Takeovers, restructuring and corporate governance:
Saved in:
| Main Authors: | , , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Upper Saddle River, N.J.
Prentice-Hall
2001
|
| Edition: | 3. ed. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XXX, 689 S. Ill. |
| ISBN: | 0130265055 |
Staff View
MARC
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| 245 | 1 | 0 | |a Takeovers, restructuring and corporate governance |c J. Fred Weston ; Juan A. Siu ; Brian A. Johnson |
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Record in the Search Index
| _version_ | 1804128210333466624 |
|---|---|
| adam_text | Brief Contents
Part I Takeovers and Mergers in Practice i
Chapter 1 The Takeover Process 1
Appendix A Merger Process Information in Proxy
Statements 17
Appendix B The AOL and Time Warner Merger 22
Chapter 2 The Legal and Regulatory Framework 27
Appendix A Legal Due Diligence Preliminary Information
Request 64
Chapter 3 Accounting for M As 77
Chapter 4 Tax Planning Options 97
Part II M As in Theory and Practice 105
Chapter 5 Strategic Processes 105
Chapter 6 Theories of Mergers and Tender Offers 133
Appendix A A Chemical Industry Case Study 159
Appendix B Measurement of Abnormal Returns 171
Chapter 7 The Timing of Merger Activity 187
Chapter 8 Empirical Tests of M A Performance 199
Part III Valuation 225
Chapter 9 Alternative Approaches to Valuation 225
Appendix A Foundations of DCF Spreadsheet Valuation 265
Appendix B Derivation of Revenue Growth Valuation
Formulas 280
Appendix C Derivation of Investment Opportunity Valuation
Formulas 284
Chapter 10 Increasing the Value of the Organization 291
Appendix A Calculating Growth Rates 340
Part IV Restructuring 345
Chapter 11 Restructuring and Divestitures 345
Chapter 12 Restructuring Organization and Ownership
Relationships 361
Chapter 13 Financial Restructuring 391
vii
viii Brief Contents
PartV M A Strategies 415
Chapter 14 Joint Ventures and Alliances 415
Chapter 15 ESOPs and MLPs 437
Chapter 16 Going Private and Leveraged Buyouts 463
Chapter 17 International Takeovers and Restructuring 495
Part VI Strategies for Creating Value 535
Chapter 18 Share Repurchase 535
Chapter 19 Takeover Defenses 561
Chapter 20 Corporate Governance and Performance 595
Chapter 21 Implementation and Management Guides for
M As 625
Contents
Preface xxvii
Part I: Takeovers and Mergers in Practice i
CHAPTER 1 The Takeover Process 1
The Pace of Merger Activity 1
Change Forces 3
Issues Raised by M A Activity 4
Merger and Tender Offer Terminology 5
Types of Mergers from an Economic Standpoint 6
Horizontal mergers 6
Vertical mergers 7
Conglomerate mergers 7
Financial conglomerates 8
Managerial conglomerates 9
Concentric companies 9
Mergers in a Legal Framework 10
The Nature of Tender Offers 11
Risk Arbitrage in M A Activity 12
Illustrative example 13
The nature of the arbitrage business 13
Arbitrage funds 14
Summary 15
Questions 16
Appendix A: Merger Process Information in Proxy Statements 17
Appendix B: The AOL and Time Warner Merger 22
CHAPTER 2 The Legal and Regulatory Framework 27
The Main Securities Laws 27
Federal securities laws 27
The Operation of the Securities Acts 29
Tender Offer Regulation—The Williams Act 30
Section 13 30
Section 14 31
Insider Trading Overview 31
The Racketeer Influenced and Corrupt Organizations Act of 1970 (RICO) 32
ix
X Contents
Court Cases and SEC Rules 33
Liability under Rule 1 Ob 5 of the 1934 Act 33
Other Disclosure Requirements 36
Disclosure requirements of stock exchanges 37
Disclosure of merger talks 37
Regulation of Takeover Activity by the States 38
Recent developments 38
Issues with regard to state takeover laws 39
Antitrust Policies 40
The Basic Antitrust Statutes 41 (
Sherman Act of 1890 41
Timeline of the Microsoft Case 42
Preliminary findings on the Microsoft case 44
Clayton Act of 1914 45
Hart Scott Rodino Act of 1976 45
The Antitrust Guidelines 47
Other market characteristics 48
Nonhorizontal mergers 48
Private antitrust suits 49
State antitrust activity 49
Regulatory Bodies 49
Railroads 50
Commercial banks 50
Telecommunications 50
International Antitrust 51
United Kingdom 51
fapan 51
Europe 52
Regulation by Publicity 52
Seizure of the First Executive Corporation and First Capital Life 53
The hostile takeover of the Pacific Lumber Company 54
Regulation by the politics of finance 54
Summary 55
Questions 56
Case Studies 57
2.1 Broader Board Responsibilities 57
2.2 Van Gorkom 58
2.3 Revlon Inc. v. Pantry Pride 59
2.4 Maxwell Communications v. Macmillan 60
2.5 Paramount x . Time 60
2.6 Paramount v. QVCNetwork 61
2.7 Sandoz Gerber 61
References 62
Contents xi
Appendix A: Legal Due Diligence Preliminary Information Request 64
General Observations 64
Legal Due Diligence Preliminary Information Request List 65
CHAPTER 3 Accounting for M As 77
Changes in Accounting for Business Combinations 77
Historical Background 77
Overview of Pooling versus Purchase 79
Pooling of interests 79
Purchase accounting 80
Accounting for Pooling versus Purchase 81
Illustration of pooling accounting 81
Illustration of purchase accounting 83
Effects of pooling versus purchase on income measurement 87
Effects on Leverage 89
The FASB Proposal to Eliminate Pooling 90
Empirical studies of pooling versus purchase 91
Summary 91
Questions 92
Case Studies 92
3.1 A T T s Acquisition of NCR 92
3.2 Wells Fargo Acquisition of First Interstate Bancorporation 93
References 95
CHAPTER 4 Tax Planning Options 97
Taxable Versus Nontaxable or Tax Deferred Acquisitions 97
The Tax Reform Act of 1986 99
Net operating loss (NOL) carryovers 99
Minimum tax on corporate profits 99
General Utilities doctrine 99
Greenmail 99
Stock versus Asset Purchases 100
Do Tax Gains Cause Acquisitions? 102
Summary 103
Questions 104
References 104
Part II: M As in Theory and Practice i 05
CHAPTER 5 Strategic Processes 105
Strategy 106
Ultimate responsibility 106
Basic steps in strategic planning 107
xii Contents
Diversity in Strategic Planning Processes 107
Monitoring the organizational environment 107
Stakeholders 108
Organizational cultures 108
Alternative strategy methodologies 108
Alternative analytical frameworks 112
Approaches to Formulating Strategy 115
The Boston Consulting Group 116
The Porter approach 117
Adaptive processes 118
Evaluation of the Alternative Approaches 118
Checklists and iterations 118
Some recent developments 119
Formulating a Merger Strategy 120
Business goals 121
Aligning the firm to its changing environment 121
Strategy and Structure 122
Virtual Integration 124
Summary 125
Questions 126
Case Studies 126 i
5.1 Merck Acquisition ofMedco 126
5.2 Acquisition of Lotus Development Corp. by IBM 128
References 131
CHAPTER 6 Theories of Mergers and Tender Offers 133
Size and Returns to Scale 133
Models of the Takeover Process 136
Free Rider Problem, Initial Shareholding, and the Equilibrium Bid 137
A Framework 138
Sources of Value Increases from M As 139
Efficiency increases 139
Operating synergy 140
Diversification motives 141
Financial synergy 143
Strategic realignments 143
The q ratio 143
Information 144
Signaling 145
Winner s Curse and Hubris 145
Agency Problems 146
Takeovers as a solution to agency problems 146
Managerialism. 147
The free cashflow hypothesis (FCFH) 147
Contents xiii
Redistribution 148
Tax gains 149
Market power 149
Redistribution from bondholders 149
Redistribution from labor 150
Pension fund reversions 152
Summary 153
Questions 155
Case Study 155
6.1 Boeing s Acquisition of McDonnell Douglas 155
References 156
Appendix A: A Chemical Industry Case Study 159
Change Forces 159
Characteristics of the Chemical Industries 159
M As in the Chemical Industry 161
Effects on Concentration 167
Summary 169
Questions 169
References 169
Appendix B: Measurement of Abnormal Returns 171
Steps in Calculation of Residuals 171
The mean adjusted return method 171
The market model method 172
The market adjusted return method 172
Illustrations 172
Absolute gains and losses 179
Interpretation of measurements 182
Statistical Significance of Event Returns 182
One day, one firm 182
One day, average over firms 183
Over 81 days, average over firms 183
References 185
CHAPTER 7 The Timing of Merger Activity 187
Early Merger Movements 187
The 1895 to 1904 horizontal mergers 187
The 1922 to 1929 vertical mergers 188
The Conglomerate Mergers of the 1960s 189
The Deal Decade, 1981 to 1989 192
Strategic Mergers, 1992 to ?? 194
Timing of Merger Activity 195
xiv Contents
International Perspectives 197
Summary 197
Questions 198
References 198
CHAPTER 8 Empirical Tests of M A Performance 199
Issues in Empirical Studies 199
Merger Performance During the 1980s 200
Successful transactions 200
Unsuccessful takeovers 201
Methods of payment and managerial resistance 202
Interval between announcement and completion 203
Bad bidders become good targets 203
Positive total returns versus negative total returns 204
Effects of regulation 205
Single bids versus multiple bids 206
Runup versus markup returns 208
Postmerger performance 209
Industry influences on M A activity 211
Merger Performance During the 1990s 212
Pooling versus purchase accounting 212
Method of payment 213
Taxability 214
Premiums paid 215
Analysis of event returns 215
Returns for unrelated acquisitions 217
Merger performance in the 1990s 218
Efficiency Versus Market Power 218
Effects on Concentration 220
Impact on macroconcentration 220
Impact on microconcentration 220
Summary 221
Questions 222
References 223
Part III: Valuation 225
CHAPTER 9 Alternative Approaches to Valuation 225
Comparable Companies or Comparable Transactions
Approaches 225
The Spreadsheet Approach to Valuation and Mergers 228
Capital budgeting decisions 229
Spreadsheet projections 230
Brief evaluation of the spreadsheet approach 233
Contents XV
Formula Approach 233
The basic formula 233
Sensitivity analysis 235
Case Study of the Valuation of ConAgra Inc. 237
Cost of Equity Capital—Economic Issues 237
Cost of Capital 243
Cost of equity capital 244
Cost of debt 244
Weighted cost of capital 245
Sensitivity analysis of the ConAgra valuations 245
Analysis of merger premiums 248
Summary 255
Questions 255
References 264
Appendix A: Foundations of DCF Spreadsheet Valuation 265
Overview 265
The Basic DCF Spreadsheet Model 268
Calculating Terminal Values 268
The Net Investment Format 270
The Value Driver Method 270
Including Other Income in the Analysis 271
MCI WorldCom Valuation 278
Appendix B: Derivation of Revenue Growth Valuation Formulas 280
The No Growth Case 281
Constant Growth 282
Supernormal Growth Followed by No Growth 282
Supernormal Growth Followed by Constant Growth 283
Appendix C: Derivation of Investment Opportunity Valuation
Formulas 284
The No Growth Case 285
Constant Growth 286
Supernormal Growth Followed by No Growth 286
Supernormal Growth Followed by Constant Growth 287
CHAPTER 10 Increasing the Value of the Organization 291
The Oil Mergers of the Early 1980s 292
Comparable transaction analysis of the Gulf purchase 2C)2
The Value of Gulf, 1983 294
Finding cost analysis 294
Other approaches to the valuation of Gulf 296
xvi Contents
Valuation and Merger Analysis 296
The characteristics of the oil industry 296
The reasons for the Exxon Mobil merger 300
Valuation analysis of the Exxon Mobil merger 300
Cost of capital for Exxon and Mobil 301
Premium recovery 302
Antitrust issues 312
Emerging competitive forms 313
Comments on the Exxon Mobil case study 319
Valuation in the Framework of Product Life Cycles 319
The Internet and Online Technologies 324
Valuation approaches 326
DCF valuation 327
Summary 338
Questions 339
References 339
Appendix A: Calculating Growth Rates 340
Part IV: Restructuring 345
CHAPTER 11 Restructuring and Divestitures 345
Corporate Restructuring Strategies 345
Some basic forces 346
Definitions and examples 346
Divestitures 347
Background materials on divestitures 348
Motives for divestitures 348
Financial Effects of Divestitures 351
Case Studies of Divestitures 353
Federal Mogul Cooper Automotive 353
Stryker Corp. Howmedica 354
Quakers Oats Snapple 354
Dillingham 356
En tenman n s Bakery 356
Hospital Affiliates International 357
Rationale for Divestitures 357
Summary 359
Questions 359
References 360
CHAPTER 12 Restructuring Organization and Ownership
Relationships 361
Spin Offs 361
Event return studies of spin offs 362
Tax aspects of spin offs 364
Contents xvii
Equity Carve Outs 364
Spin offs, cane outs, split ups 365
The GM Delphi carve out and spin off 365
Dupont s spin off of Conoco 367
Carve out event returns 368
Performance studies 371
Tracking Stock 372
Other examples 373
Comparisons 373
Benefits and limitations 374
Split Ups 374
Hewlett Packard and Agilent 374
AT T restructuring 375
ITT 377
Rationale for Gains to Sell Offs and Split Ups 381
Information 381
Managerial efficiency 381
Management incentives 382
Tax and/or regulatory factors 382
Bondholder expropriation 383
Changing economic environment 383
Avoiding conflicts with customers 383
Provide investors with pure winners 383
Option creation 383
Increase market spanning 384
Enable more focused mergers 384
The Choice of Restructuring Methods 384
Summary 385
Questions 385
Case Studies 386
12.1 Sears, Roebuck and Co. Restructuring 386
12.2 GM Spin Off of EDS 387
References 389
CHAPTER 13 Financial Restructuring 391
Unlocking the Value in the Firm 391
Leverage and Leveraged Recapitalizations 392
The effects of the use of leveraged recaps 397
Subsequent performance 397
Dual Class Stock Recapitalizations 398
Reasons for dual class recapitalizations 399
Market response to dual class recaps 399
Paradox of the entrenchment 400
Exchange Offers 401
Tax aspects of exchange offers 401
Empirical evidence on exchange offers 401
xviii Contents
Reorganization Processes 404
Out of court procedures 404
Merger into another firm 405
Formal legal proceedings 405
Financial Engineering 406
Liquidations and Takeover Bust Ups 407
Empirical studies 408
Summary 410
Questions 411
Case Study 411
13.1 Management Assistance, Inc. 411
References 412
PartV: M A Strategies 415
CHAPTER 14 Joint Ventures and Alliances 415
Joint Ventures in Business Strategy 417
Joint ventures and complex learning 418
Tax aspects of joint ventures 418
Joint ventures and restructuring 418
International joint ventures 420
Rationale for Joint Ventures 420
Reasons for failure 422
Joint Ventures and Antitrust Policy 423
Outsourcing 424
Empirical Tests of the Role of Joint Ventures 426
Business and economic patterns 426
Event returns 427
Strategic Alliances 428
Summary 433
Questions 434
Case Study 434
14.1 GM ToyotnJoint Venture 434
References 435
CHAPTER 15 ESOPsandMLPs 437
Nature and History of ESOPs 437
Types of pension plans 437
Types of ESOPs 438
The Uses of ESOPs 439
ESOPs as pension plans 440
Concept of a leveraged ESOP 441
Examples of the use of ESOPs 442
ESOPs in lieu of subsidiary divestitures 444
Contents xix
Tax Advantages 445
Interest exclusion 445
Dividend deduction 445
Deferment of capital gains tax 446
Tax loss carryforwards 446
Excess pension asset reversions 446
Conclusions on tax benefits 446
The Performance of ESOPs 447
ESOPs as a takeover defense 447
ESOPs versus alternative methods of raising funds 447
Comparison with profit sharing 448
Effects on company productivity 449
Economic issues 451
ESOP Event Returns 452
Evaluation of ESOPs 453
Master Limited Partnerships 454
The nature ofMLPs 454
Advantages ofMIJ s 456
The Boston Celtics case example 455
Initial pricing of MLPs 456
Summary 457
Questions 459
Case Study 459
15.1 Pan Petroleum MU 459
References 460
CHAPTER 16 Going Private and Leveraged Buyouts 463
Characteristics of Leveraged Buyouts 463
Three Major Stages of Leveraged Buyouts 464
LBOs in the 1980s 466
General economic and financial factors 466
Illustration of an LBO 468
Elements of a typical LBO operation 470
Conditions and circumstances of going private buyouts in the 1980s 471
Empirical results of going private in the 1980s 472
Sources of gains 475
Management incentives and agency cost effects 477
Evidence of postbuyout equity value 483
The Correction Period 1991 to 1992 485
The Role of Junk Bonds 486
LBOs in the 1992 2000 Period 489
Summary 490
Questions 491
XX Contents
Case Studies 491
16.1 Sources of Value in LBOs 491
16.2 RJRNabisco LBO 492
References 492
CHAPTER 17 International Takeovers and Restructuring 495
Historical Patterns 495
Large Cross Border Transactions 497
Case Studies of Cross Border Transactions 506
Deutsche Telekom AG One2One 506
Deutsche Bank AG Bankers Trust New York Corp 506
CIT Group Inc Newcourt Credit Group Inc. 507
Rhone Poulenc SA Hoechst AG 507
Daimler Benz Chrysler 507
Ford Motor Co. Jaguar PLC 508
Renault SA Nissan Motor Co. 508
British Petroleum Co. PLC Amoco Corp 509
Union Pacific Resources Group Norcen Energy Resources Ltd. 509
Scottish Power PLC PacifiCorp 509
Texas Utilities Co Energy Group PLC 510
Vivendi SA United States Filter Corp 510
Wal Mart Stores Inc ASDA Group PLC 510
Weyerhaeuser Co. MacMillan Bloedel Ltd. 511
Forces Driving Cross Border Mergers 511
Growth 511
Technology 512
Advantages in differentiated products 513
Roll ups 513
Consolidation 513
Government policy 513
Exchange rates 514
Political and economic stability 514
Following clients 515
Diversification 515
Premiums Paid 515
Event Returns 516
International Joint Ventures 518
Cost of Capital in Foreign Acquisitions and Investments 520
Cost of debt relationships 520
Cost of equity and cost of capital 523
Summary 526
Questions 526
Case Studies 527
17.1 The Saga of Gerber Products 527
17.2 Ciba Geigy Merger with Sandoz 529
References 532
Contents xxi
Part VI: Strategies for Creating Value 535
CHAPTER 18 Share Repurchase 535
The Use of Share Repurchases 535
Some factors in the growth of share repurchase 537
Major Types of Share Repurchase 540
Fixed price tender offers (FPTs) 540
Dutch auctions (DAs) 540
Transferable put rights (TPRs) 541
Open market repurchases (OMRs) 541
Fixed Price Tender Offers (FPTs) 541
Basic stock repurchase model 542
Rationale for the postexpiration price changes 544
Dutch Auction Repurchases 545
Transferable Put Rights (TPRs) 549
Open Market Share Repurchases (OMRs) 552
Summary 556
Questions 556
Case Study 557
18.1 FPL 557
References 558
CHAPTER 19 Takeover Defenses 561
Strategic Perspectives 561
Financial Defensive Measures 563
Corporate Restructuring and Reorganization 564
V Reorganization of assets 564
J, Other strategies 565
Duty of Directors 566
Greenmail 567
Wealth effects of greenmail 567
Antigreenmail developments 568
Methods of Resistance 569
Pac Man Defense 569
White Knight 570
White Squire 570
Antitakeover Amendments 571
Supermajority amendments 572
Fair price amendments 572
Classified boards 572
Authorization of preferred stock 572
Other antitakeover actions 573
Antitakeover amendments and corporate policy 574
Antitakeover amendments and shareholder returns 574
xxii Contents
State Laws 577
Poison Pills 578
Type of plans 578
Case studies 578
Dead hand provisions 579
Effects of poison pills on shareholder returns 580
Shareholder Activism 582
Poison Puts 582
Golden Parachutes 584
Rationale 585
Silver and tin parachutes 586
Golden parachutes and returns to shareholders 586
Summary 587
Questions 589
Case Studies 590
19.1 Carter Hawley Hale Versus Marshall Field Co. 590
19.2 Mattel Hasbro 591
References 592
CHAPTER 20 Corporate Governance and Performance 595
An Overview of Corporate Governance 596
Corporate Governance Systems in the United States 596
Diffuse stock ownership 596
Contractual theory of the firm 597
Divergent interests of stakeholders 597
Internal Control Mechanisms 598
Role of the Board of Directors 598
Composition of the board 599
Compensation of board members 600
Evaluating a board of directors 601
Ownership Concentration 602
Ownership and performance 602
Other studies of ownership effects 603
Managerial ownership and bond returns 605
Financial policy and oxmership concentration 605
Executive Compensation 606
Outside Control Mechanisms 608
Stock prices and top management changes 608
Public pension funds 609
Multiple Control Mechanisms 610
Proxy Contests 611
Wealth effects—early studies 611
Wealth effects—later studies 613
The M A Market for Control 615
Contents xxiii
Alternative Governance Systems 616
Summary 617
Questions 619
Case Study 619
20.1 Chrysler Corporation Versus Tracinda Corporation—A Struggle for
Control 619
References 621
CHAPTER 21 Implementation and Management Guides for M As 625
M As in a Strategic Long Range Planning Framework 625
Goals and objectives 625
The role of strategy 626
The role of planning 628
Managerial capabilities perspective 628
The Foundation for Sound M A Decisions 629
A Framework for Evaluating M As 630
The Acquisition Process 633
Strategy formulation 633
The economics of the industry 634
The organization system 636
Multiple strategies for value growth 636
Search processes 63 7
Economic basis—synergy potentials 637
Restructuring potentials 638
Due diligence 638
Cultural factors 638
Valuation 640
Negotiation 641
Deal structuring 641
Implementation 642
Reviews and renewal process 642
The Rules for Successful Mergers 643
Drucker s merger rules 643
Extending the rules 644
Summary 646
Questions 647
Case Study 648
21.1 Analysis and Evaluation of Dean Witter Disrover s Merger with Morgan
Stanley 648
References 660
Glossary 661
Author Index 679
Subject Index 683
Cases in Text
Chapter Case/page number
1 AOL/Time Warner 22
2 Microsoft Antitrust Case 42
CSX Norfolk Southern/Conrail 50
Boeing/McDonnell Douglas 52
Broader Board Responsibilities 57
Van Gorkom 58
Revlon Pantry Pride 59
Maxwell Macmillan 60
Paramount Time 60
Paramount QVC 61
Sandoz—Gerber 61
3 AT T NCR 92
Wells Fargo First Interstate 93
5 Cisco 105
Intel 120
Dell 124
Merck Medco 126
IBM Lotus 128
6 Boeing/McDonnell Douglas 155
Chemical Industry 159
9 ConAgra 237
10 Chevron/Gulf 292
Exxon/Mobil 300
Internet Industry 324
11 Federal Mogul—Cooper Automotive unit 353
Stryker/Howmedica (Pfizer division) 354
Quaker Snapple 354
Dillingham 356
Entenmann s Bakery 356
Hospital Affiliates International 357
12 Peoplesoft Momentum 364
GM Delphi 365
DuPont Conoco 367
Thermo Electron 372
US Steel tracking stocks 373
XXV
xxvi Cases in Text
Chapter Case/page number
12 Hewlet Packard Agilent 374
AT T 375
ITT 377
Sears 386
GM EDS 387
13 Sealed Air 398
Xerox 398
Management Assistance, Inc. 411
14 GM—Toyota 434
15 Pan Petroleum MLP 459
16 Wavell Corporation 468
Sources of Value in LBOs 491
RJR Nabisco 492
17 Deutsche Telekom/One2One 506
Deutsche Bank/Bankers Trust 506
CIT Group/Newcourt Credit Group 507
Rhone Poulenc/Hoechst 507
Daimler Benz/Chrysler 507
Ford/Jaguar 508
Renault—Nissan 508
British Petroleum/Amoco 509
Union Pacific Resources/Norcen Energy 509
Scottish Power/PacificCorp 509
Texas Utilities/Energy Group 510
Vivendi/US Filter 510
Wal Mart/ASDA Group 510
Weyerhaeuser/MacMillan Bloedel 511
Gerber 527
Ciba Geigy/Sandoz 529
18 IBM 536
FPL (Florida Power and Light) 557
19 St. Regis Paper Company 567
Martin Marietta/Bendix 569
Phillip Morris 580
Diamond Shamrock—Natomas 584
Carter Hawley Hale—Marshall Field 590
Mattel—Hasbro 591
20 Chrysler—Tracinda 619
21 Pharmaceutical Industry 635
Beatric Foods 637
Morgan Stanley/Dean Witter 648
|
| any_adam_object | 1 |
| author | Weston, J. Fred 1916-2009 Siu, Juan A. Johnson, Brian A. |
| author_GND | (DE-588)129732680 |
| author_facet | Weston, J. Fred 1916-2009 Siu, Juan A. Johnson, Brian A. |
| author_role | aut aut aut |
| author_sort | Weston, J. Fred 1916-2009 |
| author_variant | j f w jf jfw j a s ja jas b a j ba baj |
| building | Verbundindex |
| bvnumber | BV013422746 |
| callnumber-first | H - Social Science |
| callnumber-label | HG4028 |
| callnumber-raw | HG4028.M4W47 2001 |
| callnumber-search | HG4028.M4W47 2001 |
| callnumber-sort | HG 44028 M4 W47 42001 |
| callnumber-subject | HG - Finance |
| classification_rvk | QP 450 |
| classification_tum | WIR 533f |
| ctrlnum | (OCoLC)44026115 (DE-599)BVBBV013422746 |
| dewey-full | 338.8/3/097321 338.8/3/0973 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 338 - Production |
| dewey-raw | 338.8/3/0973 21 338.8/3/0973 |
| dewey-search | 338.8/3/0973 21 338.8/3/0973 |
| dewey-sort | 3338.8 13 3973 221 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| edition | 3. 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.BV013422746 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T18:45:37Z |
| institution | BVB |
| isbn | 0130265055 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-009159447 |
| oclc_num | 44026115 |
| open_access_boolean | |
| owner | DE-739 DE-92 DE-703 DE-91 DE-BY-TUM DE-521 DE-11 |
| owner_facet | DE-739 DE-92 DE-703 DE-91 DE-BY-TUM DE-521 DE-11 |
| physical | XXX, 689 S. Ill. |
| publishDate | 2001 |
| publishDateSearch | 2001 |
| publishDateSort | 2001 |
| 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 ; Juan A. Siu ; Brian A. Johnson 3. ed. Upper Saddle River, N.J. Prentice-Hall 2001 XXX, 689 S. Ill. txt rdacontent n rdamedia nc rdacarrier Bedrijfsovernames gtt Financieel management gtt 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 Corporate Governance (DE-588)4419850-4 gnd rswk-swf Takeover (DE-588)4213995-8 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 DE-604 Takeover (DE-588)4213995-8 s Corporate Governance (DE-588)4419850-4 s Restrukturierung (DE-588)4335640-0 s 2\p DE-604 Siu, Juan A. Verfasser aut Johnson, Brian A. Verfasser aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009159447&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 |
| spellingShingle | Weston, J. Fred 1916-2009 Siu, Juan A. Johnson, Brian A. Takeovers, restructuring and corporate governance Bedrijfsovernames gtt Financieel management gtt 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 Corporate Governance (DE-588)4419850-4 gnd Takeover (DE-588)4213995-8 gnd Unternehmenskauf (DE-588)4078600-6 gnd |
| subject_GND | (DE-588)4205916-1 (DE-588)4335640-0 (DE-588)4419850-4 (DE-588)4213995-8 (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 ; Juan A. Siu ; Brian A. Johnson |
| title_fullStr | Takeovers, restructuring and corporate governance J. Fred Weston ; Juan A. Siu ; Brian A. Johnson |
| title_full_unstemmed | Takeovers, restructuring and corporate governance J. Fred Weston ; Juan A. Siu ; Brian A. Johnson |
| title_short | Takeovers, restructuring and corporate governance |
| title_sort | takeovers restructuring and corporate governance |
| topic | Bedrijfsovernames gtt Financieel management gtt 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 Corporate Governance (DE-588)4419850-4 gnd Takeover (DE-588)4213995-8 gnd Unternehmenskauf (DE-588)4078600-6 gnd |
| topic_facet | Bedrijfsovernames Financieel management Consolidation and merger of corporations -- United States -- Finance Consolidation and merger of corporations -- United States -- Management Mergers and Acquisitions Restrukturierung Corporate Governance Takeover Unternehmenskauf USA Lehrbuch |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009159447&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT westonjfred takeoversrestructuringandcorporategovernance AT siujuana takeoversrestructuringandcorporategovernance AT johnsonbriana takeoversrestructuringandcorporategovernance |