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Corporate takeovers have become a prominent feature of global business. Merger and acquisition activity in the United States alone climbed from 32 billion in 1980 to 300 billion in 1988, an annual rate of increase of 32 percent. The individual size of these transactions has reached an alltime...
Last year was particularly unsettling for European managers. Daily, they heard reports of an oncoming decade of hostile takeovers presaged by the likes of Hoylake's bid for BAT, KKR's interests in Britain, or GECSiemens's recently consummated bid for Plessey.
The preceeding article has examined some of the motivations behind the high premiums offered shareholders of target firms in acquisitions and mergers. In essence, the acquirers appear to be looking for gains largely through enhanced efficiency of operations or by the replacement of inefficient...
Innovations in takeover financing, less restrictive regulatory requirements, and a general desire to enhance market position have led to a substantial increase in corporate takeover and restructuring activity. In response target firm managers have become increasingly active in devising defensive...
So far, the overall performance track record for corporate mergers and acquisitions has not been very encouraging. Both the academic and trade literature report that on average the gains to stockholders of acquiring companies tend to be small or non existent.
The pace of international mergers and acquisitions activity has quickened dramatically in the past few years. European companies have continued their spending spree in the United States, while Europe, especially the United Kingdom, has become a corporate battleground. In addition, Japan has...
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