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. Based on Adecco's pro forma estimates of the staffing business of Olsten in Exhibit 13, what is your estimate of total enterprise value? For

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. Based on Adecco's pro forma estimates of the staffing business of Olsten in Exhibit 13, what is your estimate of total enterprise value? For this calculation, make the following assumptions: i) Evaluate the valuation from the perspective of Adecco US. ii) Assume the acquisition was completed as of January 15', 2000 iii) Evaluate enterprise value at the long-term capital structure for Olsten i.e., 20% debt and 80% equity. iv) The estimated EBIAT was arrived at without deducting amortization of goodwill. v) Assume that the Olsten's US rivals (i.e. Kelly and Manpower) had a debt beta of 0.2 vi) For this calculation of total enterprise value do not consider 1) any Olsten debt that might be assumed by Adecco, 2) any payments that Adecco might need to make to minority shareholders of some its subsidiaries nor, 3) any special tax

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