Mergers & Acquisitions
Kurs "Mergers & Acquisitions" im Herbstsemester 2014/15 an der Universität Freiburg
Kurs "Mergers & Acquisitions" im Herbstsemester 2014/15 an der Universität Freiburg
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| Cartes-fiches | 127 |
|---|---|
| Langue | English |
| Catégorie | Finances |
| Niveau | Université |
| Crée / Actualisé | 29.12.2014 / 29.12.2014 |
| Attribution de licence | Attribution (CC BY) (Corsin Boxler) |
| Lien de web |
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| Intégrer |
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I. Introduction
Topics:
- Basic terminology
- Types of mergers
- Risk arbitrage
- Importance of M&A and recent deals
- Merger outlook
- Legal framework
Definition of merger (3)
- Negotiated deal
- Mostly friendly parties
- Mutually agreeable decision to combine companies
Tender offer (3)
- Direct offer to shareholders to tender (sell) their shares at a specified price
- Obtaining >50% of shares (Approval required)
- Friendly or hostile
Types of tender offers (4)
- Conditional or unconditional
- e.g. min. 50% interest
- Restricted or unrestricted
- e.g. 70%, "any-or-all"
- Contested offer
- Two-tier offer or three-piece suitor: e.g.
- Initial toehold
- 1st tier for cash (to obtain >50% interest)
- 2nd tier at a lower value (often paid in dept securities)
Problem of minority shareholders (2)
If buyout not completed:
- Freeze-in problem
- Possible legal actions
Solution: Minority squeeze-out
Types of mergers (3)
- Horizontal
- Vertical
- Conglomerate
Horizontal merger (3)
- Same kind of business
- Benefits from economies of scale and synergies
- Government regulation due to fear of monopoly power
Vertical merger (2)
- Firms of different stage of production/operation
- Benefits from information- and transaction efficiency (e.g. inventory, production, prices, procurement)
