Welcome everyone to the fifth, the final week of the seven-day course. So far, we've talked about the core idea and the core issue of this course, the idea of value creation. And we tackle that at different angles. We talked about how to calculate this value, how we should be parallel or inside the overall strategic level of the company, how that affects various stakeholders and so on and so forth. And then this final week, we will analyze some specific strategies namely, "what exactly should be done to create this value and if it is done who pockets this value." So, the general idea is this value-creating strategies and again to some extent in that narrow sense than the overall scope of discourse. And we know that the idea is as follows: if we have value all of the combined company B plus C, we subtract the value of the bidder alone, and we subtract value of the target alone, and if this is greater than zero then we did create value. But here, we come back to maybe our first couple of episodes of the first week when we talked about stakeholders and the stakeholder approach. It is important to see that in this transaction at various stages the interests of some of these stakeholders, they become let's say, key issues to the likelihood of the successful completion of the transaction. For example, if we, had we talked about that in quite some detail, if we pay too much for the target as a result of hubris, or as a result of competitive bidding, then maybe the premium paid will be so high that this side changes. And therefore, in this case, all the value is being pocketed by the target shareholders and sometimes we know that that's just one but most acute example if you will. There are clearly sometimes are the guys who are most often but they were moderately because the transaction is surrounded by professional, by investment bankers, by lawyers, by accountants and they most often still win here and we'll talk about that in some greater detail just a few minutes. But the idea here is that we have to not only analyze that with it but also the big question is, what exactly must be done? Some answers we know, for example, you always have to do the good valuation and you don't have to overpay ever. But then, we also know that if you want to get control of the company you have to somewhat persuade the shareholders of the incumbent company, the incumbents of this target, you have to somehow persuade them to sell. Remember when we talked about these prisoners dilemma and the dominance strategies that we saw that if we don't succeed in that, then unfortunately, all potential will be lost. So clearly, we can't say that everything that we've talked about already and a lot more that we haven't covered it all goes here. And this week, we will just study some of these strategies in somewhat greater detail. And by the end of this week, and by the end of the course, I'll put together some set of ideas that have to be observed in order to make sure that the probability of the successful transaction goes up. So, this clearly is the path on which we give some examples of winning behavior, and also analyze what is the best way to ensure that the success is likely to occur.