RECOMMENDED!!Calculate loss to Goldman’s shareholders
Calculate loss to Goldman’s shareholdersIn September 2008, in the midst of the credit crisis on Wall
Street, Goldman Sachs invited Warren Buffett, the legendary fundamental
investor, to contribute much-needed equity capital to the firm. Buffett
seemingly got a very good deal.For a $5 billion cash infusion, he received perpetual
preferred equity shares carrying a 10 percent dividend (redeemable by Goldman
Sachs) plus warrants to buy $43.5 million common shares at $115 per share( for
a total of another $5 billion). The $115 conversion price was set at the
current share price, a three year low for Goldman.
If Buffett exercises the warrants when Goldman Sachs’s per
share price is $159, what is the loss to Goldman’s shareholders?
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