Mergers and acquisitions are a means of corporate expansion and growth. They are not the only means of corporate growth, but are an alternative to growth by internal or organic capital investment.
Table of contents:
I. Mergers and acquisitions in general
1. Introduction
2. Basic definitions
3. Characteristics of Hostile and Friendly Takeovers
4. Leveraged Buyouts and Management Buyouts
4.1. A simplified example of an LBO
5. Objectives of mergers and acquisitions
5.1. Market share and growth
5.2. Synergies (the “2+2=5”-effect)
5.3. Undervaluations
5.4. Tax law motives
6. Merger Types and Characteristics
6.1. Horizontal Mergers
6.2. Vertical Mergers
6.3. Conglomerate Mergers
II. Corporate Raiders and Junk Bonds
1. Definitions
2. Reasons for the use of Junk Bonds
3. Junk Bonds and Merger Activity
III. Defences against takeovers
1. Introduction
2. Bid defence strategies
2.1. Pre-bid defences
2.2. Post-offer defences and the UK City (Takeover) Code
2.3. Takeover defence outside the UK
IV. The role of anti-trust regulation
1. Introduction
2. History
2.1 Antitrust Regulation in the USA
2.2. Antitrust Regulation in the European Union
REFERENCES:
Internet:
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