Takeover
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Takeover
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Author : Moira Johnston
language : en
Publisher: Beard Books
Release Date : 2000
Takeover written by Moira Johnston and has been published by Beard Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Business & Economics categories.
The Takeover Dialogues
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Author : Edmund J. Kelly
language : en
Publisher: iUniverse
Release Date : 2001-01-28
The Takeover Dialogues written by Edmund J. Kelly and has been published by iUniverse this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-01-28 with categories.
A longtime critic of hostile cash takeovers of large corporations, Edmund Kelly believed that if the organized insincerity of advisors and corporate control entrepreneurs in the tight knit takeover community was told, this alone would contribute to a decline in the acceptance of the hostile bid as an acquisition method. Copies of The Takeover Dialogues were purchased primarily in 1988 by investment and commercial banking and corporate law firms, executives and business libraries. Prominent uninvited cash takeover bids averaged 17 a year for the period 1985 - 1988. There were 6 in 1989 and 2 in 1990. For the years 1991 -1999 they averaged 1.2 a year. In these carefully reasoned dialogues, Edmund Kelly also examines the impact of corporate raids on the business community and society. Kelly believes the ideal corporation translates capital and human energy into a community service institution that is ultimately greater than the sum of its parts. This book raises important questions of public policy about issues affecting the institutions upon which we all depend for our continued prosperity. It is important reading for anyone concerned about the future of corporate business in a capitalistic society.
The Law And Economics Of Takeovers
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Author : Athanasios Kouloridas
language : en
Publisher: Bloomsbury Publishing
Release Date : 2008-05-19
The Law And Economics Of Takeovers written by Athanasios Kouloridas and has been published by Bloomsbury Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-05-19 with Law categories.
This book studies takeovers from the acquirer's perspective. More precisely the book focuses on the legal and regulatory treatment of the risks faced by the acquiring company shareholders in takeovers. The identified risks are categorised into two main groups: first, risks generated by managerial choices and second, regulatory or external risks. The analysis considers the legal context but also draws on the economic literature, seeking to map the area under consideration and to suggest measures to improve the present position from both a law and economics perspective. More specifically, the book examines various methods of protecting the acquiring shareholders against value-decreasing or self-interested acquisitions, such as the class transaction rules, fiduciary duties, the acquiring directors' responsibilities under the Takeover Code, the court scheme procedure, the role of institutional shareholders and reward strategies, and methods of making the acquiring directors more exposed to the discipline of the market. The effects of the choice of the medium of payment are also covered. In addition, it covers the Code's position with regard to auction situations and seeks to identify ways of addressing the acquiring shareholders' interests in auctions, including auctions where buyout teams or white Knights are involved. Moreover it identifies situations where deviations from horizontal equality rules, which increase takeover premia, are or should be recognised. To that effect the Code's rules on mandatory bids, the determination of the price and the form of payment offered, partial offers and squeeze outs are considered. In addition, it covers the Code's position with regards to auction situations and seeks to identify ways of addressing the acquiring shareholders' interests in auctions, including auctions where buyout teams or White Knights are involved. Moreover it identifies situations where deviations from horizontal equality rules, which increase takeover premia, are or should be recognised. To that effect the Code's rules on mandatory bids, the determination of the price and the form of payment offered, partial offers and squeeze outs are considered. The analysis covers both hostile and friendly situations. In relation to hostile takeovers, the legal and regulatory framework of toehold strategies is analysed (Code's requirements, Disclosure Rules and Companies Act disclosure requirements etc). Market Abuse issues in relation to stake building are also highlighted. In relation to friendly takeovers the operation of lock-up agreements and break fees (Code's requirements, fiduciary law, financial assistance and other contract law concerns), is also explored. Finally, the Panel's position on adverse changes, pre-conditions and conditions which the offer can be subject to and the bidder's exposure to Material Adverse Change risk are assessed. The book discusses developments in the area under consideration including the Takeover Code regime after the implementation of the Takeover Directive and the Companies Act 2006.
The Art Of Hostile Takeover Defence
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Author : Jeannette Gorzala
language : en
Publisher: Igel Verlag
Release Date : 2010-03
The Art Of Hostile Takeover Defence written by Jeannette Gorzala and has been published by Igel Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-03 with Business & Economics categories.
The market for corporate control had been the playfield of bust-up artists and speculators seeking short-time profits during the 1980s. This had also encouraged many innovations in the art of hostile takeover defence. Until today anti-takeover defence has reached a very sophisticated level and most companies have erected formidable defences to counter aggressive corporate raiders. With her book Jeanette Gorzala provides a global perspective on hostile take-over defence during the latest merger wave. The focus lies on firstly determining the most common anti-takeover defence strategies and then in a second step evaluating their effectiveness to ward off corporate raiders. For this purpose the underlying concepts of the formal theory are presented in order to serve as a fundamental basis for an empirical study. In order to underline the theory with empirical evidence a sample of 335 hostile takeover bids launched in the timeframe from January 1, 2003 to December 31, 2008 has been analyzed. The key findings of the study are presented along two vital research questions reflecting the purpose of this book.
Knights Raiders And Targets
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Author : John C. Coffee Jr.
language : en
Publisher: Oxford University Press
Release Date : 1988-06-23
Knights Raiders And Targets written by John C. Coffee Jr. and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988-06-23 with Business & Economics categories.
Fascinating as the corporate takeovers of recent years have been--with their "golden parachutes" and junk bonds, "greenmailers" and white knights--it is far from clear what underlying forces are at work, and what their long-term consequences will be. Debate over these questions has become polarized: some see takeover threats as disciplinary mechanisms that induce managers to behave efficiently and move assets to higher valued uses or into the hands of more efficient managers; others claim that corporate raiders have produced few observable increases in operating efficiency, but rather have disrupted business planning, enforced a preoccupation with the short-term, and tilted the balance sheets of corporate America towards dangerously high debt levels. Such sharp conflicts in theory and evidence have produced considerable governmental confusion concerning the appropriate policy response. Scores of bills have been introduced in Congress, but legislators are no more in agreement than scholars. Knights, Raiders, and Targets represents one of the first sustained efforts to refine and clarify these issues. Based on papers presented at a symposium sponsored by the Columbia Law School's Center for Law and Economic Studies, it also includes discussion of the informal presentations made at the symposium by the CEOs of several major corporations. This important book airs new theories and offers vital and exciting discussion of the essential issues attached to an event that has become central to American corporate culture.
Corporate Takeovers
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Author : Alan J. Auerbach
language : en
Publisher: University of Chicago Press
Release Date : 2013-12-30
Corporate Takeovers written by Alan J. Auerbach and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-12-30 with Business & Economics categories.
The takeover boom that began in the mid-1980s has exhibited many phenomena not previously observed, such as hostile takeovers and takeover defenses, a widespread use of cash as a means of payment for targeted firms, and the acquisitions of companies ranking among the largest in the country. With the aim of more fully understanding the implications of such occurances, contributors to this volume consider a broad range of issues as they analyze mergers and acquisitions and study the takeoveer process itself.
Corporate Takeover Targets
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Author : Hicham Meghouar
language : en
Publisher: John Wiley & Sons
Release Date : 2016-03-31
Corporate Takeover Targets written by Hicham Meghouar and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-03-31 with Business & Economics categories.
The term “takeover”, of which the first form is mergers and acquisitions (M&A), refers to the transfer of control of a business from one group of shareholders to another. Considering the importance of this issue and the real drives behind takeovers, it has become imperative to identifying companies that are vulnerable to takeover by two types: tender offer and exchange offer. This book thus presents the legal aspects, the theoretical justifications and the empirical contributions of takeovers, and analyzes the economic and financial characteristics of targets in order to assess the probability of being acquired. An empirical approach based on two quantitative studies is then applied to the European market, which is still virgin territory in terms of academic research. Finally, acquisition probability models have been developed and they have a 72% forecast accuracy average rate of targets. Corporate Takeover Targets is aimed at students and researchers in economic and management, as well as M&A consultants.
The Titans Of Takeover
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Author : Robert Slater
language : en
Publisher: Beard Books
Release Date : 1999
The Titans Of Takeover written by Robert Slater and has been published by Beard Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Business & Economics categories.
The story told in The Titans of Takeover is that of the corporate raiders - the men who in the 1980s discovered great financial opportunities in seizing control of someone else's business, often at bargain prices. With millions of dollars at stake, these raiders aroused massive public attention and, depending on point of view, were for a while either the villains or the saviors of American business. The book looks not only at the raiders, but also at other featured players in the takeover game: the investment bankers, attorneys, and arbitragers. Profiled in these pages are the leading figures in the American takeover field, including T. Boone Pickens, Carl Icahn, Saul Steinberg, and Ted Turner as well as such behind-the-scenes personalities as lawyers Martin Lipton and Joseph Flom, investment bankers Joseph Perella and Bruce Wasserstein, and arbitrager Ivan Boesky. Book jacket.
Corporate Takeover Law And Management Discipline
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Author : Francis A Okanigbuan Jnr
language : en
Publisher: Routledge
Release Date : 2019-12-06
Corporate Takeover Law And Management Discipline written by Francis A Okanigbuan Jnr and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-12-06 with Law categories.
This book examines the effectiveness of corporate takeovers. The dominant ideologies of corporate takeovers include synergistic gains and its managerial disciplinary role. These dominant themes are being undermined by the challenges of costly acquisitions. The UK Takeover Code is a regulatory response to the role of managers of target companies only. Also, the regulatory framework for takeovers in the United States is largely focused on target companies. The book demonstrates that managements can influence the role of takeovers, thereby undermining its synergistic and disciplinary values. Presenting an identification and evaluation of the limits of current regulatory and judicial control over the role of management during takeovers in the UK and the US -Delaware, it will identify the relevance of institutional control as an effective mechanism for addressing the challenges of managerial influence over takeover functions. It will also identify how the role of managements can be addressed with the complementary benefit to shareholder and employee interests; thereby challenging the shareholder/ stakeholder primacy debate in corporate law, particularly in relation to takeovers. This book will be essential reading for scholars and students interested in the market for corporate control, corporate law and company law.
Hostile Takeovers The Use Of Attack And Defence Strategies
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Author : Panagiotis Papadopoulos
language : en
Publisher: GRIN Verlag
Release Date : 2011-11
Hostile Takeovers The Use Of Attack And Defence Strategies written by Panagiotis Papadopoulos and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-11 with Business & Economics categories.
Doctoral Thesis / Dissertation from the year 2011 in the subject Business economics - Accounting and Taxes, grade: 70, University of Westminster (Westminster Business School), course: MSc Finance and Accounting - Master Dissertation, language: English, abstract: The attack and defence strategies are of critical importance for the situation of a takeover-bid from the view of the target company or the investor (raider). They can be crucial factor whether the acquisition is successful or not. Several strategies are discussed and are evidenced on the basis of practical examples. Of special importance is the development of the bid premia during the takeover process and the impact to the shareholders wealth. It can be observed that through decades and several takeover waves in the 20th century specific defence strategies pointed out as favourites in use for target managers. This project reviews the motivations for hostile takeovers, structures the random literature in this field, discusses the effects and impacts of popular attacks and defences and showcases several high-profile takeover bids.