scholarly journals Completing The Deal: Determinants of Successful Tender Offers

2011 ◽  
Vol 14 (3) ◽  
pp. 21 ◽  
Author(s):  
David J. Flanagan ◽  
James P. D'Mello ◽  
K. C. O'Shaughnessy
Keyword(s):  
Tender Offer ◽  
Tender Offers ◽  
Cross Border ◽  
Termination Fees

This study of 991 tender offers that occurred between 1985 and 1994 tests how a set of factors influenced the probability that tender offers will be successfully completed. The probability of tender offer success is increased by relatedness of the two firms, cross-border status, the existence of termination fees and pre-bid ownership of target stock. Two-tier transactions, hostile reactions, and competing bids negatively effect tender offer success. Implications for managers contemplating tender offers are discussed.

US and UK Tender Offers, Exchange Offers, and Other Out-of-Court Restructurings

2017 ◽  
Author(s):  
James McDonald ◽  
Danny Tricot ◽  
Richard Ho
Keyword(s):  
Management Strategy ◽  
Legal Framework ◽  
Tender Offer ◽  
Tender Offers ◽  
Liability Management ◽  
The Us ◽  
Outstanding Debt ◽  
Practical Guidance ◽  
The Uk

This chapter examines several options available to financially troubled companies in connection with out-of-court restructurings in the US and the UK, and provides practical guidance for each option. Specifically, we discuss tender offers, exchange offers and amendments of outstanding debt securities, including the use of exit consents, and their use in conjunction with prepackaged or prearranged bankruptcies in the US. We also discuss the principal legal framework surrounding bond repurchases, issues relating to such repurchases, and the liability management strategy of combining the consensual nature of the tender offer with an exit consent in the UK.

The Role of Target Management in a Tender Offer: The Position in Nigerian Law

1996 ◽  
Vol 40 (1) ◽  
pp. 1-18 ◽  
Author(s):  
Tunde I. Ogowewo
Keyword(s):  
Dead Wood ◽  
Tender Offer ◽  
Tender Offers ◽  
Regulatory Scheme ◽  
Target Management ◽  
Defensive Measures

A hostile tender offer is the most dramatic occurrence in corporate life. It pits incumbent management against the insurgent who claims to be getting rid of dead wood. The target shareholders usually incur large losses when management succeeds in defeating the offer and the target remains independent. An array of defensive measures have been used as embattled managers have fought to keep their seats. The validity and effectiveness of these measures depend largely on the regulatory scheme for tender offers in the particular jurisdiction and the legal duties of the directors.

Study on Tender Offers Decision-Making Based on the Sand Table Experiment

2014 ◽  
Vol 525 ◽  
pp. 770-774
Author(s):  
Hong Yong Liu ◽  
Jie Chen ◽  
Yong Cao
Keyword(s):  
Decision Making ◽  
Construction Process ◽  
Management Skills ◽  
Engineering Project ◽  
Tender Offer ◽  
Tender Offers ◽  
Engineering Project Management ◽  
Determining Factors ◽  
Project Construction ◽  
Internal Relationship

This article discusses about the decision-making method of tender offer based on the engineering project management simulation experiment. The research first simulates the project construction process to explore possible ways to reduce cost. Then, combining with the lowest biding price standards in China, it analyzes the internal relationship between biding price and the lowest cost and finds the determining factors of calculating biding quotation. Next, the research determines the final biding price based on the biding price concepts and several other factors, for instance, competitors’ technical skills, management skills and biding strategies. Finally, this article applies the method in the decision-making process of Triumphal Arch tender offer project and proves the feasibility of the method.

scholarly journals PELAKSANAAN PENAWARAN TENDER DALAM PASAR MODAL DAN AKIBAT HUKUMNYA DI INDONESIA

2020 ◽  
Vol 36 (1) ◽  
Author(s):  
Abigail Frida Christine Chiquita Pasaribu
Keyword(s):  
Investment Portfolio ◽  
Private Company ◽  
Tender Offer ◽  
Tender Offers ◽  
The Public ◽  
Public Company ◽  
The Status ◽  
Target Company ◽  
Materials Used ◽  
The Impact

The problem of Tender Offer is sticking to the surface, among others, because there have been several cases involving the Takeover of a Public Company by another Party, thus causing losses to other Shareholders, especially the Public Shareholders. This study aims to determine the arrangement of Tender Offers in Indonesia and the impact of the Takeover on a Public Company that was taken over. The form of research in the writing of this journal is normative legal research using the statutory approach. The legal materials used are of two types, namely primary legal materials and secondary legal materials. The results of this research are: First, Mandatory Tender Offer is regulated in POJK No. 9/POJK.04/2018. There is a provision that the Controllers must refloate within two years if the share ownership exceeds 80% as a result of the Mandatory Tender Offer. Then, the Voluntary Tender Offer is regulated in POJK No. 54/POJK.04/2015 concerning Voluntary Tender Offer. In general, the background to the Voluntary Tender Offer is that the Target Company plans to be delisted, as well as changing its status to a Private Company (Go Private). Also, the Voluntary Tender Offer can be made if the Bidder wishes to increase its investment portfolio and assesses that the Target Company has the potential to continue to develop in the future. Second, Takeovers can have legal consequences on the status of the company, company controllers, and employment.

Reflections of a Corporate Conflict Freak

1992 ◽  
Vol 18 (7/8) ◽  
pp. 34-58
Author(s):  
Douglas V. Austin
Keyword(s):  
Tender Offer ◽  
Tender Offers ◽  
The Past ◽  
Proxy Contest ◽  
Proxy Contests

In reviewing proxy contests and tender offers of the past, the author concludes that the former has been inferior as a form of corporate conflict mechanism to the latter. However, he also underscores the important role that the proxy contest has played in the development of its competitor — the tender offer.

Do Chinese acquirers paying premiums in large international acquisitions experience negative market reactions as Western counterparts?

2018 ◽  
Vol 12 (3) ◽  
pp. 307-317 ◽  
Author(s):  
Chiung-Hui Tseng ◽  
Tony Kuo
Keyword(s):  
Stock Market ◽  
Behavioral Finance ◽  
Signaling Theory ◽  
Positive Association ◽  
International Acquisitions ◽  
Market Reactions ◽  
Stock Market Returns ◽  
Content Type ◽  
Tender Offers ◽  
Cross Border

Purpose This study draws on behavioral finance and signaling theory to investigate market reactions to Chinese acquirers when they made premium payments in large cross-border acquisitions. Paying high premiums has been considered an inferior acquisition decision that engenders negative market reactions in previous studies examining Western acquirers. Moving beyond previous work, this paper aims to propose that the premiums paid by Chinese firms in large international acquisitions will yield positive market reactions. Design/methodology/approach This paper applies an event study method and tests hypotheses on a sample that comprises large international acquisitions made by Chinese acquirers between 2007 and 2012. Findings The acquisition premium paid by a Chinese acquirer in a large cross-border acquisition positively affects its stock market return to the acquisition announcement. That is, investors rely on the managers’ judgment about the synergistic and value-creating potential of the acquisitions, as inferred from the premiums paid. Moreover, it was found that the relationship between acquisition premiums and stock market returns is moderated by whether the transactions are tender offers, in that the positive relationship is weaker when acquisitions are tender offers. Originality/value Different from previous research focusing on Western companies and proposing a negative linkage between premiums paid and investor reactions to the acquisitions, this study sheds light on Chinese acquirers who paid premiums in large international acquisitions and, based on the logic of behavioral finance and signaling theory, posits a positive association in the context of Chinese acquirers.

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