FNCE30002 Lecture 8: Takeovers (Part 1)
27 Jun 2018
School
Department
Course
Professor
Fopio8 AnalymofThkeovws
mm PART ONE
FmLT argue bidderreeks toacquire
control
oftarget
Mergers friendlynegotiated
deals
Takeovers generally hostile
Control
premium excess
paidbybidderabovevalue
of
target
Horizontal
acquisition nameline ofbunnies revenuesynergies acartravings
Verticalacquisition same
industry
but
diffpointsinchain
of
prod guaranteesmffly
Conglomerateacquisition different
industries less
volatileearnings value
creation
dubious
MithodofPagment
Can
shares in combined
ferin
Both
conrider cart dilution signalling tax ad
impactonlikelihood
ofsuccess
RegulatianofTakeoversig
Takeovers Panel peerreview
Acceavoid rubrtantiallemmingofcompetition
ForeignAcquisition ATakeoverActbots the
Foreign
InvestmentReviewBoard
Corporations Act Kool aimstoensurefairtakeovermkt that
protects
minority s1h
Acquiring20 ofsharesintargetthreshold 4ways to
pass
Off mkt bird
On mht bid
Schemesofarrangement
Creeping bid
TakeaverDefences
Me BESTdefenceis strongfinancial
performance
Poisonpill makestargetlessattractive
GoldenParachute 1large terminationpayouts
Whiteknight 1
targetinvites 3rd
partyto
frustrate
hostile
takeover
Mgmtresponsein targetstatement Ireveal favourableinfo
eto eto
