644:. 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.
519:, 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
1847:
1837:
591:
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.
619:
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
590:
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
611:
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
526:
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
632:
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
432:
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.
411:
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
585:
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
486:
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.
554:
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
571:– 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
1251:
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
495:
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.
660:
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
1244:
1064:
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:
916:
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
1237:
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
656:, has essentially provided a substantial subsidy to takeovers. It can punish more-conservative or prudent management that does not allow their companies to
547:
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;
616:
their company's earnings forecasts.) There are typically very few legal risks to being 'too conservative' in one's accounting and earnings estimates.
906:
652:
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
603:
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
498:
The purchasing company can source the necessary cash in a variety of ways, including existing cash resources, loans, or a separate issue of
1158:
1057:
516:
336:
1871:
1212:
965:
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:
1086:
1718:
896:
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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;
1631:
1777:
193:, to effect a change in management. In all of these ways, management resists the acquisition, but it is carried out anyway.
293:. This was also an example of a back-flip takeover (see below) as Darwen was rebranded to the more well-known Optare name.
723:
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.
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936:
843:
1688:
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rules, a reverse takeover is an acquisition or acquisitions in a twelve-month period which for an AIM company would:
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768:
1881:
1822:
1807:
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607:. 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.
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directly, as opposed to seeking approval from officers or directors of the company. A takeover is considered
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838:
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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
1730:
1725:
848:
783:
388:
318:
1180:
Directive 2004/25/EC of the
European Parliament and of the Council of 21 april 2004 on takeover bids
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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
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853:
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information relating to the bid must not be released except by announcements regulated by the Code;
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1116:
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1626:
1618:
1404:
1389:
1264:
1204:
657:
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556:
520:
462:
116:
1199:
Handbook of
International Mergers and Acquisitions: Preparation, Implementation, and Integration
1023:
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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
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482:, 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
1117:"M&A by Transaction Type - Institute for Mergers, Acquisitions and Alliances (IMAA)"
515:
Takeovers in the UK (meaning acquisitions of public companies only) are governed by the
1750:
1661:
863:
691:
457:. A conversion of shares into cash is counted as a disposal that triggers a payment of
453:
rather than cash. This is done primarily to make the offer more attractive in terms of
442:
421:
251:
136:
69:
1058:"Antitrust Preliminary Injunctions in Hostile Tender Offers, 30 KAN. L. REV. 491, 492"
1865:
1369:
683:
641:
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Similar issues occur when a publicly held asset or non-profit organization undergoes
446:
429:
392:
205:
163:
49:
990:
1608:
1456:
1441:
1315:
1159:"Japan's Tokio Marine to buy US insurer HCC for $ 7.5 billion in all-cash takeover"
677:
621:
613:
286:
174:
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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
1566:
1536:
1379:
1310:
926:
891:
826:
353:
342:
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120:
88:
as well as a simple cash offers. It can also include shares in the new company.
620:
represent tens of billions of dollars (questionably) transferred from previous
1812:
1772:
1576:
1526:
1496:
1374:
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711:
374:
306:
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itself while avoiding some of the expense and time involved in a conventional
221:
146:
998:
975:
1787:
1546:
1409:
1222:
921:
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808:
758:
629:
450:
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
1137:
624:
to the takeover artist. The former top executive is then rewarded with a
1491:
1476:
1087:"Does the Quality of the Plaintiffs' Law Firm Matter in Deal Litigation?"
743:
719:
653:
454:
381:
214:
182:
17:
1426:
858:
803:
707:
325:
695:
687:
150:
956:
West, Lindy Lou (2015). Wherry, Frederick F.; Schor, Juliet (eds.).
1325:
715:
703:
699:
119:. Ideally, if the board feels that accepting the offer serves the
718:
because companies have interlocking sets of ownerships known as
417:
413:
210:
1233:
370:
181:, whereby it tries to persuade enough shareholders, usually a
115:
for another company, it usually first informs the company's
65:
1119:. 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
917:
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
1679:
1617:
1465:
1355:
1344:
1271:
1196:
424:. Acquisitions financed through debt are known as
461:, whereas if the shares are converted into other
428:, and the debt will often be moved down onto the
664:for governments, employees, suppliers and other
262:exceed 100 percent in any of the class tests; or
633:principal-agent problem, otherwise regarded as
958:The SAGE Encyclopedia of Economics and Society
465:, such as loan notes, the tax is rolled over.
1245:
8:
682:Corporate takeovers occur frequently in the
373:assets and trademark and renaming itself to
177:. An acquiring company can also engage in a
726:because many publicly listed companies are
339:becoming a brand name owned by the company.
1846:
1836:
1352:
1252:
1238:
1230:
397:Overkill Software's takeover of Starbreeze
68:, the term refers to the acquisition of a
907:List of largest mergers and acquisitions
27:Purchase of a company by another company
948:
380:Infogrames Entertainment, SA becoming
349:, but adopting Bank of America's name.
1043:
960:. SAGE Publishing. pp. 882–885.
799:Poison pill (shareholder rights plan)
7:
1138:"SBC completes purchase of AT&T"
1018:
1016:
1014:
702:. They happen only occasionally in
387:The Avago Technologies takeover of
599:Takeovers may also benefit from a
517:City Code on Takeovers and Mergers
328:and subsequent rename to AT&T.
25:
1845:
1835:
1070:from the original on 2015-07-17.
897:Concentration of media ownership
734:Tactics against hostile takeover
991:"The Original Corporate Raider"
324:The SBC takeover of the ailing
1632:Debtor-in-possession financing
1091:The Journal of Corporation Law
989:Manne, Henry G. (2008-01-18).
538:"), reaches 30% of the target;
366:, but kept the name 3D Realms.
1:
1056:Joseph Gregory Sidak (1982).
1024:"What Is a Hostile Takeover?"
1572:Staggered board of directors
1195:Picot, Gerhard, ed. (2002).
937:Transformational acquisition
844:Staggered board of directors
1689:Accretion/dilution analysis
993:. The Wall Street Journal.
521:European Takeover Directive
478:A takeover, particularly a
420:, or raised by an issue of
360:Interceptor Entertainment's
149:is unwilling to agree to a
1898:
1652:Leveraged recapitalization
1161:. Canada.com. 10 June 2015
1063:. criterioneconomics.com.
769:Leveraged recapitalization
724:People's Republic of China
675:
231:
134:
100:
36:
29:
1831:
1823:Valuation using multiples
1808:Sum-of-the-parts analysis
1778:Modigliani–Miller theorem
1637:Dividend recapitalization
1452:Secondary market offering
391:and subsequent rename to
32:Takeover (disambiguation)
1872:Mergers and acquisitions
1841:List of investment banks
1756:Free cash flow to equity
1582:Super-majority amendment
1507:Management due diligence
1447:Seasoned equity offering
912:Mergers and acquisitions
1552:Shareholder rights plan
1542:Post-merger integration
1512:Managerial entrenchment
1482:Contingent value rights
1422:Initial public offering
628:for presiding over the
601:principal-agent problem
103:White knight (business)
48:is the purchase of one
1694:Adjusted present value
1557:Special-purpose entity
1395:Direct public offering
1365:At-the-market offering
839:Scorched-earth defense
662:negative externalities
595:Executive compensation
437:Loan note alternatives
1709:Conglomerate discount
605:information asymmetry
511:In the United Kingdom
315:Texas Air Corporation
187:creeping tender offer
101:Further information:
1731:Economic value added
1726:Discounted cash flow
849:Standstill agreement
784:Nancy Reagan defense
581:Other takeovers are
389:Broadcom Corporation
369:Nordic Games buying
319:Continental Airlines
289:'s 2008 takeover of
30:For other uses, see
1316:Senior secured debt
854:Targeted repurchase
749:Crown jewel defense
345:'s takeover of the
269:investing strategy.
1851:Outline of finance
1763:Market value added
1746:Financial modeling
1704:Business valuation
1627:Debt restructuring
1405:Follow-on offering
1390:Corporate spin-off
1348:(terms/conditions)
1265:investment banking
1205:Palgrave Macmillan
714:structure, nor in
635:perverse incentive
576:Berkshire Hathaway
557:Companies Act 1985
402:Takeover financing
352:Norwest purchased
250:. However, in the
117:board of directors
56:) by another (the
1877:Corporate finance
1859:
1858:
1783:Net present value
1768:Minority interest
1699:Associate company
1675:
1674:
1642:Financial sponsor
1562:Special situation
1532:Pre-emption right
1522:Minority discount
1432:Private placement
1331:Subordinated debt
1286:Exchangeable debt
1273:Capital structure
1261:Corporate finance
1081:Badawi, Adam B.;
932:Successor company
819:Pension parachute
814:Jonestown defense
779:Lock-up provision
609:off-balance-sheet
459:capital gains tax
426:leveraged buyouts
303:backflip takeover
297:Backflip takeover
109:friendly takeover
97:Friendly takeover
16:(Redirected from
1889:
1882:Takeover defense
1849:
1848:
1839:
1838:
1741:Fairness opinion
1736:Enterprise value
1719:Weighted average
1647:Leveraged buyout
1502:Drag-along right
1400:Equity carve-out
1357:Equity offerings
1353:
1349:
1321:Shareholder loan
1306:Second lien debt
1301:Preferred equity
1281:Convertible debt
1254:
1247:
1240:
1231:
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1134:
1128:
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1083:Webber, David H.
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1005:
986:
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953:
789:Non-voting stock
754:Golden parachute
626:golden handshake
480:reverse takeover
443:public companies
441: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:
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1803:Stock valuation
1798:Residual income
1714:Cost of capital
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1667:Project finance
1657:High-yield debt
1613:
1592:Tag-along right
1517:Mandatory offer
1487:Control premium
1468:
1461:
1437:Public offering
1385:Bought out deal
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902:Control premium
888:
883:
794:Pac-Man defense
736:
710:because of the
680:
674:
650:
648:Debt for equity
597:
573:holding company
565:
530:In particular:
513:
508:
493:
476:
474:All-share deals
471:
439:
409:
404:
362:acquisition of
347:Bank of America
333:CBS Corporation
299:
236:
230:
183:simple majority
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133:
105:
99:
94:
78:private company
44:In business, a
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1818:Terminal value
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1751:Free cash flow
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1662:Private equity
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1291:Mezzanine debt
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876:
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864:Treasury stock
861:
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692:United Kingdom
676:Main article:
673:
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564:
561:
552:
551:
548:
545:
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539:
523:(2004/25/EC).
512:
509:
507:
504:
500:company shares
492:
491:All-cash deals
489:
475:
472:
470:
469:Takeover deals
467:
438:
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408:
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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:
14:
13:
10:
9:
6:
4:
3:
2:
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1371:
1370:Book building
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1214:0-333-96867-0
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1046:, p. 99.
1045:
1040:
1037:
1026:. The Balance
1025:
1019:
1017:
1015:
1011:
1000:
996:
992:
985:
982:
977:
973:
969:
967:9781452217970
963:
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918:
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895:
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877:
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872:
870:
867:
865:
862:
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845:
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840:
837:
835:
832:
828:
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822:
820:
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815:
812:
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807:
805:
802:
801:
800:
797:
795:
792:
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787:
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782:
780:
777:
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772:
770:
767:
765:
762:
760:
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747:
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742:
741:
739:
733:
731:
729:
725:
722:, nor in the
721:
717:
713:
709:
705:
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697:
693:
689:
685:
684:United States
679:
671:
669:
667:
663:
659:
655:
647:
645:
643:
642:privatization
638:
636:
631:
627:
623:
617:
615:
610:
606:
602:
594:
592:
589:
584:
579:
577:
574:
570:
569:opportunistic
562:
560:
558:
549:
546:
543:
540:
537:
536:concert party
533:
532:
531:
528:
524:
522:
518:
510:
505:
503:
501:
496:
490:
488:
485:
481:
473:
468:
466:
464:
460:
456:
452:
448:
447:consideration
444:
436:
434:
431:
430:balance sheet
427:
423:
419:
415:
406:
401:
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:
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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:
1793:Real options
1609:Tender offer
1596:
1469:acquisitions
1457:Underwriting
1442:Rights issue
1345:Transactions
1198:
1175:
1163:. Retrieved
1153:
1142:. Retrieved
1132:
1121:. Retrieved
1111:
1099:. Retrieved
1094:
1090:
1076:
1051:
1039:
1028:. Retrieved
1002:. Retrieved
984:
957:
951:
874:White knight
827:Voting plans
774:Lobster trap
737:
681:
678:Golden share
672:Golden share
666:stakeholders
651:
639:
622:shareholders
618:
614:window dress
598:
588:distribution
582:
580:
568:
566:
553:
529:
525:
514:
497:
494:
477:
440:
410:
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:
1567:Squeeze-out
1537:Proxy fight
1467:Mergers and
1380:Bought deal
1311:Senior debt
1189:Works cited
1101:19 November
927:Squeeze out
892:Breakup fee
869:Gray knight
834:Safe harbor
823:People pill
764:Killer bees
728:state owned
354:Wells Fargo
343:NationsBank
198:Clayton Act
179:proxy fight
74:acquisition
1866:Categories
1813:Tax shield
1773:Mismarking
1577:Stock swap
1527:Pitch book
1497:Divestment
1375:Bookrunner
1296:Pari passu
1144:2022-06-15
1140:. NBC News
1123:2018-02-27
1044:Picot 2002
1030:2022-02-04
1004:2022-02-04
943:References
712:dual board
563:Strategies
463:securities
451:loan notes
375:THQ Nordic
307:subsidiary
291:Optare plc
222:PeopleSoft
147:management
86:junk bonds
64:). In the
1788:Pure play
1681:Valuation
1547:Sell side
1410:Greenshoe
1165:17 August
999:0099-9660
976:936331906
922:Scrip bid
879:Whitemail
809:Flip-over
759:Greenmail
654:dividends
630:fire sale
583:strategic
506:Mechanics
364:3D Realms
191:dawn raid
18:Takeovers
1619:Leverage
1597:Takeover
1492:Demerger
1477:Buy side
1223:48588374
1097:(2): 107
1085:(2015).
1065:Archived
886:See also
744:Bankmail
720:keiretsu
658:leverage
527:shares.
455:taxation
414:borrowed
382:Atari SA
326:AT&T
215:Delaware
58:acquirer
46:takeover
1602:Reverse
1587:Synergy
1427:Pre-IPO
1415:Reverse
1336:Warrant
859:Top-ups
804:Flip-in
708:Germany
416:from a
407:Funding
335:, with
159:hostile
50:company
1221:
1211:
997:
974:
964:
696:France
688:Canada
484:shares
283:profit
254:under
151:merger
62:bidder
54:target
1326:Stock
1068:(PDF)
1061:(PDF)
716:Japan
704:Italy
700:Spain
422:bonds
244:float
211:banks
113:offer
76:of a
52:(the
1263:and
1219:OCLC
1209:ISBN
1167:2015
1103:2019
995:ISSN
972:OCLC
962:ISBN
698:and
418:bank
313:The
449:in
371:THQ
279:CEO
256:AIM
248:IPO
189:or
60:or
1868::
1217:.
1207:.
1203:.
1095:41
1093:.
1089:.
1013:^
970:.
730:.
694:,
690:,
686:,
668:.
637:.
559:.
502:.
301:A
252:UK
238:A
166:.
141:A
107:A
80:.
66:UK
1253:e
1246:t
1239:v
1225:.
1169:.
1147:.
1126:.
1105:.
1033:.
1007:.
978:.
384:.
377:.
41:.
34:.
20:)
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.