Hostile Takeovers - The use of Attack and Defence Strategies

A Literature Review of possible theoretical approaches

Tesis de Máster , 2011 , 41 Páginas , Calificación: 70

Economía de las empresas - Contabilidad e impuestos

The attack and defence strategies are of critical importance for the situation of a takeover-bid from the view of the target company or the investor (raider).
They can be crucial factor whether the acquisition is successful or not. Several strategies are discussed and are evidenced on the basis of practical examples. Of special importance is the development of the bid premia during the takeover process and the impact to the shareholders wealth. It can be observed that through decades and several takeover waves in the 20th century specific defence strategies pointed out as favourites in use for target managers.
This project reviews the motivations for hostile takeovers, structures the random literature in this field, discusses the effects and impacts of popular attacks and defences and showcases several high-profile takeover bids.

Table of Contents

Executive Summary

List of Figures

1 Introduction
1.1 Scope and Classification of the topic
1.2 Background
1.3 Objectives
1.4 Structure

2 Literature Review
2.1 Motives for hostile takeover attcks and anti-takeover defences
2.2 Attack and Defence Strategies
2.2.1 Introduction
2.2.2 Attack Strategies
2.2.2.1 Introduction
2.2.2.2 Tender Offer (Saturday Night Special)
2.2.2.3 Proxy Fight
2.2.2.4 Dawn Raid
2.2.3 Defence Strategies
2.2.3.1 Introduction
2.2.3.2 Golden Parachutes
2.2.3.3 Silver Parachutes
2.2.3.4 Poison Pills
2.2.3.5 Staggered Board
2.2.3.6 People Pill
2.2.3.7 Capital Structure Changes
2.2.3.8 Crown Jewels
2.2.3.9 Greenmail
2.2.3.10 Supermajority
2.2.3.11 Macaroni Defence
2.2.3.12 White Knight
2.2.3.13 Pac-Man-Defence

3 Conclusion
3.1 Limitations and Scope for further Research
3.2 Conclusion

References

• Universidad: University of Westminster (Westminster Business School)
• Curso: MSc Finance and Accounting - Master Dissertation
• Calificación: 70
• Autor: MSc Panagiotis Papadopoulos (Autor)
• Año de publicación: 2011
• Páginas: 41
• No. de catálogo: V182632
• ISBN (Ebook): 9783656063490
• ISBN (Libro): 9783656063155
• Idioma: Inglés
• Etiqueta: M&A, Merger & Acquisitions, Hostile Takeovers, Attack Strategies, Defence Strategies, takeover bid, Motives for Hostile TakeoversAnti-Takeover, Tender Offer, Saturday Night Special, Proxy Fight, Dawn Raid, Golden Parachutes, Silver Parachutes, Poison Pill, Staggered Board, People Pill, Capital Structure Changes, Crown Jewels, Greenmail, Supermajority, Macaroni Defence, White Knight, Pac-Man Defence