MERGERS AND ACQUISITIONS AND CORPORATE RESTRUCTURING

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1、EMBA807CorporateFinanceDr.RodneyBoehmeCHAPTER29:MERGERSANDACQUISITIONSANDCORPORATERESTRUCTURINGMERGERSANDACQUISITIONSMerger:onefirmabsorbstheother.Mustbeapprovedbythestockholdersofeachfirm.Acquisitionofstock:anofferismadetoafirm’sshareholders.Thebiggestconcernsinamerge

2、rarethatitmaybetaxable(inacashbuyout),theremaybedisgruntledminorityshareholders,andittransfersalloftheassetsandliabilitiesoftheacquiredfirm.Inanacquisitionofassets,theacquiringfirmgetscontroloftheassetswithouthavingtodealwithminorityshareholders.Thebiggestadvantageofan

3、acquisitionofstockthroughatenderofferisthatmanagementapprovaloftheacquisitionisnotnecessary.Ifenoughshareholderstendertheirstock,controlcanbeobtaineddespitemanagementresistance.Anti-takeoverProvisionsinCorporateChartersQuiteoftenmanagementisabletowriteanti-takeoverprov

4、isionsintotheircorporatecharters.Examplesofanti-takeoverprotectioninclude:•staggeredtermsfortheboardofdirectors•an"equalprotection"provisionthatminorityshareholdersareofferedatleastthesamevalueasanyothersharesthataresoldinatakeover•aprovisionsothat"supermajority"vote(e

5、.g.80%)isrequiredforamerger•a"lockup"provisionprohibitingahostileraiderfromquicklydismantlingthesetakeoverdefensesoncehehasobtainedamajorityinterestinthefirmEvenT.BoonePickens,avocalcriticofentrenchedmanagement,hasinstitutedanti-takeoverprovisionsathisfirm.Pickensowns2

6、%ofMesaLimitedPartnersandisthegeneralpartner.AJune1987amendmentfixedthevalueofPicken'sequityatthepriceprevailing30daysbeforeatakeoverbidisannouncedintheeventthepricesubsequentlyfalls.Mesaalsoimplementedanequalprotectionprovisionthatwouldassureallownershipinterestsmustb

7、eofferedthesameprice["Pickers,FoeofEntrenchment,SeeksChangeThatCouldBringJobSecurity,"WallStreetJournal,June5,1987,pp2.].Equalprotectionamendmentsaredesignedtothwarttwo-tieredtenderoffersinwhichonepriceisofferedforthefirstbatchofsharestenderedandalowerpriceisofferedfor

8、anyremainingshares.OtherAnti-takeoverTacticsOtheranti-takeovertacticsinclude:•RepurchaseStandstillAgreements(bidderag