MasterCard is going public. One aspect of the structure that sounds interesting: they are setting aside 10% of the shares to be controlled by a charitable foundation. This could be a branding move, or it could be an attempt to keep control with the banks (who will retain 40+ percent of the shares). Is this a common structure? Anyone know offhand where I should start looking to find out more?
Update: See my case study here.
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1. Posted by Gordon Smith on September 1, 2005 @ 19:31 | Permalink
This is an interesting deal. I have only read the news reports, but I am looking forward to taking some time with the docs. The charitable foundation looks like part branding gimmick, and part control device. It is not the only control device in the deal, with multiple classes of shares and limits on shareholdings.
2. Posted by sam on November 4, 2005 @ 15:26 | Permalink
Anyone knows when this IPO will start???
3. Posted by draco on December 1, 2005 @ 18:10 | Permalink
at what price will it open?
4. Posted by spEEdyE on December 27, 2005 @ 14:43 | Permalink
It should be up early 2006, i don't think we'll know the offering price until then. I think the Buzz is gonna make this a hot stock to open up the new year... Don't sleep NYSE MA
5. Posted by mike on January 5, 2006 @ 19:57 | Permalink
divide value by number of stocks to be initially offered, 10% overhead, should be about $38-$42 a share.
6. Posted by vick on February 1, 2006 @ 21:04 | Permalink
any date update on when this will go IPO?
7. Posted by sean on February 27, 2006 @ 10:21 | Permalink
looks like it is delayed until 2nd quarter 2006 now because of health problems with the president of mastercard
8. Posted by Dimitri Dobrov on February 28, 2006 @ 8:06 | Permalink
Any good site on the info concerning its IPO?
9. Posted by Raymond Wang on May 12, 2006 @ 15:03 | Permalink
Looks like it will open the week of 5/22/06. Offered between 40 - 43 dollars. Good brand with revenue and earnings growth history, 0.9% dividend yield, 2005 EPS 2.67 which if you compare to AXP's P:E of 18.15 gives you an intrinsic value of $48.50.
One cloud hanging over the IPO is the fact that a good portion of the funds raised will go towards paying for legal fees incurred by ongoing lawsuits between anti-trust regulators and MC / Visa. Probably would make some people gunshy.
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