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To Scheme or Not to Scheme : Perceptions of Schemes of Arrangement Takeovers

Law Chapple, Larelle - 2009

achieving control, as a genuine alternative to a formal takeover bid. This is generally attributed to schemes being a more …

Persistent link: https://www.econbiz.de/10013157416

Defined Contribution Pension Risk and Mergers and Acquisitions : Evidence from United Kingdom

Hegde, Shantaram P. - 2020

, DB schemes of target firms may reduce the takeover likelihood and bidder DB schemes may influence payment currency choice … takeover bids for United Kingdom (UK) listed companies during 2002-12, we find that bidder and target DC costs decrease the … takeover decision, target selection, payment currency choice and shareholder wealth and should not be neglected in view of the …

Persistent link: https://www.econbiz.de/10012833921

Manager Sentiment, Deal Characteristics, and Takeover Performance

An, Suwei - 2020

Literature has extensive discussions on the driving forces of takeover activities, including investor sentiment …, liquidity, and fundamental shocks. We examine how manager sentiment affects takeover characteristics and long-term performance … strong positive predictive power for takeover waves. Firms with high manager sentiment tend to acquire large and private …

Persistent link: https://www.econbiz.de/10012842770

Misvaluation and Financial Constraints : Method of Payment and Buyer Identity in Mergers & Acquisitions

Berg, Aron - 2017

The paper studies how stock price misvaluation and financial frictions affect whether an acquisition occurs between or within industries and whether the acquirer pays in cash or stocks. I set up a model where stock market misvaluation correlates within industries and across industries and assume...

Persistent link: https://www.econbiz.de/10012961048

Officers’ Fiduciary Duties and Acquisition Outcomes

Reza, Syed Walid - 2019

Using a Delaware case law that recognized officers' distinct fiduciary duties (OFDs) for the first time in 2009, I examine the effect of OFDs on corporate acquisitions. I find that firms with entrenched officers prior to 2009 experienced increased announcement-period abnormal stock returns,...

Persistent link: https://www.econbiz.de/10012905387

How Does Private Firm Innovation Affect Anti-Takeover Provisions in Corporate Charters? Evidence from Firms Going Public

Chemmanur, Thomas J. - 2019

Using data on anti-takeover provisions (ATPs) and top management characteristics hand-collected from IPO prospectuses …

Persistent link: https://www.econbiz.de/10012897332

Do Insiders Time Management Buyouts and Freezeouts to Buy Undervalued Targets?

Harford, Jarrad - 2018

We provide evidence that managers and controlling shareholders time management buyouts (MBOs) and freezeout transactions to take advantage of industry-wide undervaluation. Portfolios of industry peers of MBO and freezeout targets show significant alphas of around 1% per month over the 12-month...

Persistent link: https://www.econbiz.de/10012936053

Cash-Rich Acquirers Do Not Always Make Bad Acquisitions : New Evidence

Gao, Ning - 2018

Cash-rich acquirers on average perform better than their cash-poor counterparts. This observation is driven by financially constrained acquirers and by the deals made between the 1990s and 2000s. It is robust to alternative measures of financial constraints, to both the short term and the long...

Persistent link: https://www.econbiz.de/10012936514

Innovation in Private Equity Leveraged Buyouts

Bertoni, Fabio - 2017

The objective of this paper is to illustrate the main theories and survey the empirical evidence on the impact of private equity leveraged buyouts (LBOs) on innovative activity at target companies. I illustrate how the theoretical lenses through which LBOs are described have adapted to the...

Persistent link: https://www.econbiz.de/10012945506

Do Acquisitions of Private Targets Create Higher Value? The Role of Intangible Assets Acquired

Lys, Thomas Z. - 2017

Using a novel dataset that includes estimates of the fair value of the targets' purchased tangible and intangible assets, we demonstrate that private targets have significantly more intangible assets than do public targets. We then develop a valuation model that is based on the fair values of...

Persistent link: https://www.econbiz.de/10012974859