franchise_regulation.html
Kirkbi Holding (2015). About us, available at: http://www.kirkbi.com
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Spring 2015, page 23IB 600 – A4 Mergers and Acquisitions
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