Tuesday, April 21, 2020
Romeo and Juliet Coursework -Felicity Weston Essay Example
Romeo and Juliet Coursework -Felicity Weston Essay Throughout the course of the play the character of Juliet changes dramatically. Juliet evolves from a quiet girl who knows little of the world or her place in it, into a strong-willed, defiant woman willing to risk her life for the man she loves. Juliet quickly develops into a woman who lets her heart lead her head and is persistent in getting to where she wants to be. She goes through many changes during a fascinatingly short period of time, where her moods, thoughts and feelings all alter. The language used in Romeo and Juliet is extremely effective to the audience or readers of the play. Shakespeare uses carefully chosen words, rhythms and styles, to create the atmosphere he wants. He does this in a style which means they can be interpreted in many different ways. The play is based upon two characters, the love they have for each other, the problems they go through and how they mature and develop. Before Juliet meets Romeo her attitude towards love and marriage is completely different to her feelings after she has met him. When we are first introduced to Juliet in Act 1 Scene 3 she says very little and appears insular and distant. Her responses are short and to the point with no evidence of flowery language, particularly when the subject of marriage is brought up. She sees marriage as, an honour that I dream not of. We learn that Juliet is an airy character, who is unsure of what she wants in life. She feels she is far too young to marry, which are the feelings of her father exactly. It is clear that there is a distinct lack of communication between Juliet and her mother. She is not very attached, close or friendly to Lady Capulet. Lady Capulet uses the nurse as a go-between, Nurse, wheres my daughter? Call her forth to me. We will write a custom essay sample on Romeo and Juliet Coursework -Felicity Weston specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Romeo and Juliet Coursework -Felicity Weston specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Romeo and Juliet Coursework -Felicity Weston specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The nurse being her main mother figure, clearly adores Juliet, I bade her come. What, lamb! What ladybird! God forbid! Wheres that girl? What Juliet! There is evidence here of Juliets emotional state as the nurse still sees her as a child and litters her response to Lady Capulet with childish terms of endearment. However the nurse, is very caring and concerned for Juliets welfare, and is the only person who knows virtually everything about her. We are also told that Juliet is rather isolated, therefore lacking of friends, leaving her only real friend as the nurse. Juliet is a highly desirable, well-educated, religious young woman, who is portrayed as having a very confused state of mind. Act 1 Scene 5 consists of Romeo and Juliets first meeting at the Capulets feast. The whole scene is quite breathtaking and anyone who has ever experienced something close to Love at first sight would recognise the symptoms of breathlessness, excitement and a longing to speak the lines of a poet. Quite suddenly there is a point to life. Juliet is taken aback with Romeos romantic approach and when he offers his hand to hers, she likens it to a palmers kiss, a reference to the pilgrims who made long journeys to the shrines of the Holy land and brought back palm leaves as proof of their visits. For saints have hands that pilgrims hands to touch, and palm to palm is holy palmers kiss. This whole scene, whether read, seen at the theatre or on film, strongly conveys the concept of love at first sight. Juliet reveals her emotional state when Romeo is leaving. Go, ask his nameif he be married, my grave is like to be my wedding-bed. On first seeing Juliet at the feast Romeo loves her from the very first moment. She, in turn falls instantly in love with him. This moment in time is completely electrifying for them both. Juliet being a very religious young woman would obviously take to Romeo through the speech he uses towards her. He uses words such as profane, sin, devotion, faith, trespass and pilgrims, portraying to Juliet that he is also highly in favour of religion. The language the two new found lovers use matches each others to a certain extent. Juliet speaks just as much as Romeo, which portrays a certain change already, for when we first met Juliet she was a very quiet, timid girl. Romeo acts very charmingly towards Juliet, wanting to kiss her, paying her compliments and putting himself down, If I profane with my unworthiest hand However, Juliet acts in a more mature and self-controlled manner, Good pilgrim, you do wrong your hands too much Romeo proves to be very persistent and flattering, leaving Juliet no choice but to let him get his way. Juliet thinks Romeo follows a book in his actions, You kiss by thbook. When they fell in love what they did not realise was that they were supposed, loathed enemies. The moment Juliet discovers the true identity of Romeo she realises My only love sprung from my only hate! She is devastated and extremely distressed at finding out what has happened to her. Already Juliet talks about love and marriage, so from declaring in Act 1 Scene 3 her disposition to be married as, an honour she dreams not of; Juliet is now offering a sincere declaration of love. During Act 2 scene 2 the use of contrasts forms a completely different view of Juliet. Whilst the nurse meets with Romeo, Juliet waits very impatiently for her return and the news she will bring. As she waits she begins a soliloquy, The clock struck nine when I did send the nurse; In half an hour she promised to return O, she is lame! Loves heralds should be thoughts, Which ten minutes faster glides than the suns beams, Driving back shadows over louring hills Juliet is incredibly desperate to find out how Romeo feels about her at this point in time, for she has only recently met him for the first time. The way she uses contrasts between light and dark, shows her impatience and confusion. There are considerable movements in Juliets language. Shakespeare seems to increase dramatic tension by portraying Juliets increasing impatience to learn the news the nurse will bring, and then again when the nurse uses all kinds of methods to delay telling her. At the beginning of the play we saw her language as being very direct, her language now has evolved to being very philosophical. Throughout the soliloquy at the beginning of the scene I noticed how she switched from her flowery, dreamy language to strong, powerful language. When the nurse returns, Juliet immediately begins asking questions. This scene shows Juliets immature side, by the incredible amount of punctuation used in her speech. As the nurse arrives she does not greet her, which she normally undoubtedly would have, but bombards her with her urgent questions. Shakespeare proves to use comically effective language when after her nurse uses the excuse of being too out of breath to tell her the news she has brought, Juliet says: How art thou out of breath when though hast breath To say to me that thou art out of breath Juliet is unbelievably anxious to hear what has been said, that she will not let the nurse rest. She is increasingly frustrated by the nurses irrelevant replies, at last she hears the longed-for news: Romeo waits to marry her at Friar Lawrences cell. We detect a considerable change in Juliets behaviour. At the beginning of the play Juliet was very polite to her nurse and her parents, but despite being so close to her nurse we see her in an erratic state of mind and is very spiteful, cruel and selfish towards her nurse. The very aspect of this makes me think what love is turning her into. Juliets language throughout this scene changes from her deep soliloquy to monosyllabic and simple words when her nurse comes home, her language returns to how it was at the beginning of the play, direct and blunt. Juliets desperation is shown by her expression and the varying types of words she uses; she uses commands, talking at the nurse rather than to her. She also uses interrogatives when the nur se frustrates her by her constant mocking. This scene shows a lot about the relationship Juliet and her nurse hold, despite Juliet seeming rude and insistent, the nurse is blatantly teasing her, and the scene is purely comical. Act 3 is the turning point of the play; the deaths of both Mercuito and Tybalt change everything. Romeo finds out his punishment for killing Tybalt is banishment from Verona. When Juliet learns that Tybalt is dead and Romeo banished, she begins to accuse Romeo of seeming beautiful but acting vilely, but then rebukes the nurse for wishing shame on Romeo. From this we see the confusion and switch of emotion going through Juliets head. Act 3, scene 5 shows Romeo and Juliet after their wedding night together. Juliet tries to persuade Romeo that it is not yet dawn, and not yet time for him to leave her. At first he says he must go, but then resolves to stay and face capture and death. This scene is a very important scene for Juliet because it shows the beginning of her betrayal to her family, and then how the nurse turns her back on Juliet and betrays her. Before Romeo leaves they act in a very mature manner, in both the way they speak and act. This scene is the last time they see each other alive, and I think they subconsciously knew that that might be the case. The names they call each other express their love for one another: love, lord, and my soul. The way they try to hold on to their last moments for as long as possible shows just how much they mean to each other. However, realisation is also a form of maturity, and this is shown as they realise they cannot fight against time any longer. When Romeo had left, Juliets mother came to inform her of her arranged marriage to Paris. Juliets mood quickly switches from depression to anger. As her mother enters the room Juliet is crying, because she was unaware of the circumstances, she automatically thought her tears to be for her cousin. Indeed, I never shall be satisfied With Romeo, till I behold him dead Is my poor heart so for a kinsman vexd This speech holds a double meaning, so can be seen in two different ways. Lady Capulet will be thinking she is saying I shall never be satisfied until I behold Romeo dead. However, Juliet is actually saying I shall never be satisfied until I behold him. Dead is my poor heart vexed. Shakespeares phrasing here is very cleverly done. Juliet is insistent that her mother cannot find out about her marriage to Romeo but the last thing she wants is to speak badly of him. We see just how her love for Romeo is influencing Juliet, she has begun to deceive and lie to her parents. Her defiance can only expand from here. In turning down the offer of marriage to Paris Juliet says: I will not marry yet; and when I do, I swear, It shall be Romeo, who you know I hate, Rather than Paris. Again she is showing hatred towards Romeo to her mother, as an example of how much she does not want to marry Paris. This whole issue portrays a new side to Juliets character, she decides upon her beliefs rather than to let her parents dominate as they used to. She speaks in an aggressive tone, which we never heard from Juliet before she fell in love. After being dismissed by her father, saying Hang thee, young baggage, disobedient wretch! I tell thee what: get thee to church aThursday, Or never after look me in the face By this we see what a towering rage Capulet flies into after hearing of Juliets refusal to marry Paris. His threats and insults break her down, but not enough to turn her back on her beliefs. Instead she tries to turn to her mother for support, O sweet mother, cast me not away! Delay this marriage for a month, a week; Or, if you do not, make the bridal bed In that dim monument where Tybalt lies. We see from this that Juliet and her mother have a very false relationship, Juliet is desperate for reassurance and both her father and mother dismiss her. She realises that the nurse is her only direction for source of support: O God O nurse, how shall this be prevented? Juliets last expectation is that the nurse will also dismiss her, so immediately indulges herself into an inflexible self-sorrow. Her words show she is in need of comfort and reassurance: What sayst thou? Hast thou not a word of joy/. Some comfort, nurse? The nurse said nothing since Lady Capulet left the room, leaving Juliet uncertain why her nurse, her only friend has not tried comforting her in any way. Juliets sudden bombardment of questions shows how reliant she is on her nurse, and that she is still quite immature in this way, and not ready to face the world on her own. The nurse decides to turn her back on Juliets feelings and tells her she thinks she should marry Paris, because with Romeo being banished means he is basically dead. This is the very last thing Juliet wanted to hear, it now becomes clear in her head that she is alone, and has no one now. Juliet is astounded at the change in her nurse, and realises she cannot tell her anything from now on. From the Nurses behaviour and advice Juliet is left distraught, surprised, feels like her only real friend in life is turning against her, and she is unaware of the reason why. Juliet is feeling the pressures now, being alone. Her dad is furious; she feels she will only have a home if she marries Paris. Not only are her parents threatening her, but also her religion adds to her dilemma. She recognises that only by Romeos death can she sincerely take a faithful vow to marry Paris. Act 5 Scene 3 is the scene in which Juliet wakes to find Romeos dead body. When she does this her attitude appears to be one of calm acceptance as if she always knew that their relationship was ill fated and would come to this. In this scene as Friar Lawrence pleads with her to leave, for the watch is coming, she courageously stands her ground, wanting to stay with her lover. Go get thee hence, for I will not away. Whilst the act of finding Romeos dead body may temporarily have unbalanced her mind, she appears very practical. Her language is purposeful, strong and single-minded, searching for a way to join her lover in death. Indeed, on discovering that Romeo took poison, she hastily takes the cup, O churl, drunk all, and left no friendly drop to help me after. Once again, her language shows a maturity far beyond her fourteen years and this is further supported when with detached emotion she declares, O happy dagger, this is thy sheath, and stabs herself. The way she gives her life f or him without a thought proves her love can only be true, and just shows the extent of her love. Throughout the play, Shakespeare continually chooses language, which takes us on a journey with Juliet. From an introverted child who was still strongly guided by her nurse and only spoke when spoken to, she developed into a strong-willed woman who surrendered everything for love, including her family and ultimately, her life. Her passion for Romeo knew no bounds and as the play develops, Shakespeare conveys the change in Juliet by the clever use of language. Personally I find it difficult to comprehend Juliet as someone to admire, bearing in mind her ultimate demise, but I do envy her single-minded passion for Romeo. I cannot condone any form of suicide, even if it is a love pact, and I found their deaths such a prodigious waste when they both had their whole lives in front of them. I am not sure that love at first sight is a real phenomenon but Shakespeare, again through the use of Juliets language, certainly had me believing that it was possible. With the endless oxymorons, metaphors and similes for imagery, repetition and puns Shakespeare managed to convey the change in Juliets character amazingly. He manages to portray the despair, joy, confusion and understanding that they feel, as well as their love for each other. I believe that one of the main reasons that this play has been so successful is the fact that many of the emotions we experience today are covered.
Monday, March 16, 2020
Short clauses can take commas
Short clauses can take commas Short clauses can take commas Short clauses can take commas By Maeve Maddox Ron Milan wants to use a comma to separate two short clauses: I wrote a sentence: Experts teach, peers comfort. Word creates an error unless I write Experts teach and peers comfort. or Experts teach; peers comfort. (semi colon versus comma). à However, I like the shorter pause by a comma. à Any rules on this? Punctuation exists to help readers make sense of what is written, but it can also be a means of helping a reader hear the writerââ¬â¢s voice. The difference between Ronââ¬â¢s preferred sentence and those suggested by Word is a difference of style. All three sentences are understandable, but the first conveys an introspective tone that the others lack. Julius Caesarââ¬â¢s boast of Veni, vidi, vici is usually translated as I came, I saw, I conquered. The insertion of an and or of semicolons would spoil the effect by slowing it down or making it sound more prosaic than triumphant. The Chicago Manual of Style staunchly defends the semicolon to separate independent clauses not joined by a conjunction: Two independent clauses not joined by a conjunction are best separated by a semicolon or a period. This principle has always been the fifth major rule put forth in The Elements of Style- starting with Strunkââ¬â¢s original (Ithaca, NY, 1918) and continuing almost unchanged . . . through the latest (fourth) edition of Strunk and White (New York, 2000). Strunk, however, doesnââ¬â¢t get the last word, not even in the offices of the CMS. When a writer queried about using a comma instead of a semicolon in a sentence with two independent clauses and no conjunction, the response was that the sentence in question did, in fact, read better with the comma. The CMS editor acknowledged that [s]ometimes the ear is more important than the rulebook. When choosing whether to use a comma or a semicolon, the writer must consider both clarity and desired stylistic effect. Hereââ¬â¢s an interesting About article on the semicolon P.S. I just discovered that the National Geographic Manual of Style supports the comma for short clauses and no conjunction. Their example is also the Julius Caesar quotation. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Punctuation category, check our popular posts, or choose a related post below:85 Synonyms for ââ¬Å"Helpâ⬠Cannot or Can Not?What Is the Meaning of "Hack?"
Friday, February 28, 2020
Term paper of Cyberpunk Film class Example | Topics and Well Written Essays - 2500 words
Of Cyberpunk Film class - Term Paper Example Through the hacking activity, Neo, Andersonââ¬â¢s hacking alias makes acquaintance of Morpheus who told him that none of the things he knew is real. Everything and everyone is a victim of ââ¬Å"The Matrixâ⬠, an artificial intelligence system that uses their brains and bodies for energy while creating an illusion of a real world. Morpheus and his team are looking for ââ¬Å"The Oneâ⬠whom they believe is Neo. The Matrix is where the people exist in the movie. It is a computer-generated dream world, a false reality that is created for humans to hide the truth. The truth according to Morpheus is that the humans are enslaved by the artificial intelligence to provide them the energy like a battery. In the Matrix, Neo worked in Metacortex, a leading software company and worked as a hacker at the same time where he made acquaintance of Morpheus. However, Zizek (2002) described the Matrix as the ââ¬Å"Lacanian ââ¬Å"big Otherâ⬠, the virtual symbolic order, the network that structures reality for us.â⬠This ââ¬Å"big Otherâ⬠is the name for the social Substance, for all that on account of which the subject never fully dominates the effects of his acts, on account of which the final outcome of his activity is always something other than what he aimed at or anticipated (Zizek 244). The ââ¬Å"big Otherâ⬠in the movie is the existing Mega-Computer which controls the Matrix and that there has to be an existence of the Matrix to illustrate that there are things that seems to be out of place, opportunities that are missed and things go wrong (Zizek 245). According to Zizek (2002), there this no ultimate reality, instead, there are infinite series of virtual realities, another Matrix after the Matrix. According to Zizek (2002), this ââ¬Å"big Otherâ⬠also stands for the ââ¬Å"field of common sense at which one can arrive after free deliberation; philosophically, its last great version of Habermasââ¬â¢ communicative community with its regulative ideal of agreement.â⬠This idea of ââ¬Å"big
Wednesday, February 12, 2020
Separation or division of powers between institutions in the criminal Essay
Separation or division of powers between institutions in the criminal justice system (comparative) - Essay Example Law Enforcement: are mandated with the roll of taking the report for crime that happened in a given area2. Defense attorneys have the mandate to defend the accused in the court of law3. Prosecution: they have the mandate of representing the government at the court of law4. Courts: they are managed by the judges who ensure abiding of the law to the latter and also oversee the court proceedings5. Corrections: they are mainly found in the prisons; they supervise the convicted offenders when they are in prison. Each of the components has a key role in the criminal justice process. And their separation ensures the suspects rights protection by the system. Various factors for comparison of the three countries South Africa, United Kingdom, and France criminal justice system include: the system of law practiced by the country, policing, structure of the court, juvenile justice, and gender equality in the criminal system, arrest of foreigners, prison and the punishment6. United Kingdom Court Structure: The lowest court in the United Kingdom is the Magistratesââ¬â¢ Court. The magistrate court deals with trials of most criminal offense. The District Judges and the Deputy District Judges heads the magistrate court. The suspect in the Magistrate Court appeals to the Crown Court. The suspect in the Crown Court appeals to the High Court headed by the Circuit judges. The suspects in the County Court appeals to the High Court, and they are headed by the Circuit judge, District Judge, Recorders and Deputy District judges. County Court deals with the trial of most Civil Cases. The High Court is the third powerful court in the country, Queensââ¬â¢s bench, Chancery and Family Division. All the three division appeals to the High Court and it can also hear first cases. The High Court and Deputy High Court judges are the heads of the High Court. Suspects in the High Court appeal to the Court of Appeal. The Court of Appeal
Friday, January 31, 2020
Summary of May the circle stay unbroken Essay Example | Topics and Well Written Essays - 500 words
Summary of May the circle stay unbroken - Essay Example itenessâ⬠is frequently portrayed in visual formats but never discussed as an actual component with relevant racial positioning within society (Chidester, 2008). Chidester also addresses how the ââ¬Å"whitenessâ⬠has assumed a strong racial position that is able to preserve a critical role in present-day American racial political arenas because it remains an unspoken subject (2008). This summary will highlight the major aspects of Chidesterââ¬â¢s arguments as presented within the article and factors that the author believes has or will disseminate the air of invisibility that has historically cloaked the concept of ââ¬Å"whitenessâ⬠(2008). The article continues to point out the historical implications of this concept in that the invisibility of the concept also empowered it and carried an assumption of privilege that may not bear the scrutiny of a public outing (Chidester, 2008). It is postulated that visual conceptualization of the concept will help minimalize the political power structured around it, which may fixate it and diminish its overall power (Chidester, 2008). Chidester continues to argue that visual media tends to represent ââ¬Å"whitenessâ⬠as a moniker of privilege and reinforces the conceptââ¬â¢s claim to the right to uphold its core sense of ââ¬Å"purityâ⬠against other races by limiting and regulating contacts with the ââ¬Å"racialized Otherâ⬠(2008, p.160). The role of Friends as an example of a consistent portrayal of ââ¬Å"whitenessâ⬠despite the absence of any racial context is highlighted as an example of the absence of ââ¬Å"whitenessâ⬠through rhetoric (Chideste r, 2008). The consortium of racially and socio-economically homogenous cohorts despite being set in one of the most racially diverse cities in the world is emphasized throughout the sitcom through reinforcement of the closed circle, which symbolizes the exclusivity or ââ¬Å"whitenessâ⬠without ever mentioning the concept (Chidester, 2008). NBCââ¬â¢s partnering of Friends with Seinfeld in their
Thursday, January 23, 2020
John Brown :: essays research papers
Born in Torrington, Connecticut on May 9, 1800, John Brown was the son of a wandering New Englander. Brown spent much of his youth in Ohio, where he was taught in local schools to resent compulsory education and by his parents to revere the Bible and hate slavery. As a boy, he herded cattle for General William Hull's army during the war of 1812; later he served as foreman of his family's tannery. In 1820, he married Dianthe Lusk, who bore him 7 children; 5 years later they moved to Pennsylvania to operate a tannery of their own. Within a year after Dianthe's death in 1831, Brown wed 16-year-old Mary Anne Day, by whom he fathered 13 more children. During the next 24 years Brown built and sold several tanneries, speculated in land sales, raised sheep, and established a brokerage for wool growers. Every venture failed, for he was too much a visionary, not enough a businessman. As his financial burdens multiplied, his thinking became increasingly metaphysical and he began to brood over the plight of the weak and oppressed. He frequently sought the company of blacks, for 2 years living in a freedmen's community in North Elba, N.Y. In time he became a militant abolitionist, a "conductor" on the Underground Railroad, and the organizer of a self-protection league for free blacks and fugitive slaves. By the time he was 50, Brown was entranced by visions of slave uprisings, during which racists paid horribly for their sins, and he came to regard himself as commissioned by God to make that vision a reality. In August of 1855, he followed 5 of his sons to Kansas to help make the state a haven for anti-slavery settlers. The following year, his hostility toward slave-staters exploded after they burned and pillaged the free-state community of Lawrence. Having organized a militia unit within his Osawatomie River colony, Brown led it on a mission of r evenge. On the evening of May 23, 1856, he and 6 followers, including 4 of his sons, visited the homes of pro-slavery men along Pottawatomie Creek, dragged their unarmed inhabitants into the night, and hacked them to death with long-edged swords. At once, "Old Brown of Osawatomie" became a feared and hated target of slave-staters. In autumn 1856, temporarily defeated but still committed to his vision of a slave insurrection, Brown returned to Ohio. There and during 2 subsequent trips to Kansas, he developed a grandiose plan to free slaves throughout the South. John Brown :: essays research papers Born in Torrington, Connecticut on May 9, 1800, John Brown was the son of a wandering New Englander. Brown spent much of his youth in Ohio, where he was taught in local schools to resent compulsory education and by his parents to revere the Bible and hate slavery. As a boy, he herded cattle for General William Hull's army during the war of 1812; later he served as foreman of his family's tannery. In 1820, he married Dianthe Lusk, who bore him 7 children; 5 years later they moved to Pennsylvania to operate a tannery of their own. Within a year after Dianthe's death in 1831, Brown wed 16-year-old Mary Anne Day, by whom he fathered 13 more children. During the next 24 years Brown built and sold several tanneries, speculated in land sales, raised sheep, and established a brokerage for wool growers. Every venture failed, for he was too much a visionary, not enough a businessman. As his financial burdens multiplied, his thinking became increasingly metaphysical and he began to brood over the plight of the weak and oppressed. He frequently sought the company of blacks, for 2 years living in a freedmen's community in North Elba, N.Y. In time he became a militant abolitionist, a "conductor" on the Underground Railroad, and the organizer of a self-protection league for free blacks and fugitive slaves. By the time he was 50, Brown was entranced by visions of slave uprisings, during which racists paid horribly for their sins, and he came to regard himself as commissioned by God to make that vision a reality. In August of 1855, he followed 5 of his sons to Kansas to help make the state a haven for anti-slavery settlers. The following year, his hostility toward slave-staters exploded after they burned and pillaged the free-state community of Lawrence. Having organized a militia unit within his Osawatomie River colony, Brown led it on a mission of r evenge. On the evening of May 23, 1856, he and 6 followers, including 4 of his sons, visited the homes of pro-slavery men along Pottawatomie Creek, dragged their unarmed inhabitants into the night, and hacked them to death with long-edged swords. At once, "Old Brown of Osawatomie" became a feared and hated target of slave-staters. In autumn 1856, temporarily defeated but still committed to his vision of a slave insurrection, Brown returned to Ohio. There and during 2 subsequent trips to Kansas, he developed a grandiose plan to free slaves throughout the South.
Wednesday, January 15, 2020
Mercury Athletic Case Essay
West Coast Fashions, Inc. (WCF), a large designer and marketer of menââ¬â¢s and womenââ¬â¢s branded apparel recently announced plans for a strategic reorganization. Active Gear, Inc. (AG), a privately held footwear company, was contemplating an acquisition opportunity. John Liedtke, the head of business development for AG, was interested in a WCF subsidiary. The subsidiary that Liedtke and AG intended to acquire was Mercury Athletic (MA), a footwear company. Liedtke thought acquiring Mercury would roughly double AGââ¬â¢s revenue, increase its leverage with contract manufacturers and expand its presence with key retailers and distributors. In order to provide a solid recommendation to Liedtke, further analysis must be performed. Market Overview The apparel or footwear industry is highly competitive with low growth. The market is influenced by fashion trends, price, quality and style. Companies can reduce risk factors by not following fashion trends which equates to efficient and effective inventory management and missed profit opportunities. Active Gear AG is a relatively small athletic and casual footwear company. It has annual revenues of $470.3M (42% of revenues came from athletic shoes), and $60.4M of operating income. Casting a shadow over these numbers are AGââ¬â¢s typical competitors. AGââ¬â¢s typical competitor has annual sales over $1.0B. Because of Chinese manufacturing contract consolidations, AGââ¬â¢s size was becoming a disadvantage due to low buying power vs. competitors. AGââ¬â¢s initial focus was to produce and market high-quality specialty shoes for golf and tennis players. AG was among the first companies to offer fashionable, walking, hiking and boating footwear. Over the years, the firmââ¬â¢s athletic shoes had evolved from high-performance footwear to athletic fashion wear with aà classic image. The firmââ¬â¢s traditional casual shoes also offered classic styling, but were aimed at a broader, more mainstream market. AGââ¬â¢s target demographic was urban and suburbanites, ranging from 25-45 in age. AGââ¬â¢s distribution channels consisted of independent retailers, departmental stores, and wholesalers. AG excluded big box retailers and discount stores. AG focused on products that didnââ¬â¢t follow fashion trends, resulting in a lengthened product lifecycle. This business model led to more efficient and effective supply chain and operating management. However, because they opted for the safe route it halted the companyââ¬â¢s sales and growth opportunity. Mercury Athletic Mercury Athletic was purchased by WCF from its founder Daniel Fiore. Fiore was forced to sell the company after running it for over 35 years, due to health problems. Due to a strategic reorganization, the plan called for the divestiture of MA and other ââ¬Å"non-coreâ⬠WCF assets. MA had revenues of $431.1M and an EBITDA of $51.8M Products were distributed to departmental and discount stores It had two product lines- athletic and casual footwear Target market of both men and women Shoes popularity grew in the extreme sports market MA developed an operating infrastructure, allowing management to quickly adapt to changes in customer tastes with product specifications. 1. Is Mercury an appropriate target for AG? Why or why not? Let me walk you through some qualitative considerations before making my recommendation. Strategic considerations: AG and MA are both competing in the athletic and casual footwear industry. Acquiring MA could lead to economies of scale and scope through manufacturing and distribution networks, respectively. Acquiring MA- AG would be less affected by the Chinese manufacturing contract consolidation, due to increased buying powers. AG could potentially revive and profit from acquiring Mercuryââ¬â¢s womenââ¬â¢s product line. Acquiring MA will double AGââ¬â¢sà annual revenue. Counter arguments- AG and MA target demographics could not produce company synergies MA is fashion trendy, therefore prone to risks outside of AGââ¬â¢s steady business model Company cultures could not match 2. Review the projections by Liedtke. Are they appropriate? How would you recommend modifying them? In order to find if the projections are reasonable, you need a starting point. Using projected growth rates and EBIT should indicate if Liedtkeââ¬â¢s data is solid. Referencing the Free Cash Flow and Terminal Value tables (found below), I will be able to generate an opinion of Liedtkeââ¬â¢s projections. Year to year growth rates are extremely volatile, normalizing in 2010. The negative rate could signify that in 2007 they are projecting to discontinue a product line. The swing back to a positive growth rate could be indication of AG leveraging its economies of scale and scope, while distributing their product lines through big box retailers. EBIT has been projected to gradually increase, which looks to be on par with industry norms. It is reasonable to say that Liedtkeââ¬â¢s projections properly reflect AGââ¬â¢s business model, post-acquisition. 3. See tables and calculations below 4. Do you regard the value you obtained as conservative or aggressive? Why? From my analysis, the value I obtained seemed to be aggressive against the information provided. Referencing the tables below: Terminal or Enterprise Value is High Synergies are excluded from financial analysis Declining revenue growth 5. How would you analyze possible synergies or other sources of value not reflected in Liedtkeââ¬â¢s base assumption? In order to analyze possible synergies, I would look at both companiesââ¬â¢ operations. Starting from where they source their materials to distributing their final product are all possibilities of operational synergies (buying power, distribution channels, inventory management, etcâ⬠¦). Financial synergies would include combining revenues and cost benefits, which translate to increasing bottom line. Company culture matching could also become problematic. Quantitative Analysis Net Working Capital Free Cash Flow WACC Terminal Value Valuation NPV, IRR and Payback Period Conclusion Net present value of future cash flows equates to a positive $0.2M. Internal rate of return or IRR is the interest rate at which the net present value of all the cash flows from a project or investment equal zero. The IRR of this acquisition is 28%. Having a positive NPV and an IRR that considerably outweighs the discount and risk free rate- suggests that this acquisition should be pursued. In conclusion, AG should acquire MA.
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