Business Finance Merger and Acquisitions

Question: Describe about the Business Finance for Merger and Acquisitions. Answer: Merger and Acquisition The nos. of total shares issued after the takeover is calculated by the following formula: No. of shares Issued = Total No. of acquiring company shares + (Total no. of acquired companys shares)/2 Before Acquisition After Acquisition Exchange Ratio A Ltd. T Ltd. Combined Shares on Issue 500000 100000 A1 A2 Issue on Acquisition 500000 50000 550000 B1=A1 B2=A2/2 B=B1+B2 The value of combined market capitalization is calculated as per the following: Combined Market Cap = (Market Cap of Acquiring Co. + Market Cap of Acquired Co.) + Synergistic Increment Before Acquisition After Acquisition Exchange Ratio A Ltd. T Ltd. Combined Shares on Issue 500000 100000 A1 A2 Issue on Acquisition 500000 50000 550000 B1=A1 B2=A2/2 B=B1+B2 Share Price $3.00 $6.00 C1 C2 Market Cap $1,500,000.00 $600,000.00 $2,100,000.00 D1=A1 X C1 D2=A2 X C2 D=D1+D2 Synergistic Increment $500,000 E Total Market Cap $2,600,000.00 The value of earnings per share of the combined entity is computed by using the following formula: EPS = [(Earnings of acquiring co.+ Earnings of acquired co.)+Synergistic Increment] / Total nos. of share outstanding after the takeover Before Acquisition After Acquisition Exchange Ratio A Ltd. T Ltd. Combined Shares on Issue 500000 100000 A1 A2 Issue on Acquisition 500000 50000 550000 Earnings $500,000 $200,000 $700,000 G1 G2 G=G1+G2 Synergistic Increment $100,000 H Total Earnings $800,000 I=G+H Earnings per Share 0.5 1 $1.45 J1 J2 J= I/B The formula of calculating market price per share in the combined entity is given below: MPS = Market Cap of Combined Entity / Total nos. of shares outstanding in the combined entity Before Acquisition After Acquisition Exchange Ratio A Ltd. T Ltd. Combined Shares on Issue 500000 100000 A1 A2 Issue on Acquisition 500000 50000 550000 B1=A1 B2=A2/2 B=B1+B2 Share Price $3.00 $6.00 C1 C2 Market Cap $1,500,000.00 $600,000.00 $2,100,000.00 D1=A1 X C1 D2=A2 X C2 D=D1+D2 Synergistic Increment $500,000 E Total Market Cap $2,600,000.00 F=D+E Market Price per shares $3 $6 $4.73 K1 K2 K=F/B The minimum exchange ratio, acceptable by the shareholders of T ltd., when there was no dilution of share prices, can be ascertained by the following formula: Exchange Ratio= Market Cap of Acquired co./[(Total Market Cap - Market Cap of Acquired co.)/Acquiring Co.s shares] : Acquired Cos. shares Before Acquisition After Acquisition Exchange Ratio A Ltd. T Ltd. Combined Shares on Issue 500000 100000 A1 A2 Issue on Acquisition 500000 50000 550000 B1=A1 B2=A2/2 B=B1+B2 Share Price $3.00 $6.00 C1 C2 Market Cap $1,500,000.00 $600,000.00 $2,100,000.00 D1=A1 X C1 D2=A2 X C2 D=D1+D2 Synergistic Increment $500,000 E Total Market Cap $2,600,000.00 F=D+E Earnings $500,000 $200,000 $700,000 G1 G2 G=G1+G2 Synergistic Increment $100,000 H Total Earnings $800,000 I=G+H Earnings per Share 0.5 1 $1.45 J1 J2 J= I/B Market Price per shares $3 $6 $4.73 Minimum Exchange Ratio for no dilution in total earnings 1.67 M = [G2/{(I-G2)/B1}] : A2 The minimum exchange ratio, acceptable by the shareholders of T ltd., when there was no dilution of earnings, can be ascertained by the following formula: Exchange Ratio= Earnings of Acquired co./[(Total Market Cap - Earnings of Acquired co.)/Acquiring Co.s shares] : Acquired Cos. shares Before Acquisition After Acquisition Exchange Ratio A Ltd. T Ltd. Combined Shares on Issue 500000 100000 A1 A2 Issue on Acquisition 500000 50000 550000 B1=A1 B2=A2/2 B=B1+B2 Share Price $3.00 $6.00 C1 C2 Market Cap $1,500,000.00 $600,000.00 $2,100,000.00 D1=A1 X C1 D2=A2 X C2 D=D1+D2 Synergistic Increment $500,000 E Total Market Cap $2,600,000.00 F=D+E Earnings $500,000 $200,000 $700,000 G1 G2 G=G1+G2 Synergistic Increment $100,000 H Total Earnings $800,000 I=G+H Earnings per Share 0.5 1 $1.45 J1 J2 J= I/B Market Price per shares $3 $6 $4.73 K1 K2 K=F/B Minimum Exchange Ratio for no dilution in share price 1.5 L = [D2/{(F-D2)/B1}] : A2 Bibliography: Anderson, Hele?n, Virpi Havila and Fredrik Nilsson,Mergers, Acquisitions, And Stakeholders(Taylor and Francis, 2012) Nussbaum, Andrew J, Charles Martin and Simon Perry,Mergers Acquisitions(Thomson Reuters, 2012)

How to Find a Sample College Essay Title That Can Match Your Research and Writing

How to Find a Sample College Essay Title That Can Match Your Research and WritingFinding sample college essay titles can be a chore, but not if you find some very simple guidelines to follow. There are a number of sites online that offer writing samples for various subjects. Writing samples can be found by going to the computer and typing in the search bar or by searching online for websites that offer writing samples.The websites that provide writing samples for subjects such as college writing may include a link to a small sample of the subject that you are studying. These sample essays are often short stories, filled with a lot of colorful vocabulary and a great deal of verbiage. They are usually very short and simple in structure, so they make perfect sample college essay titles.Other writers have found that samples of other subjects are much better samples for college essay titles. The examples include 'My Kid's Spirit Guide' which is a short story about how a child's spirit gui de helps them during a time of great stress. This is a great example of a short story that you can use as a sample because it has great examples of little vocabulary and lots of fancy words.Someone who has not had any experience in writing and has never written a high school student will find that their resume is more difficult to write than a resume of someone who has had experience in writing and has a lot of experience. This is because it is easier to write a sample college essay title that is more compact in nature.Once you have determined a theme that you want to include in your college essay, the next step is to select a title for your writing sample. You should make sure that the title that you choose contains the theme of your article or thesis.In the same way that a high school student needs to have a name that begins with a number, you must have a title that begins with a number. Choose a title that begins with a number and matches the number of words per line that you are using.Writing samples for college essays are easy to come by, and the next step is to choose a topic that you are passionate about. Once you have identified the topic, you can find college essay titles that are written in a way that closely matches your research and writing.

The Effects of Daycare on Early Years Essays - Human Development

The Effects of Daycare on Early Years Kerrice Lawrence Nov 22, 2012 PSYC 361 There has been a growing trend towards relying on day cares by parents to look after children usually at a te nder age. Children experience significant development at this tender age. Thus, the environment and the people they spend their time with , generally affects them greatly. Experiences at this age stage of a person' development may determine his future character and social abilities. More and more people appreciate this, leading to further research on early childhood development. Some suggest that time that a child spends in a day care may break or make a child's future (Morrison, 2012 ). This paper looks at how the use of day cares has affected and impacted how children socialize. Attending a day care may affect how a child rela tes with its parent and affec t a child's own p ersonal abilities to socialize. These sensitive issues have led to a lot of study in these areas. It is essential to appreciate the main arguments for and against the use of day care centers. This can help one to take care of children and know what can be done to remedy the possible ill e ffects of using such services. This is a crucial topic as all human beings should be sociable, and expected to behave in a certain way while dealing with other people. There are many known consequences, both positive and negative, of sending children to care centers. Some of these consequences may have an impact on a child's temperament , which can make the child be in a state of discord and disharmon y with the community (Belsky Pluess, 2012) . Research i n this area has suggested several ways in which parents can influence how children socialize. It is essenti al to understand the impact of care centers on children's social skills, so as to develop appropriate solutions. Many parents find it more convenient to continue with their daily occupations than to take care of their children thus, take them to daycare programs to be attended by custodians. Daycare program entails letting the child 's early development be influenced by other individual s outside the immediate family. Nowadays there are an increasing number of employed women bear ing children, and with this many of them are putting their children in daycare programs (Peisner-Feinberg, Burchinal, Clifford, Culkin, Howes, Kagan Yazejian, 2001) . In relation to child attachment and the advantages of a stimulating environment on their early years, it is also crucial to consider how these programs will affect the coming generations. The main concern for this discussion involves the effects of daycare programs on the socialization process of the child. The early life experiences form the basis of the later development of the child. Children who utilize a lot of their waking hours under conditions or situations that are not stimulating are said to lose immensely ( Booth, Clarke-Stewart, Vandell, McCartney Owen, 2002). Many children might be affected by many factors ranging from social, economic, and environmental situations in either a positive or negative manner. The most significant influence by daycare program s underlies in the socialization area of a child's development. When compared to home-reared children, day care children were more likely to be self-sufficient, have a better connection with peers and comfortable with new situations in life. They are also reported to be less polite and less compliant to adults while being more aggressive in different issues. However, these behaviors are dependent on the toddler rearing attitudes , which are affected by parents and teachers (Roisman , Susman, Barnett-Walker, Booth-LaForce, Owen Steinberg , 2009 ). During the initial development of toddlers, two main areas are crucial to ensuring a complete and functional social development. The first function of social development involves the socialization. This social function includes all the attributes involved to enable one to establish and maintain feasible relations with other members of the society, and to be accepted within that society. At the same time it controls and regulates his/ her behavior according to society's requirements. This can also be considered as an integrating function of social development

Possessive or Genitive Case Definition and Examples

Possessive or Genitive Case Definition and Examples Also Known As: possessive determiner, genitive case, second case In English grammar, possessive case is the case (or function) of an inflected form of a noun (Santas, the bosss) showing ownership, measurement, or source. In addition to the -s ending (a clitic), the possessive can be expressed with of, particularly when the possessor is not alive (the top floor of the building, the base of the statue). Possessive case also refers to a type of pronoun (mine, yours, his, hers, its, ours, theirs) or determiner (my, your, his, her, its, our, their) that indicates ownership, measurement, or source. (Note that his and its function as both pronouns and determiners.) Examples and Observations I will not hide the teachers Prozac.(Bart Simpson, The Simpsons)People who have given us their complete confidence believe that they have a right to ours. The inference is false: a gift confers no rights.(Friedrich Nietzsche)Parents can only give good advice or put them on the right paths, but the final forming of a persons character lies in their own hands.(Anne Frank)The winners edge is all in the attitude, not aptitude.(Denis Waitley)An Englishmans way of speaking absolutely classifies him.(Alan Jay Lerner)What precedes the possessive ending need not be a single-word compound but can be a phrase, as in my neighbor next doors dog, or even a clause, as in a woman I knows niece. (Laurel J. Brinton, The Structure of Modern English: A Linguistic Introduction. John Benjamins, 2000) Possessives Before Gerunds In your writing, when a pronoun appears before a gerund (an -ing verbal used as a noun), use the possessive case. We have tasted their cooking. In this example, cooking is used as a noun and is the direct object of have tasted. If a pronoun appears before a participle, use the objective case. We have watched them cooking. In this second example, cooking is used as a participle to describe them. (Robert DiYanni and Pat C. Hoy, The Scribner Handbook for Writers, 3rd ed. Allyn and Bacon, 2001) The Decline of the Possessive Apostrophe The apostrophe is the stepchild of English orthography. It is neither fish nor fowl, typographers convenience, nor true punctuation...The possessive apostrophe is a grammatical anomaly, a vestigial case marker- appropriately shaped like the human appendix- in a noun system that has otherwise dispensed with cases... Evidence of its demise is apparent in newspapers, on billboards, on menus. Our students, understandably confused, alternately abuse it and feel abused by it... ...Thus we may contemplate with relative equanimity the eventual loss- for such seems inevitable in time- of the possessive apostrophe. We may mourn its passing and, perhaps, armed with grammar texts and rules (poor weapons at best) prolong its stay for awhile. But we cannot, nor should we wish to, preserve it indefinitely. We would do well to recognize that the outrages perpetrated upon the apostrophe by our students reflect an increasingly common practice outside the classroom, and temper the insistence of our lessons... ...And, when all is said and done, the loss will not be a great one.(Elizabeth S. Sklar, The Possessive Apostrophe: The Development and Decline of a Crooked Mark. College English, October 1976) Possessive and Genitive The genitive has also been called the possessive, since one of its meanings has been to denote the possessor of what is referred to by the second noun phrase, as in The couples home. But possession has to be interpreted liberally if it is to cover many instances of the genitive and the of-phrase. In a liberal interpretation, we could count as possession any connections between the two nouns where the verbs possess or have can be used in a paraphrase; for example, family relationships: Toms son (the son that Tom has). Mexico Citys(Sidney Greenbaum, The Oxford English Grammar. Oxford Univ. Press, 1996) False Possessives The apostrophe generally should not be used after a word that is more descriptive than possessive, except for a plural not ending in s: Explorers Hall, Diners Club, the Department of Veterans Affairs, teachers college but teachers guide, St. Elizabeths Hospital, Teamsters Union, visitors center, childrens hospital. But the Ladies Home Journal, the National Governors Association.(The National Geographic Style Manual. National Geographic Society, 2012) The Lighter Side of Possessives Cartman: Give me back my kidney! Stan: Dude, please, Kyle needs it! Cartman: Its mine! Not yours, mine! Give it back right now or theres going to be Hell to pay!(Cherokee Hair Tampons. South Park, 2000) Danny Butterman: All right, Pete?Nicholas Angel: Do you know this man?Danny Butterman: Yeah. Hes Auntie Jackies sisters brothers boy.(Nick Frost and Simon Pegg, Hot Fuzz, 2007) My best friends sisters boyfriends brothers girlfriend heard from this guy who knows this kid whos going with the girl who saw Ferris pass out at 31 Flavors last night. I guess its pretty serious.(Kristy Swanson as Simone, Ferris Buellers Day Off, 1986)

Employee Motivation Essay Example | Topics and Well Written Essays - 1750 words

Employee Motivation - Essay Example Besides, Taylor was the first to identify other than material the needs of the employees and tried to include them into motivational process. Among the other, he hired doctors, nurses and psychologists to his company (Miner, 2005). 4 Maslow's theory of motivation: a revolution in organizational science. During 1950s the diverse approaches to human nature were united into a broad organizational approach. This period was the heyday of organizational science as during that time major concepts that motivation were developed. The most important of such theories is obviously Abraham Maslow's (1954) theory of motivation. Maslow's "hierarchy of needs" provided a framework for analysis why people work and how they may be motivated in the best way (McShane and Von Glinow, 2001). 6 Goal-setting theory, developed by Edwin Locke and Gary Latham, implies that the goals are the most important factors affecting the motivation and behaviour of employees. This theory emphasizes the importance of specific and challenging goals in achieving motivated behaviour. Specific goals, observing Locke and Latham, usually imply quantitative targets that motivate people to work more effectively. These goals are usually rather achievable, though not easy to achieve. Challenging goals, in their turn, are difficult but not impossible to attain. Empirical research supports the proposition that goals that are both specific and challenging are more motivational than vague goals or goals that are relatively easy to achieve (Miner, 2005; McShane and Von Glinow, 2001). 9 Several factors moderate the relationship between specific and challenging goals as well as with high levels of motivation, i.e.: 10 Goal commitment, which means that the more dedicated an individual is to achieve the goal, the more he/she will be motivated to exert effort toward goal accomplishment. 10 Self-efficacy that is an employee's belief that he/she can successfully complete a particular task. If individuals have a high degree of self-efficacy, they are likely to respond more positively to specific and challenging goals than if they have a low degree of self-efficacy (Miner, 2005; McShane and Von Glinow, 2001). 10 Conclusions 10 FACTORS AND PROCESSES THAT AFFECT EMPLOYEE MOTIVATION IN ORGANIZATION Introduction Effective motivation is a corner stone of organizational functioning, development, competitiveness and, yet, effectiveness. Over the past decades, the way in which people are managed, promoted and stimulated at workplaces has become a primary key to assess and improve organizational efficiency and marketability and became a part of a general organizational strategy. In terms of globalization and rapidly changing business environment, as well as growing competitiveness on the market modern companies increasingly need to rely rather of skilled and motivated employees then on pure technologies and products. As Steve Jobs, CEO of legendary Apple Computers states, "in terms when technologies may be

401k pension Plan Research Proposal Example | Topics and Well Written Essays - 1250 words

401k pension Plan - Research Proposal Example It is a retirement savings plan and its only funds are through the employee’s contributions which are done at the agreed time period and also may involve some contributions from the employer. The advantage with this pension plan is that the contributions which are made to it are from the pre-tax salary hence meaning that they are portable. Over the past decades, it has had a lot of importance in most of the employees working in the private sectors in US. It is due to the increased demand by most of the employees working in the private sectors that it has served as the most popular defined contribution plan which having the largest number of participants and assets. For example, research tells us that by the year 2006, around 50 million people that is the American workers participated fully at the 401K action plan and by the end of the same years, it was also found that the number of invested assets also grew hence representing 15% of all the retirement assets in US hence this in terms of US dollars can be around $2.7 trillion in assets only. The 401K has its rules and regulations are these rules are constructed by the US tax code hence this pension plan takes its name from the Internal Revenue Code of the year 1978 that created them. So you will find that the activities of the pension plan can be regulated by the employee benefits security administration in US department of labor. (Ben, 2005). At 401(K) investment plan, you find that there are a number of investing options whereby the participants in this case can fall in the category of their choice. You find that these investments options are grouped in to eight categories. One of the investment options is the equity funds whereby under this investment, it only involves a pooled investments inform of stocks only and an example of such investments may include stock like life insurance, some

Donoghue v Stevenson Analysis

Donoghue v Stevenson Analysis Introduction The case of Donoghue v Stevenson is arguably one of the most famous cases in the common law system and definitely one of the most important in the history of the development of the tort law. The revolutionary significance of the decision in this case is in the establishment of a standardised duty of care in negligence cases. Indeed, over the years after the precedent was set the courts have progressively shifted from the ascertaining a specific duty of care for each kind of situations, to the approach that assumes the existence of the general duty of care as it was established in Donoghue v Stevenson, and in particular Lord Atkins famous neighbour principle.[1] This essay is going to discuss the relevance of the principles established in this case in the modern tort law. The essay will start with the discussion of the established precedent, then moving to the development of the neighbour principle in the subsequent case law and its application today. The importance of the decision of the case In fact, the case established several important principles. They are: the recognition of the negligence as a distinct tort, the recognition of liability in situations, where there is no contractual relationship between the defendant and the claimant, the establishment of a duty of care owned by manufacturers to the ultimate consumers and the neighbour principle. [2] Nevertheless, Lord Atkins neighbour principle is the most well-known part of the decision of the case, despite the fact that according to the official sources it was never a part of the ratio of the decision in Donoghue v Stevenson.[3] Lord Atkins approach was recognised for the first time Word count: 1391 in the case of Hedley Byrne v Heller[4], and later in the Home Office v Dorset Yacht Co Ltd Lord Reid stated that the decision in the case of Donoghue should be treated as a precedent and that that it ought to apply unless there is some justification or valid explanation for its exclusion.[5] The idea behind this was to unify the previous cases and to make the decisions in the future cases more predictable. Thus, the neighbour principle established two concepts foreseeability and proximity. These two key concepts triggered the development of tort law in the 20th century. The development of the established concepts The principle established in Donoghue v Stevenson was seen as an important milestone in the history of tort law as it was the first successful attempt to set out a general principle with respect to the concept of the duty of care. However, later the courts started to acknowledge that the neighbour principle was too simplistic and limited in scope. Therefore, the evolution of the tort of negligence since the snail in the bottle case has been a search for control mechanisms that can limit the scope of the duty concept. So, within the case law on duty of care there has been a shift from a general concept of duty formulated in the neighbour principle to more specific criteria. Indeed, in Anns v Merton London Borough Council, the House of Lords decided to modify the test for the establishment of a duty of care by imposing policy considerations to limit the imposition of a duty of care.[6] The test formulated in Anns was that the defendant owed the claimant to take reasonable care, as long as it was reasonably foreseeable that a failure of doing so would result in damage to the claimant, unless there was some policy reason that limited the scope of the duty or the class of people to whom it was owed or the damages to which a breach of the duty may Word count: 1391 give rise. [7]The first part of the test clearly corresponds to the Lord Atkins test, but the second part was created to restrict claims. The main criticism of this test was that it could lead to an expansion of the situations in which a duty of care could arise. Therefore, in 1990 the Anns test was rejected in the case of Murphy v Brentwood District Council.[8] As the test set in Anns was not sufficient enough, and it was replaced with the test for a duty of care set in Caparo Industries v Dickman. [9] The Caparo test narrowed the test set in Anns by implementing an additional stage to the test. The Caparo test consists of requirements of reasonably foreseeable harm, a relationship of proximityaand that for the imposition of a duty to be fair just and reasonable. The first two stages of Caparo test were based on judgement in Anns, which corresponds back to Lord Atkins neighbourhood principle and the fair, just and reasonable requirement relates to same public policy considerations as the second stage of the Anns test. However, an essential difference between Caparo and Anns is that Caparo test emphasised the incremental and by analogy approach in order to prevent massive extensions of the duty of care concept, meaning that there must be an analogous situation in the previous case law in order to justify the extension of the duty of care in novel situations.[10] By accepting the incremental and by analogy approach the courts rejected the broad formulations from the previous case law and constrained the precedent set in Donoghue v Stevenson to cases concerned with physical damage. [11] Word count: 1391 So, from one point of view, it can be said that the decision in Donoghue v Stevenson created a basis for the establishment of the test in Caparo as first two requirements are clearly taken from the neighbour test. However, some critics say that the intention of judges in Caparo was to change the neighbour principle in entirety. Indeed, in the modern times the incremental approach developed in Caparo suggests that the claimant can only sue the defendant for the breach of the duty of care only in situations where the existence of the duty is established. This seems to contradict the aim of Lord Atkins biblical principle. [12] As has been recognised in Anns and Caparo, the approach taken by the judges in Donoghue v Stevenson is too simple, especially in the modern times, where the law of negligence has become even more complicated than it used to be. Nowadays the courts use different approaches for different situations, for example the approach for the establishment of duty of care for psychiatric injuries is not the same as for physical injuries. Indeed, according to Heuston other considerations beyond foreseeability and proximity begin to acquire greater significance and the principles established in Donoghue are applicable only to relatively straightforward cases, but not to the liability for non-physical injuries, or for omissions, or for the conduct of third parties.[13] However, it can be said that the decision in Donoghue v Stevenson formed a foundation for the development of all the aforementioned areas of tort law. Conclusion To conclude, some scholars express the view that the importance of the case of Donoghue v Stevenson was overrated both by its supporters and critics.[14] However, in my opinion, even though the importance of the decision of this case nowadays is reduced, the case has a lasting effect, the significance of which lies not only in the established principles, but in the ideas that changed the law of tort forever, and in particular the law of negligence. Bibliography Cases Donoghue v Stevenson [1932] AC 562 Hedley Byrne Co Ltd v Heller Partners Ltd [1963] 2 All ER Home Office v Dorset Yacht Co Ltd [1970] AC 1004 Anns v Merton London Borough Council [1977] UKHL 4 Murphy v Brentwood District Council [1991] UKHL 2 Caparo Industries Plc v Dickman [1990] UKHL 2 Articles J.C. Smith, Peter Burns, Donoghue v. Stevenson: The Not so Golden Anniversary [1983], MLR 1 R.F.V. Heuston, Donoghue v Stevenson in Retrospect, [1957], MLR 20(1) Gavin Murphy, The snail and the ginger beer: the singular case of Donoghue v Stevenson [2011], CLB 37(1) Keith Patten, Snail trail, (New Law Journal, 11 May 2012) assessed 22 November 2016 Z0973311 Word count: 1391 Jessica Randell, Duty of Care Haunting Past, Uncertain Future (2014) North East Law Review 2 (2) Books Simon Deakin, Angus Johnston, Basil Markesinis, Markesinis and Deakins Tort Law (7th edn, Oxford University Press Higher Education Division 2012) Horsey K., Rackley E., Tort Law (3rd edn, Oxford University Press Higher Education Division 2013) [1] J. C. Smith and Peter Burns, Donoghue v. Stevenson-The Not So Golden Anniversary (1983) 46 (2) MLR 1 [2] R. F. V. Heuston, Donoghue v. Stevenson in Retrospect (1957) 20(1) MLR [3] Keith Patten, Snail trail, (New Law Journal, 11 May 2012) assessed 22 November 2016 [4] Hedley Byrne Co Ltd v Heller Partners Ltd [1963] 2 All ER [5] Home Office v Dorset Yacht Co Ltd Lord Reid [1970] AC 1004 [6] Anns v Merton London Borough Council [1977] UKHL 4 [7] Kirsty Horsey, Erika Rackley, Tort Law (3rd edn, Oxford University Press Higher Education Division 2013) [8] Murphy v Brentwood District Council [1991] UKHL 2 [9]Caparo Industries plc v Dickman [1990] UKHL 2 [10] Jessica Randell, Duty of Care Haunting Past, Uncertain Future (2014) North East Law Review 2 (2) [11] Simon Deakin, Angus Johnston and Basil Markensinis, Markesinis and Deakins Tort Law (7th edn, Oxford University Press Higher Education Division 2012) [12] Patten(n 3) [13] Heuston (n 2) [14] Gavin Murphy, The snail and the ginger beer: the singular case of Donoghue v Stevenson [2011], CLB 37(1)