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• Poison pills are designed to make it prohibitively expensive for an acquiror to obtain more shares in a target firm.
• The inability to repay debt in an LBO can be caused by initial overpricing of the target firm and / or its assets.
• A bear raid can be done by spreading negative rumors about the target firm, which puts downward pressure on the share price.
• Those prices put the target firms on a par with Merrill Lynch & AMP; Co ., whose name is synonymous with the stock market.
• Since the 1980s new laws have made hostile takeovers difficult unless the managers of the target firm put themselves in play by starting merger talks with another firm.
• In a sample of target firms that levered up the most, 37 percent of the managers lost their jobs within a year of the failed takeover attempt.
• When a board is staggered, hostile bidders must win more than one proxy fight at successive shareholder meetings in order to exercise control of the target firm.
• Before taking equity stakes or taking over a company, First Pacific would like to see debts of the target firm restructured by its creditor banks, he said.
• The overall net effect of M & A transactions appears to be positive : almost all studies report positive returns for the investors in the combined buyer and target firms.
• Dimon declined to name any potential target firms overseas, though he said there are " a lot " of opportunities that " could fit us ."
• In a merger, " if you are the shareholder of the target firm, you almost always benefit, " said Lawrence White, a professor at New York University.
• "In other words, " he said, " it doesn't target firms that are doing something wrong, but ones that are doing everything right ."
• The flurry of acquisitions in the securities industry has pushed up valuations of brokers, expressed as a multiple of book value, or assets minus liabilities, resulting in windfalls for partners and senior executives of the target firms.
• :LBOs can have a variety of structures, but they normally are financed in significant part through loans that are to be repaid by the target firm and, if secured, are secured by the target firm's assets.
• :LBOs can have a variety of structures, but they normally are financed in significant part through loans that are to be repaid by the target firm and, if secured, are secured by the target firm's assets.
• The first type, the white knight, refers to the friendly acquirer of a target firm in a acquisition is to circumvent the takeover of the object of interest by a third, unfriendly entity, which is perceived to be less favorable.
• Analysts who pan a company aren't invited to its meetings; brokerages who lend stock to short-artists tend to lose their portion of underwritings from the target firm _ normal low-level power politics tends to put the damper on bad news.
• The pitch book is not to be confused with a public information book ( " PIB " ), which is an internal resource for the investment bankers to glean transactional and historic information of the intended industry a particular target firm may be in or may be heading towards.
• Referencing the pension deficit at British Home Stores, Judge has called for the Pensions Regulator to have power of binding veto over M & A activity in firms of a certain size, so that a purchasing firm must present a detailed plan for addressing any deficit in the pension fund of the target firm.
• A number of variations of the term have been used and these include : a "'grey knight "'which is an acquiring corporation or individual that enters a bid for a hostile takeover in addition to the target firm and first bidder, perceived as more favorable than the " black knight " ( unfriendly bidder ), but less favorable than the white knight ( friendly bidder ).