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

We

ak

ne

ss

es

Str

en

gth

sO

pp

ort

un

itie

sT

hre

ats

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

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

Lego (2014). Annual Report 2014, available at: http://www.lego.com/de-de/aboutus/lego-group/annual-report

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

LEGO (2015). The LEGO Group , about us, available at: http://cache.lego.com/upload/contentTemplating/AboutUsFactsAndFiguresContent/otherfiles/downloadC60A-8E1ACF6EEDBEFB62747F119FBDC6.pdf

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

Mattel Inc (2013). Annual Report, available at: http://corporate.mattel.com/PDFs/2013_AR_Report_Mattel%20Inc.pdf

McDonald‘s Corp. (2013). Annual Report, available at:

http://www.aboutmcdonalds.com/content/dam/AboutMcDonalds/Investors/McDs2013AnnualReport.pdf; p. 11

McDonald’s Investors (2015). Company profile, available at: http://www.aboutmcdonalds.com/mcd/investors/company_profile.html

McDonalds YouTube Channel (2015)., available at: https://www.youtube.com/user/McDonaldsUS

Spring 2015, page 23IB 600 – A4 Mergers and Acquisitions

Bibliography

Morningstar (2015). Denny‘s Corp, available at: http://investors.morningstar.com/ownership/shareholders-overview.html?t=DENN

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

Roll, Martin (2015). Resurrecting a Falling Brand Read, available at: http://knowledge.insead.edu/blog/insead-blog/resurrecting-a-falling-brand-3839

Sanrio Co. Ltd. (2013). Annual Report, available at: http://v4.eir-parts.net/v4Contents/View.aspx?template=ir_material_for_fiscal_ym&sid=9608&code=8136

Subway Germany (2015). Numbers and Facts, available at: http://www.subway-sandwiches.de/unternehmen/subway-auf-einen-blick/zahlen-und-fakten.html

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

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

The Walt Disney Company (2014). Annual Report, available at: http://thewaltdisneycompany.com/investors/financial-information/annual-report

The Washington Post (2015). Why IHOP and Denny’s are leading a roadside diner revival, available at: http://www.washingtonpost.com/news/busi-ness/wp/2015/02/26/why-ihop-and-dennys-are-leading-a-roadside-diner-revival/

Viginie Mialon (2014). Burger War, available at: https://bigmacvswhooper.wordpress.com/2013/10/23/porter-analysis-mcdonald-vs-burger-king/

Wikipedia (2015). McDonald’s., available at: http://en.wikipedia.org/wiki/McDonald‘