651:. Top executives often reap tremendous monetary benefits when a government owned or non-profit entity is sold to private hands. Just as in the example above, they can facilitate this process by making the entity appear to be in financial crisis. This perception can reduce the sale price (to the profit of the purchaser) and make non-profits and governments more likely to sell. It can also contribute to a public perception that private entities are more efficiently run, reinforcing the political will to sell off public assets.
526:, also known as the 'City Code' or 'Takeover Code'. The rules for a takeover can be found in what is primarily known as 'The Blue Book'. The Code used to be a non-statutory set of rules that was controlled by city institutions on a theoretically voluntary basis. However, as a breach of the Code brought such reputational damage and the possibility of exclusion from city services run by those institutions, it was regarded as binding. In 2006, the Code was put onto a statutory footing as part of the UK's compliance with the
1882:
1872:
598:
decide to take over a competitor not only because the competitor is profitable, but in order to eliminate competition in its field and make it easier, in the long term, to raise prices. Also a takeover could fulfill the belief that the combined company can be more profitable than the two companies would be separately due to a reduction of redundant functions.
626:
A reduced share price makes a company an easier takeover target. When the company gets bought out (or taken private) – at a dramatically lower price – the takeover artist gains a windfall from the former top executive's actions to surreptitiously reduce the company's stock price. This can
268:
in the case of an investing company, depart substantially from the investing strategy stated in its admission document or, where no admission document was produced on admission, depart substantially from the investing strategy stated in its pre-admission announcement or, depart substantially from the
126:
In a private company, because the shareholders and the board are usually the same people or closely connected with one another, private acquisitions are usually friendly. If the shareholders agree to sell the company, then the board is usually of the same mind or sufficiently under the orders of the
597:
capabilities in new areas which the acquiring company can use for its own products as well. A target company might be attractive because it allows the acquiring company to enter a new market without having to take on the risk, time and expense of starting a new division. An acquiring company could
208:
into the affairs of the target company, providing the bidder with a comprehensive analysis of the target company's finances. In contrast, a hostile bidder will only have more limited, publicly available information about the target company available, rendering the bidder vulnerable to hidden risks
618:
transactions to make the company's profitability appear temporarily poorer, or simply promote and report severely conservative (i.e. pessimistic) estimates of future earnings. Such seemingly adverse earnings news will be likely to (at least temporarily) reduce the company's stock price. (This is
533:
The Code requires that all shareholders in a company should be treated equally. It regulates when and what information companies must and cannot release publicly in relation to the bid, sets timetables for certain aspects of the bid, and sets minimum bid levels following a previous purchase of
639:
that can sometimes be in the hundreds of millions of dollars for one or two years of work. This is nevertheless an excellent bargain for the takeover artist, who will tend to benefit from developing a reputation of being very generous to parting top executives. This is just one example of a
439:
of the acquired company. The acquired company then has to pay back the debt. This is a technique often used by private equity companies. The debt ratio of financing can go as high as 80% in some cases. In such a case, the acquiring company would only need to raise 20% of the purchase price.
418:
Often a company acquiring another pays a specified amount for it. This money can be raised in a number of ways. Although the company may have sufficient funds available in its account, remitting payment entirely from the acquiring company's cash on hand is unusual. More often, it will be
592:
in that they are thought to have secondary effects beyond the simple effect of the profitability of the target company being added to the acquiring company's profitability. For example, an acquiring company may decide to purchase a company that is profitable and has good
83:
Management of the target company may or may not agree with a proposed takeover, and this has resulted in the following takeover classifications: friendly, hostile, reverse or back-flip. Financing a takeover often involves loans or bond issues which may include
493:
in itself to the shareholders of the company being acquired. In a reverse takeover the shareholders of the company being acquired end up with a majority of the shares in, and so control of, the company making the bid. The company has managerial rights.
161:
if the target company's board rejects the offer, and if the bidder continues to pursue it, or the bidder makes the offer directly after having announced its firm intention to make an offer. Development of the hostile takeover is attributed to
200:
to seek an injunction, arguing that section 7 of the act, which prohibits acquisitions where the effect may be substantially to lessen competition or to tend to create a monopoly, would be violated if the offeror acquired the target's stock.
561:
The Rules
Governing the Substantial Acquisition of Shares, which used to accompany the Code and which regulated the announcement of certain levels of shareholdings, have now been abolished, though similar provisions still exist in the
578:– the target company may simply be very reasonably priced for one reason or another and the acquiring company may decide that in the long run, it will end up making money by purchasing the target company. The large
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242:
is a type of takeover where a public company acquires a private company. This is usually done at the instigation of the private company, the purpose being for the private company to effectively
502:
If a takeover of a company consists of simply an offer of an amount of money per share (as opposed to all or part of the payment being in shares or loan notes), then this is an all-cash deal.
667:
themselves into a high-risk position. High leverage will lead to high profits if circumstances go well but can lead to catastrophic failure if they do not. This can create substantial
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1071:
309:
of the purchased company. This type of takeover can occur when a larger but less well-known company purchases a struggling company with a very well-known brand. Examples include:
923:
213:
in order to service the offer, banks are often less willing to back a hostile bidder because of the relative lack of target information which is available to them. Under
1272:
127:
equity shareholders to cooperate with the bidder. This point is not relevant to the UK concept of takeovers, which always involve the acquisition of a public company.
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because larger shareholders (typically controlling families) often have special board voting privileges designed to keep them in control. They do not happen often in
185:, to replace the management with a new one which will approve the takeover. Another method involves quietly purchasing enough stock on the open market, known as a
204:
The main consequence of a bid being considered hostile is practical rather than legal. If the board of the target cooperates, the bidder can conduct extensive
663:, has essentially provided a substantial subsidy to takeovers. It can punish more-conservative or prudent management that does not allow their companies to
554:
the level of the offer must not be less than any price paid by the bidder in the twelve months before the announcement of a firm intention to make an offer;
623:
their company's earnings forecasts.) There are typically very few legal risks to being 'too conservative' in one's accounting and earnings estimates.
913:
659:
Takeovers also tend to substitute debt for equity. In a sense, any government tax policy of allowing for deduction of interest expenses but not of
610:
associated with top executive compensation. For example, it is fairly easy for a top executive to reduce the price of their company's stock due to
281:. With a new agreeable management team, the stock is, potentially, a much more attractive investment, which might result in a price rise and a
505:
The purchasing company can source the necessary cash in a variety of ways, including existing cash resources, loans, or a separate issue of
1193:
1064:
523:
336:
1906:
1247:
972:
277:, can purchase a large fraction of the company's stock and, in doing so, get enough votes to replace the board of directors and the
38:
1093:
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903:
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if shares are bought during the offer period at a price higher than the offer price, the offer must be increased to that price;
1666:
1812:
193:, to effect a change in management. In all of these ways, management resists the acquisition, but it is carried out anyway.
1166:
293:. This was also an example of a back-flip takeover (see below) as Darwen was rebranded to the more well-known Optare name.
730:
285:
for the corporate raider and the other shareholders. A well-known example of a reverse takeover in the United
Kingdom was
255:
217:
law, boards must engage in defensive actions that are proportional to the hostile bidder's threat to the target company.
1606:
943:
850:
1723:
258:
rules, a reverse takeover is an acquisition or acquisitions in a twelve-month period which for an AIM company would:
1911:
1686:
775:
1916:
1857:
1842:
1832:
1671:
1486:
614:. The executive can accelerate accounting of expected expenses, delay accounting of expected revenue, engage in
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There are a variety of reasons why an acquiring company may wish to purchase another company. Some takeovers are
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31:
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again due to information asymmetries since it is more common for top executives to do everything they can to
224:. As of 2018, about 1,788 hostile takeovers with a total value of US$ 28.86 billion had been announced.
157:
directly, as opposed to seeking approval from officers or directors of the company. A takeover is considered
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102:
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a shareholder must make an offer when its shareholding, including that of parties acting in concert (a "
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197:
111:
is an acquisition which is approved by the management of the target company. Before a bidder makes an
1765:
1760:
855:
790:
388:
318:
1215:
Directive 2004/25/EC of the
European Parliament and of the Council of 21 april 2004 on takeover bids
551:
the bidder must make an announcement if rumour or speculation have affected a company's share price;
196:
In the United States, a common defense tactic against hostile takeovers is to use section 16 of the
1715:
860:
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information relating to the bid must not be released except by announcements regulated by the Code;
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1123:
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1439:
1424:
1299:
1239:
664:
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527:
469:
401:
116:
1234:
Handbook of
International Mergers and Acquisitions: Preparation, Implementation, and Integration
1030:
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often include a "loan note alternative" that allows shareholders to take a part or all of their
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can be made where the acquiring company makes a public offer at a fixed price above the current
1817:
1802:
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489:, may be financed by an all-share deal. The bidder does not pay money, but instead issues new
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There are quite a few tactics or techniques which can be used to deter a hostile takeover.
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has profited well over time by purchasing many companies opportunistically in this manner.
356:
but kept the latter due to its name recognition and historical legacy in the
American West.
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regarding the target company's finances. Since takeovers often require loans provided by
1124:"M&A by Transaction Type - Institute for Mergers, Acquisitions and Alliances (IMAA)"
522:
Takeovers in the UK (meaning acquisitions of public companies only) are governed by the
1785:
1696:
870:
698:
464:. A conversion of shares into cash is counted as a disposal that triggers a payment of
460:
rather than cash. This is done primarily to make the offer more attractive in terms of
449:
428:
251:
136:
69:
1065:"Antitrust Preliminary Injunctions in Hostile Tender Offers, 30 KAN. L. REV. 491, 492"
1900:
1404:
690:
648:
647:
Similar issues occur when a publicly held asset or non-profit organization undergoes
453:
436:
392:
205:
163:
49:
997:
1643:
1491:
1476:
1350:
1194:"Japan's Tokio Marine to buy US insurer HCC for $ 7.5 billion in all-cash takeover"
684:
628:
620:
286:
174:
170:
154:
123:
better than rejecting it, it recommends the offer be accepted by the shareholders.
112:
220:
A well-known example of an extremely hostile takeover was Oracle's bid to acquire
1601:
1571:
1414:
1345:
933:
898:
833:
353:
342:
178:
120:
88:
as well as a simple cash offers. It can also include shares in the new company.
627:
represent tens of billions of dollars (questionably) transferred from previous
1847:
1807:
1611:
1561:
1531:
1409:
1330:
718:
374:
306:
290:
246:
itself while avoiding some of the expense and time involved in a conventional
221:
146:
17:
1005:
982:
1822:
1581:
1444:
1257:
1171:
928:
885:
815:
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457:
363:
85:
305:
is any sort of takeover in which the acquiring company turns itself into a
265:
result in a fundamental change in its business, board or voting control; or
153:
or takeover. The party who initiates a hostile takeover bid approaches the
1144:
631:
to the takeover artist. The former top executive is then rewarded with a
1526:
1511:
1094:"Does the Quality of the Plaintiffs' Law Firm Matter in Deal Litigation?"
750:
726:
660:
461:
381:
214:
182:
1461:
865:
810:
714:
325:
702:
694:
150:
963:
West, Lindy Lou (2015). Wherry, Frederick F.; Schor, Juliet (eds.).
1360:
722:
710:
706:
119:. Ideally, if the board feels that accepting the offer serves the
725:
because companies have interlocking sets of ownerships known as
424:
420:
210:
1268:
370:
181:, whereby it tries to persuade enough shareholders, usually a
115:
for another company, it usually first informs the company's
65:
1126:. Institute for Mergers, Acquisitions and Alliances (IMAA)
331:
Westinghouse's 1995 purchase of CBS and 1997 renaming to
321:
but taking the
Continental name as it was better known.
169:
A hostile takeover can be conducted in several ways. A
37:"Hostile takeover" redirects here. For other uses, see
924:
Revlon, Inc. v. MacAndrews & Forbes
Holdings, Inc.
72:
whose shares are publicly listed, in contrast to the
273:
An individual or organization, sometimes known as a
145:
allows a bidder to take over a target company whose
1714:
1652:
1500:
1390:
1379:
1306:
1231:
431:. Acquisitions financed through debt are known as
468:, whereas if the shares are converted into other
435:, and the debt will often be moved down onto the
671:for governments, employees, suppliers and other
262:exceed 100 percent in any of the class tests; or
640:principal-agent problem, otherwise regarded as
965:The SAGE Encyclopedia of Economics and Society
472:, such as loan notes, the tax is rolled over.
1280:
8:
689:Corporate takeovers occur frequently in the
373:assets and trademark and renaming itself to
177:. An acquiring company can also engage in a
733:because many publicly listed companies are
339:becoming a brand name owned by the company.
1881:
1871:
1387:
1287:
1273:
1265:
68:, the term refers to the acquisition of a
914:List of largest mergers and acquisitions
27:Purchase of a company by another company
955:
380:Infogrames Entertainment, SA becoming
349:, but adopting Bank of America's name.
1165:Yin-Poole, Wesley (28 January 2019).
1050:
967:. SAGE Publishing. pp. 882–885.
806:Poison pill (shareholder rights plan)
7:
1145:"SBC completes purchase of AT&T"
1025:
1023:
1021:
709:. They happen only occasionally in
387:The Avago Technologies takeover of
606:Takeovers may also benefit from a
524:City Code on Takeovers and Mergers
328:and subsequent rename to AT&T.
25:
1880:
1870:
1077:from the original on 2015-07-17.
904:Concentration of media ownership
741:Tactics against hostile takeover
998:"The Original Corporate Raider"
324:The SBC takeover of the ailing
1667:Debtor-in-possession financing
1098:The Journal of Corporation Law
996:Manne, Henry G. (2008-01-18).
545:"), reaches 30% of the target;
366:, but kept the name 3D Realms.
1:
1063:Joseph Gregory Sidak (1982).
1031:"What Is a Hostile Takeover?"
1607:Staggered board of directors
1230:Picot, Gerhard, ed. (2002).
944:Transformational acquisition
851:Staggered board of directors
1724:Accretion/dilution analysis
1000:. The Wall Street Journal.
528:European Takeover Directive
485:A takeover, particularly a
427:, or raised by an issue of
360:Interceptor Entertainment's
149:is unwilling to agree to a
1933:
1687:Leveraged recapitalization
1196:. Canada.com. 10 June 2015
1070:. criterioneconomics.com.
776:Leveraged recapitalization
731:People's Republic of China
682:
231:
134:
100:
36:
29:
1866:
1858:Valuation using multiples
1843:Sum-of-the-parts analysis
1813:Modigliani–Miller theorem
1672:Dividend recapitalization
1487:Secondary market offering
391:and subsequent rename to
32:Takeover (disambiguation)
1907:Mergers and acquisitions
1876:List of investment banks
1791:Free cash flow to equity
1617:Super-majority amendment
1542:Management due diligence
1482:Seasoned equity offering
1167:"The fall of Starbreeze"
919:Mergers and acquisitions
1587:Shareholder rights plan
1577:Post-merger integration
1547:Managerial entrenchment
1517:Contingent value rights
1457:Initial public offering
635:for presiding over the
608:principal-agent problem
103:White knight (business)
48:is the purchase of one
1729:Adjusted present value
1592:Special-purpose entity
1430:Direct public offering
1400:At-the-market offering
846:Scorched-earth defense
669:negative externalities
602:Executive compensation
444:Loan note alternatives
1744:Conglomerate discount
612:information asymmetry
518:In the United Kingdom
315:Texas Air Corporation
187:creeping tender offer
101:Further information:
1766:Economic value added
1761:Discounted cash flow
856:Standstill agreement
791:Nancy Reagan defense
588:Other takeovers are
389:Broadcom Corporation
369:Nordic Games buying
319:Continental Airlines
289:'s 2008 takeover of
30:For other uses, see
1351:Senior secured debt
861:Targeted repurchase
756:Crown jewel defense
345:'s takeover of the
269:investing strategy.
1886:Outline of finance
1798:Market value added
1781:Financial modeling
1739:Business valuation
1662:Debt restructuring
1440:Follow-on offering
1425:Corporate spin-off
1383:(terms/conditions)
1300:investment banking
1240:Palgrave Macmillan
721:structure, nor in
642:perverse incentive
583:Berkshire Hathaway
564:Companies Act 1985
409:Takeover financing
352:Norwest purchased
250:. However, in the
117:board of directors
56:) by another (the
1912:Corporate finance
1894:
1893:
1818:Net present value
1803:Minority interest
1734:Associate company
1710:
1709:
1677:Financial sponsor
1597:Special situation
1567:Pre-emption right
1557:Minority discount
1467:Private placement
1366:Subordinated debt
1321:Exchangeable debt
1308:Capital structure
1296:Corporate finance
1088:Badawi, Adam B.;
939:Successor company
826:Pension parachute
821:Jonestown defense
786:Lock-up provision
616:off-balance-sheet
466:capital gains tax
433:leveraged buyouts
398:Overkill Software
303:backflip takeover
297:Backflip takeover
109:friendly takeover
97:Friendly takeover
16:(Redirected from
1924:
1917:Takeover defense
1884:
1883:
1874:
1873:
1776:Fairness opinion
1771:Enterprise value
1754:Weighted average
1682:Leveraged buyout
1537:Drag-along right
1435:Equity carve-out
1392:Equity offerings
1388:
1384:
1356:Shareholder loan
1341:Second lien debt
1336:Preferred equity
1316:Convertible debt
1289:
1282:
1275:
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1111:
1109:
1090:Webber, David H.
1085:
1079:
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1038:
1027:
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1013:
1012:
993:
987:
986:
960:
796:Non-voting stock
761:Golden parachute
633:golden handshake
487:reverse takeover
450:public companies
448:Cash offers for
275:corporate raider
240:reverse takeover
234:Reverse takeover
228:Reverse takeover
143:hostile takeover
131:Hostile takeover
39:Hostile Takeover
21:
1932:
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1925:
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1921:
1897:
1896:
1895:
1890:
1862:
1838:Stock valuation
1833:Residual income
1749:Cost of capital
1706:
1702:Project finance
1692:High-yield debt
1648:
1627:Tag-along right
1552:Mandatory offer
1522:Control premium
1503:
1496:
1472:Public offering
1420:Bought out deal
1382:
1381:
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909:Control premium
895:
890:
801:Pac-Man defense
743:
717:because of the
687:
681:
657:
655:Debt for equity
604:
580:holding company
572:
537:In particular:
520:
515:
500:
483:
481:All-share deals
478:
446:
416:
411:
400:'s takeover of
362:acquisition of
347:Bank of America
333:CBS Corporation
299:
236:
230:
183:simple majority
139:
133:
105:
99:
94:
78:private company
44:In business, a
42:
35:
28:
23:
22:
15:
12:
11:
5:
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1853:Terminal value
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1786:Free cash flow
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1697:Private equity
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1326:Mezzanine debt
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1080:
1055:
1043:
1017:
988:
973:
954:
953:
951:
948:
947:
946:
941:
936:
931:
926:
921:
916:
911:
906:
901:
894:
891:
889:
888:
883:
878:
873:
871:Treasury stock
868:
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848:
843:
838:
837:
836:
831:
828:
823:
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778:
773:
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763:
758:
753:
747:
742:
739:
699:United Kingdom
683:Main article:
680:
677:
656:
653:
603:
600:
571:
568:
559:
558:
555:
552:
549:
546:
530:(2004/25/EC).
519:
516:
514:
511:
507:company shares
499:
498:All-cash deals
496:
482:
479:
477:
476:Takeover deals
474:
445:
442:
415:
412:
410:
407:
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405:
395:
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378:
367:
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350:
340:
329:
322:
298:
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271:
270:
266:
263:
232:Main article:
229:
226:
137:Corporate raid
135:Main article:
132:
129:
98:
95:
93:
92:Takeover types
90:
70:public company
26:
24:
18:Takeover offer
14:
13:
10:
9:
6:
4:
3:
2:
1929:
1918:
1915:
1913:
1910:
1908:
1905:
1904:
1902:
1887:
1879:
1877:
1869:
1868:
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1700:
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1598:
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1505:
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1468:
1465:
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1433:
1431:
1428:
1426:
1423:
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1418:
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1413:
1411:
1408:
1406:
1405:Book building
1403:
1401:
1398:
1397:
1395:
1393:
1389:
1386:
1378:
1372:
1369:
1367:
1364:
1362:
1359:
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1327:
1324:
1322:
1319:
1317:
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1311:
1309:
1305:
1301:
1297:
1290:
1285:
1283:
1278:
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1271:
1270:
1267:
1259:
1255:
1251:
1249:0-333-96867-0
1245:
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1236:
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1228:
1227:
1223:
1216:
1211:
1208:
1195:
1189:
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1125:
1119:
1116:
1103:
1099:
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1084:
1081:
1073:
1066:
1059:
1056:
1053:, p. 99.
1052:
1047:
1044:
1033:. The Balance
1032:
1026:
1024:
1022:
1018:
1007:
1003:
999:
992:
989:
984:
980:
976:
974:9781452217970
970:
966:
959:
956:
949:
945:
942:
940:
937:
935:
932:
930:
927:
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922:
920:
917:
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910:
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905:
902:
900:
897:
896:
892:
887:
884:
882:
879:
877:
874:
872:
869:
867:
864:
862:
859:
857:
854:
852:
849:
847:
844:
842:
839:
835:
832:
829:
827:
824:
822:
819:
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812:
809:
808:
807:
804:
802:
799:
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789:
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779:
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774:
772:
769:
767:
764:
762:
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749:
748:
746:
740:
738:
736:
732:
729:, nor in the
728:
724:
720:
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712:
708:
704:
700:
696:
692:
691:United States
686:
678:
676:
674:
670:
666:
662:
654:
652:
650:
649:privatization
645:
643:
638:
634:
630:
624:
622:
617:
613:
609:
601:
599:
596:
591:
586:
584:
581:
577:
576:opportunistic
569:
567:
565:
556:
553:
550:
547:
544:
543:concert party
540:
539:
538:
535:
531:
529:
525:
517:
512:
510:
508:
503:
497:
495:
492:
488:
480:
475:
473:
471:
467:
463:
459:
455:
454:consideration
451:
443:
441:
438:
437:balance sheet
434:
430:
426:
422:
413:
408:
403:
399:
396:
394:
393:Broadcom Inc.
390:
386:
383:
379:
376:
372:
368:
365:
361:
358:
355:
351:
348:
344:
341:
338:
334:
330:
327:
323:
320:
316:
312:
311:
310:
308:
304:
296:
294:
292:
288:
284:
280:
276:
267:
264:
261:
260:
259:
257:
253:
249:
245:
241:
235:
227:
225:
223:
218:
216:
212:
207:
206:due diligence
202:
199:
194:
192:
188:
184:
180:
176:
172:
167:
165:
164:Louis Wolfson
160:
156:
152:
148:
144:
138:
130:
128:
124:
122:
118:
114:
110:
104:
96:
91:
89:
87:
81:
79:
75:
71:
67:
63:
59:
55:
51:
47:
40:
33:
19:
1828:Real options
1644:Tender offer
1631:
1504:acquisitions
1492:Underwriting
1477:Rights issue
1380:Transactions
1233:
1210:
1198:. Retrieved
1188:
1176:. Retrieved
1170:
1160:
1149:. Retrieved
1139:
1128:. Retrieved
1118:
1106:. Retrieved
1101:
1097:
1083:
1058:
1046:
1035:. Retrieved
1009:. Retrieved
991:
964:
958:
881:White knight
834:Voting plans
781:Lobster trap
744:
688:
685:Golden share
679:Golden share
673:stakeholders
658:
646:
629:shareholders
625:
621:window dress
605:
595:distribution
589:
587:
575:
573:
560:
536:
532:
521:
504:
501:
484:
447:
417:
337:Westinghouse
317:takeover of
302:
300:
287:Darwen Group
272:
239:
237:
219:
203:
195:
190:
186:
175:market price
171:tender offer
168:
158:
155:shareholders
142:
140:
125:
121:shareholders
108:
106:
82:
61:
57:
53:
45:
43:
1602:Squeeze-out
1572:Proxy fight
1502:Mergers and
1415:Bought deal
1346:Senior debt
1224:Works cited
1108:19 November
934:Squeeze out
899:Breakup fee
876:Gray knight
841:Safe harbor
830:People pill
771:Killer bees
735:state owned
354:Wells Fargo
343:NationsBank
198:Clayton Act
179:proxy fight
74:acquisition
1901:Categories
1848:Tax shield
1808:Mismarking
1612:Stock swap
1562:Pitch book
1532:Divestment
1410:Bookrunner
1331:Pari passu
1178:28 January
1151:2022-06-15
1147:. NBC News
1130:2018-02-27
1051:Picot 2002
1037:2022-02-04
1011:2022-02-04
950:References
719:dual board
570:Strategies
470:securities
458:loan notes
402:Starbreeze
375:THQ Nordic
307:subsidiary
291:Optare plc
222:PeopleSoft
147:management
86:junk bonds
64:). In the
1823:Pure play
1716:Valuation
1582:Sell side
1445:Greenshoe
1200:17 August
1172:Eurogamer
1006:0099-9660
983:936331906
929:Scrip bid
886:Whitemail
816:Flip-over
766:Greenmail
661:dividends
637:fire sale
590:strategic
513:Mechanics
364:3D Realms
191:dawn raid
1654:Leverage
1632:Takeover
1527:Demerger
1512:Buy side
1258:48588374
1104:(2): 107
1092:(2015).
1072:Archived
893:See also
751:Bankmail
727:keiretsu
665:leverage
534:shares.
462:taxation
421:borrowed
382:Atari SA
326:AT&T
215:Delaware
58:acquirer
46:takeover
1637:Reverse
1622:Synergy
1462:Pre-IPO
1450:Reverse
1371:Warrant
866:Top-ups
811:Flip-in
715:Germany
423:from a
414:Funding
335:, with
159:hostile
50:company
1256:
1246:
1004:
981:
971:
703:France
695:Canada
491:shares
283:profit
254:under
151:merger
62:bidder
54:target
1361:Stock
1075:(PDF)
1068:(PDF)
723:Japan
711:Italy
707:Spain
429:bonds
244:float
211:banks
113:offer
76:of a
52:(the
1298:and
1254:OCLC
1244:ISBN
1202:2015
1180:2019
1110:2019
1002:ISSN
979:OCLC
969:ISBN
705:and
425:bank
313:The
456:in
371:THQ
279:CEO
256:AIM
248:IPO
189:or
60:or
1903::
1252:.
1242:.
1238:.
1169:.
1102:41
1100:.
1096:.
1020:^
977:.
737:.
701:,
697:,
693:,
675:.
644:.
566:.
509:.
301:A
252:UK
238:A
166:.
141:A
107:A
80:.
66:UK
1288:e
1281:t
1274:v
1260:.
1204:.
1182:.
1154:.
1133:.
1112:.
1040:.
1014:.
985:.
404:.
384:.
377:.
41:.
34:.
20:)
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.