The M&A 'Pitch Book': Proposed Acquisition of Heller Financial by United Technologies Corporation

Abstract:     
This technical note offers an example of a thoroughly complete pitch book for use as a basis for class discussion and learning. Actual pitch books are almost never made available for public use. This presentation was prepared by a group of Darden students in April 2001 for a jury of M&A executives from United Technologies Corporation who judged this work to be of excellent quality, among the best they had seen in any setting. A separate validation of the deal concept is given in the final exhibit, which records the announcement by General Electric of its acquisition of Heller on July 30, 2001. In reviewing this document, the student must assess both its form and content, from the standpoints of both the presenter and the audience. Why is each exhibit and section included in the document? What analytical work underpins the exhibits? What might explain the presentation format? What oral comments might one offer in making this presentation to a group of executives?

Keywords: mergers and acquisitions, Management Communications, investment analysis, valuation

JEL Classifications:

Case and Teaching Paper Series