Mergers A Sample Merger Step 1 Merger Process

Mergers – A Sample Merger Step 1 - Merger Process A company wishing to investigate a merger initiates the process by selecting the Initiate Merger menu option. The following window will appear: Step 2 - Merger Process A list of target companies which meet the criteria is displayed as follows: Click this to continue the process Step 1 Select Industry Step 2 Select location Step 3 Click “Send Inquiry” Click this to cancel the merger process entirely

A Sample Merger – Contd. Step 3 - Merger Process Complete this window to initiate the merger: Step 1 Select the target company Step 4 Click “Initiate Contact” Step 4 - Merger Process • The target company receives the following message: • The initiating company must wait to receive a reply from the target company Step 2 Select “Merger” Step 3 Enter desired message

A Sample Merger – Contd. Step 5 - Merger Process • The target company selects the Proposed Merger menu option and the following window appears: • The target company can either “Begin Negotiations” or “Reject” the proposal Step 6 - Merger Process • The company initiating the merger receives the following message: • The target company must wait to receive a reply from the company initiating the merger The initiating company’s message appears here Enter a reply here if you are going to begin negotiations

A Sample Merger – Contd. Step 7 - Merger Process • The company initiating the merger selects the Target Firm Reply menu option and the following window appears: • The initiating company can continue with the merger by clicking “Begin Negotiations” or discontinue by clicking the other options Click here to seek another target company Click here to continue negotiations Click here to end all merger activities

A Sample Merger – Contd. Step 8 - Merger Process • If the “Begin Negotiations” option was clicked on the prior screen, the following window appears: • The initiating company can click “Agree” to the merger or “Cancel” to end the process Click here to submit the final merger proposal Click here to cancel the merger Step 9 - Merger Process • If the initiating company clicked “Agree” above, the target company is presented with the following window: • The target company can either give final acceptance or rejection to the merger Click here to “Agree” to the merger Click here to “Reject” to the merger

A Sample Merger – Contd. Step 10 - Merger Process • If the target company clicked “Agree” in the previous window, the initiating company is presented with the following window: • The initiating company can either give final acceptance or rejection to the merger Click here to “Agree” to the merger Click here to “Reject” the merger Step 11 - Merger Process The merger is now complete and the company names, IDs, and financials will be combined as described in the “Mergers Explained” section

A Sample Acquisition Step 1 - Acquisition Process A company wishing to investigate an acquisition initiates the process by selecting the Initiate Merger menu option. The following window will appear: Step 2 - Acquisition Process A list of target companies which meet the criteria is displayed as follows: Click this to continue the process Step 1 Select Industry Step 2 Select location Step 3 Click “Send Inquiry” Click this to cancel the acquisition process entirely

A Sample Acquisition – Contd. Step 3 - Acquisition Process Complete this window to initiate the acquisition: Step 1 Select the target company Step 4 Click “Initiate Contact” Step 4 - Acquisition Process • The target company receives the following message: • The initiating company must wait to receive a reply from the target company Step 2 Select “Acquisition” Step 3 Enter desired message

A Sample Acquisition – Contd. Step 5 - Acquisition Process • The target company selects the Proposed Merger menu option and the following window appears: • The target company can either “Begin Negotiations” or “Reject” the proposal Step 6 - Acquisition Process • The company initiating the acquisition receives the following message: • The target company must wait to receive a reply from the company initiating the acquisition The initiating company’s message appears here Enter a reply here if you are going to begin negotiations

A Sample Acquisition – Contd. Step 7 - Acquisition Process • The company initiating the acquisition selects the Target Firm Reply menu option and the following window appears: • The initiating company can continue with the acquisition by clicking “Begin Negotiations” or discontinue by clicking the other options Click here to seek another target company Click here to continue negotiations Click here to end all acquisition activities

A Sample Acquisition – Contd. Step 8 - Merger Process • If the “Begin Negotiations” option was clicked on the prior screen, the following window appears: • The initiating company can: • Enter a payment value & click “Agree” or • Click “Cancel” to end the process Step 2 Click “Agree” to submit the acquisition proposal Step 1 Enter proposed acquisition value here Click here to “Cancel” the merger Step 9 - Merger Process • If the initiating company clicked “Agree” above, the target company is presented with the following window: • The target company can either give final acceptance or rejection to the merger Click here to “Agree” to the acquisition Click here to “Reject” the acquisition

A Sample Acquisition – Contd. Step 10 - Acquisition Process • If the target company clicked “Agree” in the previous window, the initiating company is presented with the following window: • The initiating company can either give final acceptance or rejection to the acquisition Click here to “Agree” to the acquisition Click here to “Reject” the acquisition Step 11 - Acquisition Process The acquisition is now complete and the company names, IDs, and financials will be combined as described in the “Mergers Explained” section