'Matching Auctions' for Hostile Takeovers - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook 'Matching Auctions' for Hostile Takeovers write by Antonio Rosato. This book was released on 2009. 'Matching Auctions' for Hostile Takeovers available in PDF, EPUB and Kindle. In this paper we analyze incentives for a potential entrant to get into an oligopolistic Cournot-like market by taking over one of the incumbents and we derive the conditions under which the hostile merger is possible and profitable. The key-feature is that the target of the takeover is endogenously determined and this is also the main difference with respect to the previous literature on this topic. Actually, the main objective of our analysis is that of determining why and how the buyer chooses as target this firm rather than that one. The takeover game is modeled as a quot;matching auctionquot; in which the potential entrant has to make a first and final offer and the other bidders are asked to match this offer. We find different types of SPNE depending upon the values of the parameters. Whenever entry takes place it reduces incumbents' profits and raises consumers' welfare at the same time.
Knights, Raiders, and Targets
Knights, Raiders, and Targets - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Knights, Raiders, and Targets write by John C. Coffee, Jr.. This book was released on 1988. Knights, Raiders, and Targets available in PDF, EPUB and Kindle. This volume deals with the increasingly important topic of hostile corporate takeover attempts.
The Development of the Takeover Auction Process
The Development of the Takeover Auction Process - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Development of the Takeover Auction Process write by Tingting Liu. This book was released on 2018. The Development of the Takeover Auction Process available in PDF, EPUB and Kindle. We study the interaction between the legal system and the takeover auction process during the 1981 to 2015 time period. We associate the strengthening of the property rights of target boards after the 1989 Time Inc. decision with fundamental changes in the takeover auction process. Following the 1989 decision, takeover auctions have moved from public and often hostile battles to a more behind the scenes, underground process where target boards control both the number of bidders and the flow of information. Target boards are more likely to initiate the auction themselves and the time between deal initiation (in private) and public deal announcement has significantly lengthened. Accounting for the increasing length of the deal initiation process, target premiums have significantly risen since 1989. Our property rights interpretation contrasts with the entrenchment story that argues that the decline in hostile takeovers has protected poorly performing management at the expense of target shareholders. Our results are consistent with the fundamental proposition of Coase (1959, 1960) that with well-defined property rights, resources flow to their highest valued use.
The Takeover Dialogues
The Takeover Dialogues - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Takeover Dialogues write by Edmund J. Kelly. This book was released on 2001-01-28. The Takeover Dialogues available in PDF, EPUB and Kindle. 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.
Bidding Strategies, Financing and Control
Bidding Strategies, Financing and Control - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Bidding Strategies, Financing and Control write by B. Espen Eckbo. This book was released on 2010-03-12. Bidding Strategies, Financing and Control available in PDF, EPUB and Kindle. A selection of republished corporate finance articles and book chapters that can serve as an advanced corporate finance supplementary text for courses that use no textbooks. Combining convenience and an affordable price with retypeset pages and a high-quality index, the 600 pages of volume two, "Bidding Strategies, Financing, and Corporate Control", focus on a range of special topics, ranging from theories and evidence on strategic bidding behavior (offer premiums, toeholds, bidder competition, winner’s curse adjustments, and managerial overconfidence), issues arising when bidding for targets in bankruptcy auctions, effects of deal protection devices (termination agreements, poison pills), role of large shareholder voting in promoting takeover gains, deal financing issues (such as raising the cash used to pay for the target), managerial incentive effects of takeovers, governance spillovers from cross-border mergers, and returns to merger arbitrage. Including an index and new introduction, this volume will simplify and facilitate students’ interaction with new concepts and applications. Provides a status report about modern scientific evidence on corporate takeovers Exposes students to new methods and empirical evidence while reading high quality primary material Offers a concise and cost-efficient package of journal and book articles for advanced corporate finance students
