Takeovers, restructuring and corporate governance:
Gespeichert in:
| Vorheriger Titel: | Weston, John Fred Mergers, restructuring, and corporate control |
|---|---|
| Hauptverfasser: | , , |
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Upper Saddle River, N.J.
Prentice-Hall
1998
|
| Ausgabe: | 2. ed. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XXIV, 504 S.: Ill. |
| ISBN: | 013889163X |
Internformat
MARC
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Datensatz im Suchindex
| _version_ | 1804128151578607616 |
|---|---|
| adam_text | Overview
PART I: TAKEOVERS AND MERGERS IN PRACTICE 1
1 The Takeover Process 1
2 The Legal and Regulatory Framework 15
3 Pooling Versus Purchase Accounting 43
4 Tax Planning Options 61
PART II: M As THEORY AND EMPIRICAL TESTS 69
5 Theories of Mergers and Tender Offers 69
5 A Measurement of Abnormal Returns 93
6 The Timing of Merger Activity 107
7 Empirical Tests of M A Performance 124
PART III: VALUATION THE STRATEGIC PERSPECTIVE 147
8 Strategy, Diversification, and Takeovers 147
9 Alternative Approaches to Valuation 176
9 A Derivation of Valuation Formulas 198
9B Comparisons of Valuation Models 202
10 Increasing the Value of the Organization 207
10A Calculating Growth Rates 225
PART IV: RESTRUCTURING 229
11 Restructuring and Divestitures 229
12 Restructuring Ownership Relationships 240
13 Financial Restructuring 257
PART V: M A STRATEGIES 277
14 Joint Ventures 277
15 ESOPsandMLPs 292
¦ iii ¦
16 Going Private and Leveraged Buyouts 316
17 International Takeovers and Restructuring 344
PART VI: CORPORATE GOVERNANCE AND CONTROL 371
18 Share Repurchase 371
19 Corporate Governance and Performance 391
20 Takeover Defenses 413
PART VII: MANAGERIAL STRATEGIES FOR INCREASING VALUE 439
21 Case Studies of M A Activity 439
22 Management Guides for M As and Strategies 459
¦ iv ¦
Contents
Preface xxi
Part I: Takeovers and Mergers in Practice 1
CHAPTER 1 The Takeover Process 1
Patterns of Merger Activity 1
Merger and Tender Offer Terminology 4
Types of Mergers from an Economic Standpoint 5
Horizontal mergers 5
Verticil! mergers 5
Conglomerate mergers 6
Financial conglomerates 6
Managerial conglomerates 7
Concentric companies 8
Mergers in a Legal Framework 8
The Nature of Tender Offers 9
Risk Arbitrage in M A Activity 10
Illustrative example 11
The nature of the arbitrage business 11
Arbitrage funds 12
Summary 12
Questions 13
References 14
CHAPTER 2 The Legal and Regulatory Framework 15
The Main Securities Laws 15
Federal securities laws 16
The Operation of the Securities Acts 17
Tender Offer Regulation—The Williams Act 17
Section 13 18
Section 14 19
Insider Trading Overview 19
The Racketeer Influenced and Corrupt Organizations Act of 1970 (RICO) 20
¦ V ¦
Court Cases and SEC Rules 22
Liability Under Rule 10b 5 of the 1934 act 22
Other Disclosure Requirements 24
Disclosure by insiders—Section 16 of SEA 25
Disclosure requirements of stock exchanges 25
Disclosure of merger talks 25
Regulation of Takeover Activity by the States 26
Recent developments 26
Issues with regard to state takeover laws 27
Antitrust Policies 28
Chronology of Rite Aid tender offer for Revco 29
The Basic Antitrust Statutes 30
Sherman Act of 1890 30
Clayton Act, Section 7,1914 30
Hart Scott Rodino Act of 1976 30
The Antitrust Guidelines 30
Other market characteristics 31
Nonhorizontal mergers 32
Private antitrust suits 32
State antitrust activity 32
Regulation by Publicity 33
Seizure of the First Executive Corporation and First Capital Life 33
The hostile takeover of the Pacific Lumber Company 34
Regulation by the politics of finance 34
Summary 35
Questions 36
Case Studies 37
Broader Board Responsibilities 37
Van Gorkom 37
Revlon Inc. v. Pantry Pride 38
Maxwell Communications v. Macmillan 39
Paramount v. Time 39
Paramount v. QVC Network 40
Sandoz Gerber 40
References 41
CHAPTER 3 Pooling Versus Purchase Accounting 43
Historical Background 43
Pooling of Interests 44
Purchase Accounting 45
Accounting for Pooling Versus Purchase 45
Illustration of pooling accounting 47
Illustration of purchase accounting 48
Effects of pooling versus purchase on income measurement 50
Effects on Leverage 52
Dynamic Versus Static Effects of Pooling Versus Purchase 53
¦ vi ¦
Empirical Studies of Effects of Pooling Versus Purchase on Stock Prices 54
Hong, Kaplan, Mandelker, 1978 54
Robinson and Shane, 1990 55
Davis, 1990 55
Davis, 1996 56
Further research 57
Summary 57
Questions 57
Case Studies 58
AT T s acquisition of NCR 58
Wells Fargo acquisition of First Interstate Bancorporation 58
References 60
CHAPTER 4 Tax Planning Options 61
Taxable Versus Nontaxable or Tax Deferred Acquisitions 61
The Tax Reform Act of 1986 62
Net operating loss (NOL) carryovers 62
Corporate capital gains lax 63
Minimum tax on corporate profits 63
General Utilities doctrine 63
Greenmail 63
Do Tax Gains Cause Acquisitions? 64
Early Empirical Tests of Tax Effects 64
NOLs and tax credits 64
Basis step up 64
Leverage 64
Later Empirical Studies of Tax Effects 65
Taxes and LBOs 66
Summary 67
Questions 67
References 68
Part II: M As—Theory and Empirical Tests 69
CHAPTER 5 Theories of Mergers and Tender Offers 69
Organization Learning and Organization Capital 69
Investment opportunities 72
Models of the Takeover Process 72
Free Rider Problem. Initial Shareholding, and the Equilibrium Bid 73
A Framework 74
Sources of Value Increases from M As 75
Efficiency increases 76
Operating svnergy 76
Diversification motives 77
Financial svnergv 78
Strategic realignments 78
The q ratio 78
¦ vii ¦
Information 79
Signaling 79
Winner s Curse and Hubris 80
Agency Problems 80
Takeovers as a solution to agency problems 81
Managerialism 81
The free cash flow hypothesis (FCFH) 82
Redistribution 83
Tax gains 83
Market power 83
Redistribution from bondholders 84
Redistribution from labor 84
Pension fund reversions 86
Summary 87
Questions 89
Case Study 89
Boeing s acquisition of McDonnell Douglas 89
References 90
Appendix A: Measurement of Abnormal Returns 93
Steps in Calculation of Residuals 93
Statistical Significance of Event Returns 103
References 106
CHAPTER 6 The Timing of Merger Activity 107
Early Merger Movements 107
The 1895 1904 merger movement 107
The 1922 1929 merger movement 108
The 1940 1947 merger movement 109
The Conglomerate Merger Movement of the 1960s 109
Merger Trends Since 1970 110
Divestitures 114
Effects on Concentration 116
Impact on macroconcentration 116
Impact on microconcentration 117
International Perspectives 117
Timing of Merger Activity 118
Mergers and the macroeconomy 118
Summary 120
Questions 122
References 122
CHAPTER 7 Empirical Tests of M A Performance 124
Issues in Empirical Studies 124
Returns in Successful Mergers and Takeovers 124
Returns to targets 125
Returns to bidder firms 126
The effect of NASDAQ trading 127
¦ viii ¦
Unsuccessful Takeovers 127
Returns to targets 127
Returns to unsuccessful bidders 128
Methods of Payment and Managerial Resistance 129
Interval between announcement and completion 131
Bad bidders become good targets 132
Positive Total Returns Versus Negative Total Returns 132
Effects of Regulation 133
Single Bids Versus Multiple Bids 134
Runup Versus Markup Returns 135
Efficiency Versus Market Power 137
Postmerger Performance 137
Industry Influences on M A Activity 140
Patterns of Takeover Activity 141
Summary 142
Questions 143
References 143
Part III: Valuation—The Strategic Perspective 147
CHAPTER 8 Strategy, Diversification, and Takeovers 147
Strategy 148
Ultimate responsibility 148
Basic steps in strategic planning 149
Diversity in Strategic Planning Processes 149
Monitoring environments 149
Stakeholders 149
Organization cultures 150
Alternative strategy methodologies 150
Alternative analytical frameworks 153
Approaches to Formulating Strategy 156
The Boston Consulting Group 156
The Porter approach 157
Adaptive processes 158
Evaluation of the Alternative Approaches 158
Checklists and iterations 159
Some recent developments 159
Formulating a Merger Strategy 160
Business goals 161
Aligning the firm to its changing environments 161
Diversification Strategy 162
Internal versus external growth 163
Empirical evidence 163
Diversification planning, mergers, and the carryover of managerial capabilities 164
Influences on Diversification 165
Advances in managerial technology 165
Increased technological change 165
¦ ix ¦
Larger fixed costs for staff services 166
Developments in the equity markets 166
Summary 167
Questions 168
Case Studies 168
Merck acquisition ofMedco 168
Acquisition of Lotus Development Corp. by IBM 170
References 174
CHAPTER 9 Alternative Approaches to Valuation 176
Comparable Companies or Comparable Transactions Approaches 176
The Spreadsheet Approach to Valuation and Mergers 179
Capital budgeting decisions 179
Spreadsheet projections 181
Brief evaluation of the spreadsheet approach 183
Formula Approach 183
The basic formula 184
Temporary growth followed by constant growth 188
Cost of Capital Measurement 189
Capital asset pricing model (CAPM) 189
Equity risk premium over debt yield 190
Investor s average realized yield 190
Dividend growth model 191
Cost of debt 192
Cost of preferred stock 192
The marginal cost of capital 193
The Influence of Inflation 194
Applications 196
Questions 196
References 197
Appendix A: Derivation of Valuation Formulas 198
The No Growth Case 199
Constant Growth 200
Supernormal Growth Followed by No Growth 200
Supernormal Growth Followed by Constant Growth 201
Appendix B: Comparisons of Valuation Models 202
Comparison with the Miller Modigliani Model 202
Comparison with Stern Stewart Approach 203
Comparison with the Rappaport Approach 204
References 206
CHAPTER 10 Increasing the Value of the Organization 207
Event Analysis of the Chevron Takeover of Gulf 207
Comparable Transactions Analysis of the Gulf Purchase 208
¦ X ¦
Spreadsheet and Formula Approaches 209
Historical data used in a first estimate of the value drivers 210
The applicable cost of capital 213
Capital structure proportions 214
Spreadsheet methodology 214
The Value of Gulf, 1983 215
Finding cost analysis 217
The effect of the Gulf purchase on the value of Chevron 218
Summary 220
Questions 221
References 223
Appendix A: Calculating Growth Rates 225
Part IV: Restructuring 229
CHAPTER 11 Restructuring and Divestitures 229
Corporate Restructuring Strategies 229
Some basic forces 230
Definitions and examples 230
Divestitures 231
Background materials on divestitures 231
Motives for divestitures 232
Financial Effects of Divestitures 234
Case Studies of Spin Offs and Divestitures 236
Rationale for Divestitures 237
Summary 238
Questions 239
References 239
CHAPTER 12 Restructuring Ownership Relationships 240
Spin Offs 240
Event return studies of spin offs 240
Split Ups 242
The ITT Corp. 242
The A T T restructuring 243
The Melville Corporation 244
Equity Carve Outs 245
Targeted Stock 248
Explanations and Rationale for Gains to Sell Offs and Split Ups 249
Information 249
Managerial efficiency 250
Management incentives 250
Tax and/or regulatory factors 250
Bondholder expropriation 251
Changing economic environment 251
¦ xi ¦
Avoiding conflicts with customers 251
Provide investors with pure winners 251
Option creation 251
Increase market spanning 251
Enable more focused mergers 252
Summary 252
Questions 252
Case Studies 253
Sears, Roebuck and Co. restructuring 253
GM spin off of EDS 254
References 256
CHAPTER 13 Financial Restructuring 257
Unlocking the Value in the Firm 257
Leverage and Leveraged Recapitalizations 258
The effects of the use of leveraged recaps 262
Subsequent performance 262
The functions of leveraged recaps 263
Dual Class Stock Recapitalizations 263
Reasons for dual class recapitalizations 263
Market response to dual class recaps 263
Paradox of the entrenchment 264
Exchange Offers 265
Tax aspects of exchange offers 265
Empirical evidence on exchange offers 266
Reorganization Processes 268
Out of court procedures 268
Merger into another firm 268
Formal legal proceedings 269
Financial Engineering 270
Liquidations and Takeover Bust Ups 270
Empirical studies 271
Summary 273
Questions 273
Case Study 274
Management Assistance, Inc. 274
References 275
Part V: M A Strategies 277
CHAPTER 14 Joint Ventures 277
Joint Ventures in Business Strategy 279
Joint ventures and complex learning 279
Tax aspects of joint ventures 280
Joint ventures and restructuring 280
International Joint Ventures 282
¦ xii ¦
Rationale for Joint Ventures 282
Reasons for failure 283
Joint Ventures and Antitrust Policy 284
Outsourcing 286
Empirical Tests of the Role of Joint Ventures 287
Business and economic patterns 287
Event returns 288
Summary 289
Questions 290
Case Study 290
GM Toyota joint venture 290
References 291
CHAPTER 15 ESOPs and MLPs 292
Nature and History of ESOPs 292
Types of pension plans 292
Types of ESOPs 293
The Uses of ESOPs 294
ESOPs as pension plans 294
Concept of a leveraged ESOP 295
Examples of the use of ESOPs 296
ESOPs in lieu of subsidiary divestiture 298
The Performance of ESOPs 299
Tax benefits 299
ESOPs as a takeover defense 300
ESOPs versus alternative methods of raising funds 300
Comparison with profit sharing 301
Effects on company productivity 302
Economic consequences 304
Evaluation of ESOPs 305
Master Limited Partnerships 306
The nature of MLPs 306
Advantages of MLPs 310
Initial pricing of MLPs 311
Summary 311
Questions 313
Case Study 313
Pan Petroleum MLP 313
References 314
CHAPTER 16 Going Private and Leveraged Buyouts 316
Characteristics of Leveraged Buyouts 316
Three Major Stages of Leveraged Buyouts 317
LBOs in the 1980s 318
General economic and financial factors 318
Illustration of an LBO 320
¦ xiii ¦
Elements of a typical LBO operation 322
Conditions and circumstances of going private buyouts in the 1980s 323
Empirical results on going private in the 1980s 324
Sources of gains 326
Evidence on postbuyout equity value 333
The Correction Period 1991 1992 334
The Role of Junk Bonds 336
LBOs in the 1992 1995 Period 338
Summary 339
Questions 340
Case Studies 340
Sources of value in LBOs 340
RJR Nabisco LBO 341
References 341
CHAPTER 17 International Takeovers and Restructuring 344
Historical and Empirical Data 344
The Theory of the MNE 345
Reasons for International M As 350
Growth 350
Technology 351
Product advantages and product differentiation 352
Government policy 352
Exchange rates 353
Political/economic stability 354
Differential labor costs, productivity 354
To follow clients (especially by banks) 355
Diversification 355
To assure a source of raw materials 355
Premiums Paid 355
Event Returns 356
International Joint Ventures 356
Cost of Equity for an MNE 358
The Cost of Debt 361
Summary 362
Questions 363
Case Studies 363
The saga of Gerber Products 363
Ciba Geigy Merger with Sandoz 365
References 368
Part VI: Corporate Governance and Control 371
CHAPTER 18 Share Repurchase 371
Major Types of Share Repurchase 371
Fixed price tender offers (FPTs) 371
Dutch auctions (DAs) 372
¦ xiv ¦
Transferable put rights (TPRs) 372
Open market repurchases (OMRs) 372
Fixed Price Tender Offers (FPTs) 373
Empirical evidence on cash tender offers 373
Basic Stock Repurchase Model 374
The Theories Behind Fixed Price Tender Offers 377
Dividend or personal taxation hypothesis 377
Leverage hypothesis 378
Signaling hypothesis 379
Bondholder expropriation hypothesis 380
Wealth transfers among shareholders 380
Defense against outside takeovers 380
Dutch Auction Repurchases 381
Transferable Put Rights (TPRs) 384
Open Market Share Repurchases (OMRs) 386
Summary 387
Questions 388
Case Study 388
FPL 388
References 389
CHAPTER 19 Corporate Governance and Performance 391
Corporate Governance Systems in the United States 392
Diffuse stock ownership 392
Contractual theory of the firm 392
Divergent interests of stakeholders 393
Internal Control Mechanisms 393
Role of the Board of Directors 394
Composition of the board 394
Compensation of board members 395
Evaluating a board of directors 396
Ownership Concentration 396
Managerial ownership and bond returns 398
Financial policy and ownership concentration 398
Executive Compensation 399
Outside Control Mechanisms 400
Stock prices and top management changes 400
Public pension funds 401
Multiple Control Mechanisms 402
Proxy Contests 402
Wealth effects—early studies 403
Wealth effects—later studies 404
The M A Market for Control 405
Alternative Governance Systems 406
Summary 407
Questions 408
¦ XV ¦
Case Study 409
Chrysler Corporation versus Tracinda Corporation—a struggle for control 409
References 410
CHAPTER 20 Takeover Defenses 413
Duty of Directors 413
Greenmail 414
Wealth effects of greenmail 415
Antigreenmail developments 416
Financial Defensive Measures 417
Strategic Actions 417
Pac Man defense 417
White knight 418
White squire 419
Defensive Corporate Restructuring and Reorganization 419
Reorganization of assets 419
Other strategies 420
Antitakeover Amendments 421
Supermajority amendments 422
Fair price amendments 422
Classified boards 422
Authorization of preferred stock 422
Other antitakeover amendments 422
Antitakeover amendments and shareholder returns 423
Poison Pills 424
Types of plans 424
Case studies 425
Effects of poison pills on shareholder returns 425
Poison Puts 426
Golden Parachutes 428
Rationale 429
Silver and tin parachutes 429
Golden parachutes and returns to shareholders 430
Summary 431
Questions 433
Case Studies 433
Carter Hawley Hale versus Marshall Field Co. 433
Mattel Hasbro 434
References 435
Part VII: Managerial Strategies for Increasing Value 439
CHAPTER 21 Case Studies of M A Activity 439
A Framework for Case Studies 439
Time Warner 441
Brief chronology of events 442
Central legal issues 445
¦ xvi ¦
Paramount Versus QVC Network 446
SBC and Pac Tel 446
Bell Atlantic and NYNEX 446
Disney Capital Cities/ABC 447
Time Warner Turner Broadcasting 447
Westinghouse Acquisition of CBS 448
What s Ahead for the Information Industry? 448
Ruback Case Studies 448
Conoco 449
Cities Service 451
Case Studies of Individual Firms 452
IC Industries 452
ARA Services 453
Merrill Lynch 454
A Framework for Evaluating M As 455
Summary 456
Questions 458
References 458
CHAPTER 22 Management Guides for M As and Strategies 459
M As in a Strategic Long Range Planning Framework 459
Goals and objectives 459
The role of strategy 460
The role of planning 461
Managerial capabilities perspective 462
A Comprehensive Checklist for Sound M A Decisions 463
The Rules for Successful Mergers 465
Drucker s merger rules 466
Extending the rules 466
General Guidelines 467
Questions 468
Case Study 469
Analysis and evaluation of Dean Witter Discovers merger with Morgan Stanley 469
References 476
Glossary 479
Author Index 497
Subject Index 500
¦ xvii ¦
Cases in Text
Chapter Case/page number
2 Van Gorkom 37
Revlon Pantry Pride 38
Maxwell Macmillan 39
Paramount Time 39
Paramount QVC Network 40
Sandoz Gerber 40
3 AT T NCR 58
Wells Fargo First Interstate Bancorporation 58
5 Boeing McDonnell Douglas 89
8 Merck Medco 168
IBM Lotus 170
11 Dillingham 236
Entenmann s Bakery 236
Hospital Affiliates International 237
12 Sears 253
GM EDS 254
13 Management Assistance, Inc. (MAI) 274
14 Philips Whirlpool 280
Maytag Hoover Appliances 280
Corning Ciba Geigy 281
GM Toyota 290
15 Pan Petroleum MLP 313
16 Sources of Value in LBOs 340
RJR Nabisco LBO 341
17 Gerber 363
Ciba Geigy Sandoz 365
18 Florida Power Light (FPL) 388
19 Chrysler Tracinda 409
20 Carter Hawley Hale Marshall Field 433
Mattel Hasbro 434
¦ xix ¦
Chapter Case/page number
21 Time Warner 441
Paramount QVC Network 446
SBC Pac Tel 446
Bell Atlantic NYNEX 446
Disney Capital Cities/ABC 447
Time Warner Turner Broadcasting 447
Westinghouse CBS 448
DuPont Conoco 449
Cities Service 451
IC Industries 452
ARA Services 453
Merrill Lynch 454
¦ XX ¦
|
| any_adam_object | 1 |
| author | Weston, J. Fred 1916-2009 Chung, Kwang S. Siu, Chuan A. |
| author_GND | (DE-588)129732680 |
| author_facet | Weston, J. Fred 1916-2009 Chung, Kwang S. Siu, Chuan A. |
| author_role | aut aut aut |
| author_sort | Weston, J. Fred 1916-2009 |
| author_variant | j f w jf jfw k s c ks ksc c a s ca cas |
| building | Verbundindex |
| bvnumber | BV013374183 |
| callnumber-first | H - Social Science |
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| callnumber-raw | HG4028.M4W47 1998 |
| callnumber-search | HG4028.M4W47 1998 |
| callnumber-sort | HG 44028 M4 W47 41998 |
| callnumber-subject | HG - Finance |
| classification_rvk | QP 450 |
| ctrlnum | (OCoLC)37509849 (DE-599)BVBBV013374183 |
| dewey-full | 338.8/3/0973 338.8/3/097321 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 338 - Production |
| dewey-raw | 338.8/3/0973 338.8/3/0973 21 |
| dewey-search | 338.8/3/0973 338.8/3/0973 21 |
| dewey-sort | 3338.8 13 3973 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| edition | 2. ed. |
| format | Book |
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| genre | 1\p (DE-588)4123623-3 Lehrbuch gnd-content |
| genre_facet | Lehrbuch |
| geographic | USA USA (DE-588)4078704-7 gnd |
| geographic_facet | USA |
| id | DE-604.BV013374183 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-09T18:44:41Z |
| institution | BVB |
| isbn | 013889163X |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-009121497 |
| oclc_num | 37509849 |
| open_access_boolean | |
| owner | DE-521 DE-83 DE-11 |
| owner_facet | DE-521 DE-83 DE-11 |
| physical | XXIV, 504 S.: Ill. |
| publishDate | 1998 |
| publishDateSearch | 1998 |
| publishDateSort | 1998 |
| publisher | Prentice-Hall |
| record_format | marc |
| spelling | Weston, J. Fred 1916-2009 Verfasser (DE-588)129732680 aut Takeovers, restructuring and corporate governance J. Fred Weston ; Kwang S. Chung ; Chuan A. Siu 2. ed. Upper Saddle River, N.J. Prentice-Hall 1998 XXIV, 504 S.: Ill. txt rdacontent n rdamedia nc rdacarrier Bedrijfsovernames gtt Financieel management gtt Fusion d'entreprises - États-Unis - Finances ram Fusion d'entreprises - États-Unis - Gestion ram Consolidation and merger of corporations -- United States -- Finance Consolidation and merger of corporations -- United States -- Management Mergers and Acquisitions (DE-588)4205916-1 gnd rswk-swf Restrukturierung (DE-588)4335640-0 gnd rswk-swf Takeover (DE-588)4213995-8 gnd rswk-swf Corporate Governance (DE-588)4419850-4 gnd rswk-swf Unternehmenskauf (DE-588)4078600-6 gnd rswk-swf USA USA (DE-588)4078704-7 gnd rswk-swf 1\p (DE-588)4123623-3 Lehrbuch gnd-content USA (DE-588)4078704-7 g Unternehmenskauf (DE-588)4078600-6 s Mergers and Acquisitions (DE-588)4205916-1 s 2\p DE-604 Takeover (DE-588)4213995-8 s Corporate Governance (DE-588)4419850-4 s 3\p DE-604 Restrukturierung (DE-588)4335640-0 s 4\p DE-604 Chung, Kwang S. Verfasser aut Siu, Chuan A. Verfasser aut 1. Auflage Weston, John Fred Mergers, restructuring, and corporate control HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009121497&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 2\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 3\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 4\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Weston, J. Fred 1916-2009 Chung, Kwang S. Siu, Chuan A. Takeovers, restructuring and corporate governance Bedrijfsovernames gtt Financieel management gtt Fusion d'entreprises - États-Unis - Finances ram Fusion d'entreprises - États-Unis - Gestion ram Consolidation and merger of corporations -- United States -- Finance Consolidation and merger of corporations -- United States -- Management Mergers and Acquisitions (DE-588)4205916-1 gnd Restrukturierung (DE-588)4335640-0 gnd Takeover (DE-588)4213995-8 gnd Corporate Governance (DE-588)4419850-4 gnd Unternehmenskauf (DE-588)4078600-6 gnd |
| subject_GND | (DE-588)4205916-1 (DE-588)4335640-0 (DE-588)4213995-8 (DE-588)4419850-4 (DE-588)4078600-6 (DE-588)4078704-7 (DE-588)4123623-3 |
| title | Takeovers, restructuring and corporate governance |
| title_auth | Takeovers, restructuring and corporate governance |
| title_exact_search | Takeovers, restructuring and corporate governance |
| title_full | Takeovers, restructuring and corporate governance J. Fred Weston ; Kwang S. Chung ; Chuan A. Siu |
| title_fullStr | Takeovers, restructuring and corporate governance J. Fred Weston ; Kwang S. Chung ; Chuan A. Siu |
| title_full_unstemmed | Takeovers, restructuring and corporate governance J. Fred Weston ; Kwang S. Chung ; Chuan A. Siu |
| title_old | Weston, John Fred Mergers, restructuring, and corporate control |
| title_short | Takeovers, restructuring and corporate governance |
| title_sort | takeovers restructuring and corporate governance |
| topic | Bedrijfsovernames gtt Financieel management gtt Fusion d'entreprises - États-Unis - Finances ram Fusion d'entreprises - États-Unis - Gestion ram Consolidation and merger of corporations -- United States -- Finance Consolidation and merger of corporations -- United States -- Management Mergers and Acquisitions (DE-588)4205916-1 gnd Restrukturierung (DE-588)4335640-0 gnd Takeover (DE-588)4213995-8 gnd Corporate Governance (DE-588)4419850-4 gnd Unternehmenskauf (DE-588)4078600-6 gnd |
| topic_facet | Bedrijfsovernames Financieel management Fusion d'entreprises - États-Unis - Finances Fusion d'entreprises - États-Unis - Gestion Consolidation and merger of corporations -- United States -- Finance Consolidation and merger of corporations -- United States -- Management Mergers and Acquisitions Restrukturierung Takeover Corporate Governance Unternehmenskauf USA Lehrbuch |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009121497&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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