skills/merger-model-builder/assets/plan_template_full

{
  "meta": {
    "deal_name": "apex systems acquisition of beacon analytics",
    "acquirer": "Apex Systems Inc.",
    "target": "Beacon Analytics Ltd.",
    "industry": "software",
    "currency": "USD",
    "units": "USD_mm",
    "announcement_date": "2026-02-15",
    "valuation_date": "2026-02-15",
    "accounting_basis": "us_gaap",
    "model_purpose": "screening and senior review",
    "review_standard": "senior-review-ready"
  },
  "source_basis": [
    {
      "id": "src_acquirer_10k",
      "label": "filed",
      "description": "Apex Systems FY2025 Form 10-K and latest investor presentation used for standalone net income, cash, debt, share count, and tax assumptions.",
      "date": "2026-01-31",
      "priority": 1,
      "categories": ["financials", "share_count"]
    },
    {
      "id": "src_target_vdr_financials",
      "label": "vdr",
      "description": "Beacon Analytics management case and VDR financial package used for target standalone EBITDA, net income, debt, cash, and book equity.",
      "date": "2026-02-01",
      "priority": 2,
      "categories": ["financials", "share_count"]
    },
    {
      "id": "src_draft_merger_agreement",
      "label": "signed_agreement",
      "description": "Draft merger agreement terms used for offer price, consideration mix, debt refinance assumption, and equity award treatment.",
      "date": "2026-02-10",
      "priority": 1,
      "categories": ["offer_terms"]
    },
    {
      "id": "src_commitment_papers",
      "label": "financing_commitment",
      "description": "Debt commitment paper used for new debt amount, cash funding, fees, interest rate, and lost cash interest assumptions.",
      "date": "2026-02-12",
      "priority": 1,
      "categories": ["financing"]
    },
    {
      "id": "src_integration_workplan",
      "label": "management_case",
      "description": "Integration workplan used for cost synergy ramp, revenue synergy contribution, dis-synergies, and cost-to-achieve assumptions.",
      "date": "2026-02-08",
      "priority": 2,
      "categories": ["synergies"]
    },
    {
      "id": "src_preliminary_ppa_memo",
      "label": "accounting_memo",
      "description": "Preliminary purchase accounting memo used for intangible assets, amortization lives, PPE step-up, deferred tax liability, and goodwill bridge.",
      "date": "2026-02-11",
      "priority": 1,
      "categories": ["purchase_accounting"]
    }
  ],
  "periods": ["FY2026E", "FY2027E", "FY2028E"],
  "acquirer": {
    "share_price": 72.5,
    "diluted_shares": 410.0,
    "cash": 1800.0,
    "debt": 4200.0,
    "tax_rate": 0.23,
    "standalone_ebitda": {
      "FY2026E": 2450.0,
      "FY2027E": 2675.0,
      "FY2028E": 2925.0
    },
    "net_income": {
      "FY2026E": 1320.0,
      "FY2027E": 1450.0,
      "FY2028E": 1605.0
    },
    "eps": {
      "FY2026E": 3.2195,
      "FY2027E": 3.5366,
      "FY2028E": 3.9146
    }
  },
  "target": {
    "offer_price": 32.0,
    "undisturbed_price": 25.0,
    "diluted_shares": 95.0,
    "cash": 250.0,
    "debt": 600.0,
    "book_equity": 900.0,
    "tax_rate": 0.24,
    "standalone_ebitda": {
      "FY2026E": 410.0,
      "FY2027E": 465.0,
      "FY2028E": 530.0
    },
    "net_income": {
      "FY2026E": 155.0,
      "FY2027E": 185.0,
      "FY2028E": 220.0
    }
  },
  "transaction": {
    "offer_price": 32.0,
    "premium": 0.28,
    "equity_purchase_price": null,
    "enterprise_value": null,
    "refinance_target_debt": true,
    "required_min_cash": 100.0,
    "other_debt_like_items": 0.0,
    "fees": {
      "transaction_fees": 80.0,
      "financing_fees": 55.0,
      "equity_issuance_fees": 5.0,
      "debt_tender_premiums": 0.0,
      "bridge_fees": 0.0
    },
    "tax_rate": 0.24,
    "include_transaction_fees_in_gaap_eps": true,
    "transaction_expense_tax_deductible": true,
    "allow_unbalanced_consideration_mix": false
  },
  "consideration": {
    "cash_percent": 0.55,
    "stock_percent": 0.45,
    "other_percent": 0.0,
    "exchange_ratio": null,
    "fixed_value_stock": true,
    "other_consideration_value": 0.0
  },
  "financing": {
    "new_debt": 1800.0,
    "cash_used": 462.0,
    "debt_interest_rate": 0.065,
    "lost_cash_interest_rate": 0.025,
    "fee_amortization_years": 5,
    "use_target_cash": true,
    "notes": "sources and uses are balanced using acquirer cash, target excess cash, new debt, and stock consideration."
  },
  "purchase_accounting": {
    "target_book_equity": 900.0,
    "existing_goodwill": 120.0,
    "intangible_assets": [
      {"name": "customer relationships", "fair_value": 850.0, "amortization_years": 10},
      {"name": "developed technology", "fair_value": 350.0, "amortization_years": 5},
      {"name": "trade name", "fair_value": 200.0, "amortization_years": 15}
    ],
    "ppe_step_up": 180.0,
    "ppe_step_up_life": 8,
    "inventory_step_up": 30.0,
    "other_fair_value_adjustments": 0.0,
    "deferred_revenue_adjustment": 0.0,
    "deferred_tax_rate": 0.24,
    "deferred_tax_liability": null,
    "nci_fair_value": 0.0,
    "previously_held_interest_fair_value": 0.0,
    "contingent_consideration_fair_value": 0.0,
    "adjusted_eps_excludes_intangible_amortization": true,
    "measurement_period_status": "preliminary"
  },
  "synergies": {
    "cost_synergies": {
      "FY2026E": 60.0,
      "FY2027E": 150.0,
      "FY2028E": 220.0
    },
    "revenue_synergies": {
      "FY2026E": 20.0,
      "FY2027E": 75.0,
      "FY2028E": 140.0
    },
    "revenue_synergy_margin": 0.32,
    "dis_synergies": {
      "FY2026E": 15.0,
      "FY2027E": 20.0,
      "FY2028E": 20.0
    },
    "integration_costs": {
      "FY2026E": 120.0,
      "FY2027E": 75.0,
      "FY2028E": 30.0
    },
    "tax_rate": 0.24,
    "realization_basis": "phased",
    "include_revenue_synergies_in_base": true,
    "integration_costs_excluded_from_adjusted_eps": true
  },
  "scenarios": {
    "base": {
      "description": "management base case with phased synergies and committed financing terms",
      "acquirer_net_income_factor": 1.0,
      "target_net_income_factor": 1.0,
      "target_ebitda_factor": 1.0,
      "synergy_factor": 1.0,
      "dis_synergy_factor": 1.0,
      "integration_cost_factor": 1.0,
      "debt_rate_delta": 0.0,
      "tax_rate_delta": 0.0,
      "purchase_price_factor": 1.0,
      "share_price_factor": 1.0,
      "cash_percent_override": null
    },
    "downside": {
      "description": "target earnings miss, slower synergy capture, higher financing cost, and lower acquirer share price",
      "acquirer_net_income_factor": 0.95,
      "target_net_income_factor": 0.85,
      "target_ebitda_factor": 0.88,
      "synergy_factor": 0.65,
      "dis_synergy_factor": 1.25,
      "integration_cost_factor": 1.30,
      "debt_rate_delta": 0.015,
      "tax_rate_delta": 0.01,
      "purchase_price_factor": 1.0,
      "share_price_factor": 0.90,
      "cash_percent_override": null
    },
    "upside": {
      "description": "faster cost takeout, better revenue synergy contribution, and lower financing spread",
      "acquirer_net_income_factor": 1.03,
      "target_net_income_factor": 1.08,
      "target_ebitda_factor": 1.08,
      "synergy_factor": 1.20,
      "dis_synergy_factor": 0.80,
      "integration_cost_factor": 0.90,
      "debt_rate_delta": -0.005,
      "tax_rate_delta": -0.005,
      "purchase_price_factor": 1.0,
      "share_price_factor": 1.05,
      "cash_percent_override": null
    }
  },
  "sensitivities": {
    "synergy_factors": [0.0, 0.5, 0.75, 1.0, 1.25],
    "debt_rate_deltas": [-0.005, 0.0, 0.005, 0.01],
    "cash_percentages": [0.40, 0.55, 0.70],
    "premium_factors": [0.90, 1.0, 1.10],
    "tax_rates": [0.21, 0.24, 0.27],
    "share_price_factors": [0.85, 1.0, 1.15]
  }
}