The Symmetry and Asymmetry of Bidder and Target Termination Fees in Acquisitions

Abstract Termination fees have become a frequently employed non-price term in acquisition contracts. They allow the breaking party to walk-away from the transaction after paying a fee to the remaining party. While the inclusion of termination fees has been shown to increase contracting efficiency, the fee size has received only scant academic interest. This is surprising as termination fees are often asymmetric, i.e., of unequal magnitude for the bidder and the target. Based on an international dataset of 25,026 global acquisitions between 2012 and 2015, we find that bidder and target characteristics influence the structure of termination fees. More precisely, we show that target termination fees are higher if the target is insolvent. Bidder termination fees are higher, in contrast, if the bidder is an institutional investor. Our study thus contributes to understanding the influence of bargaining power on non-price terms by examining the structure of termination fees.

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The Diagnosis of Viral Disease by Electron Microscopy

Proceedings, annual meeting, Electron Microscopy Society of America ◽

10.1017/s042482010005398x ◽

1982 ◽

Vol 40 ◽

pp. 270-273

Author(s):

William B. McCombs ◽

Cameron E. McCoy

Keyword(s):

Electron Microscopy ◽

Hospital Stay ◽

Viral Infections ◽

Medical Profession ◽

Bacterial Pathogens ◽

Viral Disease ◽

Viral Pathogens ◽

Academic Interest ◽

The Past

Recent years have brought a reversal in the attitude of the medical profession toward the diagnosis of viral infections. Identification of bacterial pathogens was formerly thought to be faster than identification of viral pathogens. Viral identification was dismissed as being of academic interest or for confirming the presence of an epidemic, because the patient would recover or die before this could be accomplished. In the past 10 years, the goal of virologists has been to present the clinician with a viral identification in a matter of hours. This fast diagnosis has the potential for shortening the patient's hospital stay and preventing the administering of toxic and/or expensive antibiotics of no benefit to the patient.

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Perceiver and target characteristics contribute to impression formation differently across race and gender.

Journal of Personality and Social Psychology ◽

10.1037/pspi0000160 ◽

2019 ◽

Vol 117 (2) ◽

pp. 364-385 ◽

Cited By ~ 12

Author(s):

Sally Y. Xie ◽

Jessica K. Flake ◽

Eric Hehman

Keyword(s):

Impression Formation ◽

Race And Gender ◽

And Gender ◽

Target Characteristics

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Constraints on the Power to Issue Shares in England and Wales

Zeitschrift für Bankrecht und Bankwirtschaft ◽

10.15375/zbb-2000-0306 ◽

2000 ◽

Vol 12 (3) ◽

Author(s):

Boris Kasolowsky

Keyword(s):

Board Of Directors ◽

Institutional Investor ◽

England And Wales

Durch das Stimmrecht in der Hauptversammlung üben die Aktionäre ihr Recht aus, über die Geschicke der Gesellschaft mitzuentscheiden. Das englische Gesellschaftsrecht gibt nun einem anderen Organ der Gesellschaft, dem Board of Directors, die Befugnis, das Stimmrecht der Aktionäre und dessen Ausübung zu modifizieren. Gesetz, Richtenecht, Anordnungen der Regulierungsbehörden und Verlautbarungen von Organen der Selbstregulierung versuchen, diese Befugnis der Directors zu beschränken. Derartige Beschränkungen sollen in diesem Aufsatz dargestellt und kommentiert werden. Dabei wird aufgezeigt, daß die „Institutional Investor Guidelines", veifaßt und veröffentlicht von Organisationen der Privatwirtschaft, sachgerecht und effizient unerwünschte Manipulationen der Aktionärsstimmrechte durch die Directors verhindern können, und zwar auch im Vergleich zur staatlichen Regulierung durch Rechtsregeln und Verwaltungsanordnungen. Diese in England gewonnene Erfahrung könnte nützlich sein bei der Implementierung des Zusammenschlusses der Londoner und der Frankfurter Börse.

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