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data-event-name="pinnable-header.vector-toc.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-toc.unpin">hide</button> </div> <ul class="vector-toc-contents" id="mw-panel-toc-list"> <li id="toc-mw-content-text" class="vector-toc-list-item vector-toc-level-1"> <a href="#" class="vector-toc-link"> <div class="vector-toc-text">(Top)</div> </a> </li> <li id="toc-Takeover_types" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Takeover_types"> <div class="vector-toc-text"> <span class="vector-toc-numb">1</span> <span>Takeover types</span> </div> </a> <button aria-controls="toc-Takeover_types-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Takeover types subsection</span> </button> <ul id="toc-Takeover_types-sublist" class="vector-toc-list"> <li id="toc-Friendly_takeover" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Friendly_takeover"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.1</span> <span>Friendly takeover</span> </div> </a> <ul id="toc-Friendly_takeover-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Hostile_takeover" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Hostile_takeover"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.2</span> <span>Hostile takeover</span> </div> </a> <ul id="toc-Hostile_takeover-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Reverse_takeover" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Reverse_takeover"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.3</span> <span>Reverse takeover</span> </div> </a> <ul id="toc-Reverse_takeover-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Backflip_takeover" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Backflip_takeover"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.4</span> <span>Backflip takeover</span> </div> </a> <ul id="toc-Backflip_takeover-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Takeover_financing" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Takeover_financing"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Takeover financing</span> </div> </a> <button aria-controls="toc-Takeover_financing-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Takeover financing subsection</span> </button> <ul id="toc-Takeover_financing-sublist" class="vector-toc-list"> <li id="toc-Funding" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Funding"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span>Funding</span> </div> </a> <ul id="toc-Funding-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Loan_note_alternatives" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Loan_note_alternatives"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2</span> <span>Loan note alternatives</span> </div> </a> <ul id="toc-Loan_note_alternatives-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Takeover_deals" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Takeover_deals"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Takeover deals</span> </div> </a> <button aria-controls="toc-Takeover_deals-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Takeover deals subsection</span> </button> <ul id="toc-Takeover_deals-sublist" class="vector-toc-list"> <li id="toc-All-share_deals" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#All-share_deals"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>All-share deals</span> </div> </a> <ul id="toc-All-share_deals-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-All-cash_deals" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#All-cash_deals"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>All-cash deals</span> </div> </a> <ul id="toc-All-cash_deals-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Mechanics" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Mechanics"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Mechanics</span> </div> </a> <button aria-controls="toc-Mechanics-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Mechanics subsection</span> </button> <ul id="toc-Mechanics-sublist" class="vector-toc-list"> <li id="toc-In_the_United_Kingdom" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#In_the_United_Kingdom"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1</span> <span>In the United Kingdom</span> </div> </a> <ul id="toc-In_the_United_Kingdom-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Strategies" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Strategies"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Strategies</span> </div> </a> <ul id="toc-Strategies-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Executive_compensation" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Executive_compensation"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Executive compensation</span> </div> </a> <ul id="toc-Executive_compensation-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Debt_for_equity" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Debt_for_equity"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Debt for equity</span> </div> </a> <ul id="toc-Debt_for_equity-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Golden_share" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Golden_share"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>Golden share</span> </div> </a> <ul id="toc-Golden_share-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Tactics_against_hostile_takeover" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Tactics_against_hostile_takeover"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>Tactics against hostile takeover</span> </div> </a> <ul id="toc-Tactics_against_hostile_takeover-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> <span class="vector-toc-numb">11</span> <span>Further reading</span> </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">12</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Works_cited" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Works_cited"> <div class="vector-toc-text"> <span class="vector-toc-numb">13</span> <span>Works cited</span> </div> </a> <ul id="toc-Works_cited-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" title="Table of Contents" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Takeover</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 22 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-22" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">22 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%A7%D8%B3%D8%AA%D8%AD%D9%88%D8%A7%D8%B0_(%D8%AA%D8%AC%D8%A7%D8%B1%D8%A9)" title="استحواذ (تجارة) – Arabic" lang="ar" hreflang="ar" data-title="استحواذ (تجارة)" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-be-x-old mw-list-item"><a href="https://be-tarask.wikipedia.org/wiki/%D0%9F%D0%B0%D0%B3%D0%BB%D1%8B%D0%BD%D0%B0%D0%BD%D1%8C%D0%BD%D0%B5" title="Паглынаньне – Belarusian (Taraškievica orthography)" lang="be-tarask" hreflang="be-tarask" data-title="Паглынаньне" data-language-autonym="Беларуская (тарашкевіца)" data-language-local-name="Belarusian (Taraškievica orthography)" class="interlanguage-link-target"><span>Беларуская (тарашкевіца)</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/P%C5%99evzet%C3%AD_podniku" title="Převzetí podniku – Czech" lang="cs" hreflang="cs" data-title="Převzetí podniku" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Unternehmenskauf" title="Unternehmenskauf – German" lang="de" hreflang="de" data-title="Unternehmenskauf" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/%C3%9Clev%C3%B5tmine" title="Ülevõtmine – Estonian" lang="et" hreflang="et" data-title="Ülevõtmine" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target"><span>Eesti</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%AA%D8%B5%D8%A7%D8%AD%D8%A8_%D8%AE%D8%B5%D9%85%D8%A7%D9%86%D9%87" title="تصاحب خصمانه – Persian" lang="fa" hreflang="fa" data-title="تصاحب خصمانه" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EA%B3%B5%EA%B0%9C%EB%A7%A4%EC%88%98" title="공개매수 – Korean" lang="ko" hreflang="ko" data-title="공개매수" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%85%E0%A4%A7%E0%A4%BF%E0%A4%97%E0%A5%8D%E0%A4%B0%E0%A4%B9%E0%A4%A3" title="अधिग्रहण – Hindi" lang="hi" hreflang="hi" data-title="अधिग्रहण" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-hr mw-list-item"><a href="https://hr.wikipedia.org/wiki/Akvizicija_poduze%C4%87a" title="Akvizicija poduzeća – Croatian" lang="hr" hreflang="hr" data-title="Akvizicija poduzeća" data-language-autonym="Hrvatski" data-language-local-name="Croatian" class="interlanguage-link-target"><span>Hrvatski</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%94%D7%A9%D7%AA%D7%9C%D7%98%D7%95%D7%AA_%D7%A2%D7%95%D7%99%D7%A0%D7%AA" title="השתלטות עוינת – Hebrew" lang="he" hreflang="he" data-title="השתלטות עוינת" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Overname" title="Overname – Dutch" lang="nl" hreflang="nl" data-title="Overname" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E6%A0%AA%E5%BC%8F%E5%85%AC%E9%96%8B%E8%B2%B7%E4%BB%98%E3%81%91" title="株式公開買付け – Japanese" lang="ja" hreflang="ja" data-title="株式公開買付け" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Przej%C4%99cie_przedsi%C4%99biorstwa" title="Przejęcie przedsiębiorstwa – Polish" lang="pl" hreflang="pl" data-title="Przejęcie przedsiębiorstwa" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Takeover" title="Takeover – Portuguese" lang="pt" hreflang="pt" data-title="Takeover" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%9F%D0%BE%D0%B3%D0%BB%D0%BE%D1%89%D0%B5%D0%BD%D0%B8%D0%B5" title="Поглощение – Russian" lang="ru" hreflang="ru" data-title="Поглощение" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Takeover" title="Takeover – Simple English" lang="en-simple" hreflang="en-simple" data-title="Takeover" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target"><span>Simple English</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Yrityskaappaus" title="Yrityskaappaus – Finnish" lang="fi" hreflang="fi" data-title="Yrityskaappaus" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-th mw-list-item"><a href="https://th.wikipedia.org/wiki/%E0%B8%81%E0%B8%B2%E0%B8%A3%E0%B9%80%E0%B8%82%E0%B9%89%E0%B8%B2%E0%B8%84%E0%B8%A3%E0%B8%AD%E0%B8%9A%E0%B8%84%E0%B8%A3%E0%B8%AD%E0%B8%87%E0%B8%81%E0%B8%B4%E0%B8%88%E0%B8%81%E0%B8%B2%E0%B8%A3" title="การเข้าครอบครองกิจการ – Thai" lang="th" hreflang="th" data-title="การเข้าครอบครองกิจการ" data-language-autonym="ไทย" data-language-local-name="Thai" class="interlanguage-link-target"><span>ไทย</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Devralma" title="Devralma – Turkish" lang="tr" hreflang="tr" data-title="Devralma" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%9F%D0%BE%D0%B3%D0%BB%D0%B8%D0%BD%D0%B0%D0%BD%D0%BD%D1%8F" title="Поглинання – Ukrainian" lang="uk" hreflang="uk" data-title="Поглинання" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Ti%E1%BA%BFp_qu%E1%BA%A3n" title="Tiếp quản – Vietnamese" lang="vi" hreflang="vi" data-title="Tiếp quản" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-zh-yue mw-list-item"><a href="https://zh-yue.wikipedia.org/wiki/%E6%94%B6%E8%B3%BC" title="收購 – Cantonese" lang="yue" hreflang="yue" data-title="收購" data-language-autonym="粵語" data-language-local-name="Cantonese" class="interlanguage-link-target"><span>粵語</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit wb-langlinks-link"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q1416898#sitelinks-wikipedia" title="Edit interlanguage links" class="wbc-editpage">Edit links</a></span></div> </div> </div> </div> </header> <div class="vector-page-toolbar"> <div class="vector-page-toolbar-container"> <div id="left-navigation"> <nav aria-label="Namespaces"> <div id="p-associated-pages" class="vector-menu vector-menu-tabs mw-portlet mw-portlet-associated-pages" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="ca-nstab-main" class="selected vector-tab-noicon mw-list-item"><a href="/wiki/Takeover" title="View the content page [c]" accesskey="c"><span>Article</span></a></li><li id="ca-talk" class="vector-tab-noicon mw-list-item"><a href="/wiki/Talk:Takeover" rel="discussion" title="Discuss improvements to the content page [t]" accesskey="t"><span>Talk</span></a></li> </ul> </div> </div> <div id="vector-variants-dropdown" class="vector-dropdown emptyPortlet" > <input type="checkbox" id="vector-variants-dropdown-checkbox" role="button" aria-haspopup="true" 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i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">For other uses, see <a href="/wiki/Takeover_(disambiguation)" class="mw-disambig" title="Takeover (disambiguation)">Takeover (disambiguation)</a>.</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951" /><div role="note" class="hatnote navigation-not-searchable">"Hostile takeover" redirects here. For other uses, see <a href="/wiki/Hostile_Takeover_(disambiguation)" class="mw-redirect mw-disambig" title="Hostile Takeover (disambiguation)">Hostile Takeover</a>.</div> <p>In business, a <b>takeover</b> is the purchase of one <a href="/wiki/Company_(law)" class="mw-redirect" title="Company (law)">company</a> (the <i>target</i>) by another (the <i>acquirer</i> or <i>bidder</i>). In the <a href="/wiki/UK" class="mw-redirect" title="UK">UK</a>, the term refers to the acquisition of a <a href="/wiki/Public_company" title="Public company">public company</a> whose shares are publicly listed, in contrast to the <a href="/wiki/Mergers_and_acquisitions" title="Mergers and acquisitions">acquisition</a> of a <a href="/wiki/Private_company" class="mw-redirect" title="Private company">private company</a>. </p><p>Management of the target company may or may not agree with a proposed takeover, and this has resulted in the following takeover classifications: friendly, hostile, reverse or back-flip. Financing a takeover often involves loans or bond issues which may include <a href="/wiki/Junk_bond" class="mw-redirect" title="Junk bond">junk bonds</a> as well as a simple cash offers. It can also include shares in the new company. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Takeover_types">Takeover types</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Takeover&action=edit&section=1" title="Edit section: Takeover types"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Friendly_takeover">Friendly takeover</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Takeover&action=edit&section=2" title="Edit section: Friendly takeover"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951" /><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/White_knight_(business)" title="White knight (business)">White knight (business)</a></div> <p>A <i>friendly takeover</i> is an acquisition which is approved by the management of the target company. Before a bidder makes an <a href="/wiki/Tender_offer" title="Tender offer">offer</a> for another company, it usually first informs the company's <a href="/wiki/Board_of_directors" title="Board of directors">board of directors</a>. </p><p>In a private company, because the shareholders and the board are usually the same people or closely connected with one another, private acquisitions are usually friendly. If the shareholders agree to sell the company, then the board is usually of the same mind or sufficiently under the orders of the equity shareholders to cooperate with the bidder. This point is not relevant to the UK concept of takeovers, which always involve the acquisition of a public company.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (May 2024)">citation needed</span></a></i>]</sup> </p><p>A "bear hug" is an unsolicited takeover bid which is so generous that the shareholders of the target company are very likely to submit, accepting the offer.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Hostile_takeover">Hostile takeover</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Takeover&action=edit&section=3" title="Edit section: Hostile takeover"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951" /><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Corporate_raid" title="Corporate raid">Corporate raid</a></div> <p>A <i>hostile takeover</i> allows a bidder to take over a target company whose <a href="/wiki/Management" title="Management">management</a> is unwilling to agree to a <a href="/wiki/Merger" class="mw-redirect" title="Merger">merger</a> or takeover. The party who initiates a hostile takeover bid approaches the <a href="/wiki/Shareholders" class="mw-redirect" title="Shareholders">shareholders</a> directly, as opposed to seeking approval from officers or directors of the company.<sup id="cite_ref-west2015_2-0" class="reference"><a href="#cite_note-west2015-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> A takeover is considered <i>hostile</i> if the target company's board rejects the offer, and if the bidder continues to pursue it, or the bidder makes the offer directly after having announced its firm intention to make an offer. Development of the hostile takeover is attributed to <a href="/wiki/Louis_Wolfson" title="Louis Wolfson">Louis Wolfson</a>.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> Hostile takeovers are relatively rare; by one estimate, only 40 takeovers (out of 3,300) in 1986 were hostile.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>A hostile takeover can be conducted in several ways. A <a href="/wiki/Tender_offer" title="Tender offer">tender offer</a> can be made where the acquiring company makes a public offer at a fixed price above the current <a href="/wiki/Market_price" class="mw-redirect" title="Market price">market price</a>.<sup id="cite_ref-:0_5-0" class="reference"><a href="#cite_note-:0-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> An acquiring company can also engage in a <a href="/wiki/Proxy_fight" title="Proxy fight">proxy fight</a>, whereby it tries to persuade enough shareholders, usually a <a href="/wiki/Majority" title="Majority">simple majority</a>, to replace the management with a new one which will approve the takeover.<sup id="cite_ref-:0_5-1" class="reference"><a href="#cite_note-:0-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> Another method involves quietly purchasing enough stock on the open market, known as a <i>creeping tender offer</i> or <i>dawn raid</i>,<sup id="cite_ref-FOOTNOTEPicot200299_6-0" class="reference"><a href="#cite_note-FOOTNOTEPicot200299-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> to effect a change in management. In all of these ways, management resists the acquisition, but it is carried out anyway.<sup id="cite_ref-:0_5-2" class="reference"><a href="#cite_note-:0-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p>In the United States, a common defense tactic against hostile takeovers is to use section 16 of the <a href="/wiki/Clayton_Antitrust_Act" class="mw-redirect" title="Clayton Antitrust Act">Clayton Act</a> to seek an injunction, arguing that section 7 of the act, which prohibits acquisitions where the effect may be substantially to lessen competition or to tend to create a monopoly, would be violated if the offeror acquired the target's stock.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p><p>The main consequence of a bid being considered hostile is practical rather than legal. If the board of the target cooperates, the bidder can conduct extensive <a href="/wiki/Due_diligence" title="Due diligence">due diligence</a> into the affairs of the target company, providing the bidder with a comprehensive analysis of the target company's finances. In contrast, a hostile bidder will only have more limited, publicly available information about the target company available, rendering the bidder vulnerable to hidden risks regarding the target company's finances. Since takeovers often require loans provided by <a href="/wiki/Bank" title="Bank">banks</a> in order to service the offer, banks are often less willing to back a hostile bidder because of the relative lack of target information which is available to them. Under <a href="/wiki/Delaware" title="Delaware">Delaware</a> law, boards must engage in defensive actions that are proportional to the hostile bidder's threat to the target company.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>A well-known example of an extremely hostile takeover was Oracle's bid to acquire <a href="/wiki/PeopleSoft" title="PeopleSoft">PeopleSoft</a>.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> As of 2018, about 1,788 hostile takeovers with a total value of US$28.86 billion had been announced.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Reverse_takeover">Reverse takeover</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Takeover&action=edit&section=4" title="Edit section: Reverse takeover"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951" /><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Reverse_takeover" title="Reverse takeover">Reverse takeover</a></div> <p>A <i>reverse takeover</i> is a type of takeover where a public company acquires a private company. This is usually done at the instigation of the private company, the purpose being for the private company to effectively <a href="/wiki/Float_(finance)" class="mw-redirect" title="Float (finance)">float</a> itself while avoiding some of the expense and time involved in a conventional <a href="/wiki/Initial_public_offering" title="Initial public offering">IPO</a>. However, in the <a href="/wiki/United_Kingdom" title="United Kingdom">UK</a> under <a href="/wiki/Alternative_Investment_Market" title="Alternative Investment Market">AIM</a> rules, a reverse takeover is an acquisition or acquisitions in a twelve-month period which for an AIM company would: </p> <ul><li>exceed 100 percent in any of the class tests; or</li> <li>result in a fundamental change in its business, board or voting control; or</li> <li>in the case of an investing company, depart substantially from the investing strategy stated in its admission document or, where no admission document was produced on admission, depart substantially from the investing strategy stated in its pre-admission announcement or, depart substantially from the investing strategy.</li></ul> <p>An individual or organization, sometimes known as a <a href="/wiki/Corporate_raider" class="mw-redirect" title="Corporate raider">corporate raider</a>, can purchase a large fraction of the company's stock and, in doing so, get enough votes to replace the board of directors and the <a href="/wiki/Chief_executive_officer" title="Chief executive officer">CEO</a>. With a new agreeable management team, the stock is, potentially, a much more attractive investment, which might result in a price rise and a <a href="/wiki/Profit_(accounting)" title="Profit (accounting)">profit</a> for the corporate raider and the other shareholders. A well-known example of a reverse takeover in the United Kingdom was <a href="/wiki/Darwen_Group" title="Darwen Group">Darwen Group</a>'s 2008 takeover of <a href="/wiki/Optare_plc" class="mw-redirect" title="Optare plc">Optare plc</a>. This was also an example of a back-flip takeover (see below) as Darwen was rebranded to the more well-known Optare name.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (May 2024)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading3"><h3 id="Backflip_takeover">Backflip takeover</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Takeover&action=edit&section=5" title="Edit section: Backflip takeover"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A <i>backflip takeover</i> is any sort of takeover in which the acquiring company turns itself into a <a href="/wiki/Subsidiary" title="Subsidiary">subsidiary</a> of the purchased company. This type of takeover can occur when a larger but less well-known company purchases a struggling company with a very well-known brand. Examples include: </p> <ul><li>The <a href="/wiki/Texas_Air_Corporation" title="Texas Air Corporation">Texas Air Corporation</a> takeover of <a href="/wiki/Continental_Airlines" title="Continental Airlines">Continental Airlines</a> but taking the Continental name as it was better known.</li> <li>The SBC takeover of the ailing <a href="/wiki/AT%26T" title="AT&T">AT&T</a> and subsequent rename to AT&T.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup></li> <li>Westinghouse's 1995 purchase of CBS and 1997 renaming to <a href="/wiki/CBS_Corporation" title="CBS Corporation">CBS Corporation</a>, with <a href="/wiki/Westinghouse_Licensing_Corporation" title="Westinghouse Licensing Corporation">Westinghouse</a> becoming a brand name owned by the company.</li> <li><a href="/wiki/NationsBank" title="NationsBank">NationsBank</a>'s takeover of the <a href="/wiki/Bank_of_America" title="Bank of America">Bank of America</a>, but adopting Bank of America's name.</li> <li>Norwest purchased <a href="/wiki/Wells_Fargo" title="Wells Fargo">Wells Fargo</a> but kept the latter due to its name recognition and historical legacy in the American West.</li> <li><a href="/wiki/Interceptor_Entertainment" class="mw-redirect" title="Interceptor Entertainment">Interceptor Entertainment's</a> acquisition of <a href="/wiki/3D_Realms" title="3D Realms">3D Realms</a>, but kept the name 3D Realms.</li> <li>Nordic Games buying <a href="/wiki/THQ" title="THQ">THQ</a> assets and trademark and renaming itself to <a href="/wiki/THQ_Nordic" title="THQ Nordic">THQ Nordic</a>.</li> <li>Infogrames Entertainment, SA becoming <a href="/wiki/Atari_SA" title="Atari SA">Atari SA</a>.</li> <li>The Avago Technologies takeover of <a href="/wiki/Broadcom_Corporation" title="Broadcom Corporation">Broadcom Corporation</a> and subsequent rename to <a href="/wiki/Broadcom_Inc." class="mw-redirect" title="Broadcom Inc.">Broadcom Inc.</a></li> <li><a href="/wiki/Overkill_Software" title="Overkill Software">Overkill Software</a>'s takeover of <a href="/wiki/Starbreeze_Studios" title="Starbreeze Studios">Starbreeze</a>.<sup id="cite_ref-eg_starbreeze_12-0" class="reference"><a href="#cite_note-eg_starbreeze-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup></li></ul> <div class="mw-heading mw-heading2"><h2 id="Takeover_financing">Takeover financing</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Takeover&action=edit&section=6" title="Edit section: Takeover financing"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Funding">Funding</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Takeover&action=edit&section=7" title="Edit section: Funding"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Often a company acquiring another pays a specified amount for it. This money can be raised in a number of ways. Although the company may have sufficient funds available in its account, remitting payment entirely from the acquiring company's cash on hand is unusual. More often, it will be <a href="/wiki/Loan" title="Loan">borrowed</a> from a <a href="/wiki/Bank" title="Bank">bank</a>, or raised by an issue of <a href="/wiki/Bond_(finance)" title="Bond (finance)">bonds</a>. Acquisitions financed through debt are known as <a href="/wiki/Leveraged_buyout" title="Leveraged buyout">leveraged buyouts</a>, and the debt will often be moved down onto the <a href="/wiki/Balance_sheet" title="Balance sheet">balance sheet</a> of the acquired company. The acquired company then has to pay back the debt. This is a technique often used by private equity companies. The debt ratio of financing can go as high as 80% in some cases. In such a case, the acquiring company would only need to raise 20% of the purchase price.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (May 2024)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading3"><h3 id="Loan_note_alternatives">Loan note alternatives</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Takeover&action=edit&section=8" title="Edit section: Loan note alternatives"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Cash offers for <a href="/wiki/Public_company" title="Public company">public companies</a> often include a "loan note alternative" that allows shareholders to take a part or all of their <a href="/wiki/Consideration" title="Consideration">consideration</a> in <a href="/wiki/Loan_note" title="Loan note">loan notes</a> rather than cash. This is done primarily to make the offer more attractive in terms of <a href="/wiki/Taxation" class="mw-redirect" title="Taxation">taxation</a>. A conversion of shares into cash is counted as a disposal that triggers a payment of <a href="/wiki/Capital_gains_tax" title="Capital gains tax">capital gains tax</a>, whereas if the shares are converted into other <a href="/wiki/Security_(finance)" title="Security (finance)">securities</a>, such as loan notes, the tax is rolled over. </p> <div class="mw-heading mw-heading2"><h2 id="Takeover_deals">Takeover deals</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Takeover&action=edit&section=9" title="Edit section: Takeover deals"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="All-share_deals">All-share deals</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Takeover&action=edit&section=10" title="Edit section: All-share deals"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A takeover, particularly a <a href="/wiki/Reverse_takeover" title="Reverse takeover">reverse takeover</a>, may be financed by an all-share deal. The bidder does not pay money, but instead issues new <a href="/wiki/Share_(finance)" title="Share (finance)">shares</a> in itself to the shareholders of the company being acquired. In a reverse takeover the shareholders of the company being acquired end up with a majority of the shares in, and so control of, the company making the bid. The company has managerial rights.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (May 2024)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading3"><h3 id="All-cash_deals">All-cash deals</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Takeover&action=edit&section=11" title="Edit section: All-cash deals"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>If a takeover of a company consists of simply an offer of an amount of money per share (as opposed to all or part of the payment being in shares or loan notes), then this is an all-cash deal.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p><p>The purchasing company can source the necessary cash in a variety of ways, including existing cash resources, loans, or a separate issue of <a href="/wiki/Share_(finance)" title="Share (finance)">company shares</a>. </p> <div class="mw-heading mw-heading2"><h2 id="Mechanics">Mechanics</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Takeover&action=edit&section=12" title="Edit section: Mechanics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="In_the_United_Kingdom">In the United Kingdom</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Takeover&action=edit&section=13" title="Edit section: In the United Kingdom"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Takeovers in the UK (meaning acquisitions of public companies only) are governed by the <a href="/wiki/City_Code_on_Takeovers_and_Mergers" class="mw-redirect" title="City Code on Takeovers and Mergers">City Code on Takeovers and Mergers</a>, also known as the 'City Code' or 'Takeover Code'. The rules for a takeover can be found in what is primarily known as 'The Blue Book'. The Code used to be a non-statutory set of rules that was controlled by city institutions on a theoretically voluntary basis. However, as a breach of the Code brought such reputational damage and the possibility of exclusion from city services run by those institutions, it was regarded as binding. In 2006, the Code was put onto a statutory footing as part of the UK's compliance with the <a href="/wiki/Takeover_Directive" title="Takeover Directive">European Takeover Directive</a> (2004/25/EC).<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p><p>The Code requires that all shareholders in a company should be treated equally. It regulates when and what information companies must and cannot release publicly in relation to the bid, sets timetables for certain aspects of the bid, and sets minimum bid levels following a previous purchase of shares. </p><p>In particular: </p> <ul><li>a shareholder must make an offer when its shareholding, including that of parties acting in concert (a "<a href="/wiki/Concert_party_(business)" title="Concert party (business)">concert party</a>"), reaches 30% of the target;</li> <li>information relating to the bid must not be released except by announcements regulated by the Code;</li> <li>the bidder must make an announcement if rumour or speculation have affected a company's share price;</li> <li>the level of the offer must not be less than any price paid by the bidder in the twelve months before the announcement of a firm intention to make an offer;</li> <li>if shares are bought during the offer period at a price higher than the offer price, the offer must be increased to that price;</li></ul> <p>The Rules Governing the Substantial Acquisition of Shares, which used to accompany the Code and which regulated the announcement of certain levels of shareholdings, have now been abolished, though similar provisions still exist in the <a href="/wiki/Companies_Act_1985" title="Companies Act 1985">Companies Act 1985</a>. </p> <div class="mw-heading mw-heading2"><h2 id="Strategies">Strategies</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Takeover&action=edit&section=14" title="Edit section: Strategies"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>There are a variety of reasons why an acquiring company may wish to purchase another company. Some takeovers are <i>opportunistic</i> – the target company may simply be very reasonably priced for one reason or another and the acquiring company may decide that in the long run, it will end up making money by purchasing the target company. The large <a href="/wiki/Holding_company" title="Holding company">holding company</a> <a href="/wiki/Berkshire_Hathaway" title="Berkshire Hathaway">Berkshire Hathaway</a> has profited well over time by purchasing many companies opportunistically in this manner. </p><p>Other takeovers are <i>strategic</i> in that they are thought to have secondary effects beyond the simple effect of the profitability of the target company being added to the acquiring company's profitability. For example, an acquiring company may decide to purchase a company that is profitable and has good <a href="/wiki/Distribution_(business)" class="mw-redirect" title="Distribution (business)">distribution</a> capabilities in new areas which the acquiring company can use for its own products as well. A target company might be attractive because it allows the acquiring company to enter a new market without having to take on the risk, time and expense of starting a new division. An acquiring company could decide to take over a competitor not only because the competitor is profitable, but in order to eliminate competition in its field and make it easier, in the long term, to raise prices. Also a takeover could fulfill the belief that the combined company can be more profitable than the two companies would be separately due to a reduction of redundant functions. </p> <div class="mw-heading mw-heading2"><h2 id="Executive_compensation">Executive compensation</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Takeover&action=edit&section=15" title="Edit section: Executive compensation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Takeovers may also benefit from a <a href="/wiki/Principal-agent_problem" class="mw-redirect" title="Principal-agent problem">principal-agent problem</a> associated with top executive compensation. For example, it is fairly easy for a top executive to reduce the price of their company's stock due to <a href="/wiki/Information_asymmetry" title="Information asymmetry">information asymmetry</a>. The executive can accelerate accounting of expected expenses, delay accounting of expected revenue, engage in <a href="/wiki/Off-balance-sheet" title="Off-balance-sheet">off-balance-sheet</a> transactions to make the company's profitability appear temporarily poorer, or simply promote and report severely conservative (i.e. pessimistic) estimates of future earnings. Such seemingly adverse earnings news will be likely to (at least temporarily) reduce the company's stock price. (This is again due to information asymmetries since it is more common for top executives to do everything they can to <a href="/wiki/Window_dress" class="mw-redirect" title="Window dress">window dress</a> their company's earnings forecasts.) There are typically very few legal risks to being 'too conservative' in one's accounting and earnings estimates.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (May 2024)">citation needed</span></a></i>]</sup> </p><p>A reduced share price makes a company an easier takeover target. When the company gets bought out (or taken private) – at a dramatically lower price – the takeover artist gains a windfall from the former top executive's actions to surreptitiously reduce the company's stock price. This can represent tens of billions of dollars (questionably) transferred from previous <a href="/wiki/Shareholders" class="mw-redirect" title="Shareholders">shareholders</a> to the takeover artist. The former top executive is then rewarded with a <a href="/wiki/Golden_handshake" title="Golden handshake">golden handshake</a> for presiding over the <a href="/wiki/Fire_sale" title="Fire sale">fire sale</a> that can sometimes be in the hundreds of millions of dollars for one or two years of work. This is nevertheless an excellent bargain for the takeover artist, who will tend to benefit from developing a reputation of being very generous to parting top executives. This is just one example of a principal-agent problem, otherwise regarded as <a href="/wiki/Perverse_incentive" title="Perverse incentive">perverse incentive</a>. </p><p>Similar issues occur when a publicly held asset or non-profit organization undergoes <a href="/wiki/Privatization" title="Privatization">privatization</a>. Top executives often reap tremendous monetary benefits when a government owned or non-profit entity is sold to private hands. Just as in the example above, they can facilitate this process by making the entity appear to be in financial crisis. This perception can reduce the sale price (to the profit of the purchaser) and make non-profits and governments more likely to sell. It can also contribute to a public perception that private entities are more efficiently run, reinforcing the political will to sell off public assets.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (December 2017)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading2"><h2 id="Debt_for_equity">Debt for equity</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Takeover&action=edit&section=16" title="Edit section: Debt for equity"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Takeovers also tend to substitute debt for equity. In a sense, any government tax policy of allowing for deduction of interest expenses but not of <a href="/wiki/Dividend" title="Dividend">dividends</a>, has essentially provided a substantial subsidy to takeovers. It can punish more-conservative or prudent management that does not allow their companies to <a href="/wiki/Leverage_(finance)" title="Leverage (finance)">leverage</a> themselves into a high-risk position. High leverage will lead to high profits if circumstances go well but can lead to catastrophic failure if they do not. This can create substantial <a href="/wiki/Negative_externalities" class="mw-redirect" title="Negative externalities">negative externalities</a> for governments, employees, suppliers and other <a href="/wiki/Stakeholder_(corporate)" title="Stakeholder (corporate)">stakeholders</a>.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (May 2024)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading2"><h2 id="Golden_share">Golden share</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Takeover&action=edit&section=17" title="Edit section: Golden share"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951" /><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Golden_share" title="Golden share">Golden share</a></div> <p>Corporate takeovers occur frequently in the <a href="/wiki/United_States" title="United States">United States</a>, <a href="/wiki/Canada" title="Canada">Canada</a>, <a href="/wiki/United_Kingdom" title="United Kingdom">United Kingdom</a>, <a href="/wiki/France" title="France">France</a> and <a href="/wiki/Spain" title="Spain">Spain</a>. They happen only occasionally in <a href="/wiki/Italy" title="Italy">Italy</a> because larger shareholders (typically controlling families) often have special board voting privileges designed to keep them in control. They do not happen often in <a href="/wiki/Germany" title="Germany">Germany</a> because of the <a href="/wiki/Dual_board" title="Dual board">dual board</a> structure, nor in <a href="/wiki/Japan" title="Japan">Japan</a> because companies have interlocking sets of ownerships known as <a href="/wiki/Keiretsu" title="Keiretsu">keiretsu</a>, nor in the <a href="/wiki/People%27s_Republic_of_China" class="mw-redirect" title="People's Republic of China">People's Republic of China</a> because many publicly listed companies are <a href="/wiki/State_owned_company" class="mw-redirect" title="State owned company">state owned</a>.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (May 2024)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading2"><h2 id="Tactics_against_hostile_takeover">Tactics against hostile takeover</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Takeover&action=edit&section=18" title="Edit section: Tactics against hostile takeover"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>There are quite a few tactics or techniques which can be used to deter a hostile takeover. </p> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col" style="column-width: 22em;"> <ul><li><a href="/wiki/Bankmail" title="Bankmail">Bankmail</a></li> <li><a href="/wiki/Crown_jewel_defense" title="Crown jewel defense">Crown jewel defense</a></li> <li><a href="/wiki/Golden_parachute" title="Golden parachute">Golden parachute</a></li> <li><a href="/wiki/Greenmail" title="Greenmail">Greenmail</a></li> <li><a href="/wiki/Killer_bees_(business)" title="Killer bees (business)">Killer bees</a></li> <li><a href="/wiki/Leveraged_recapitalization" title="Leveraged recapitalization">Leveraged recapitalization</a></li> <li><a href="/wiki/Lobster_trap_(finance)" title="Lobster trap (finance)">Lobster trap</a></li> <li><a href="/wiki/Lock-up_provision" title="Lock-up provision">Lock-up provision</a></li> <li><a href="/wiki/Nancy_Reagan_defense" title="Nancy Reagan defense">Nancy Reagan defense</a></li> <li><a href="/wiki/Non-voting_stock" title="Non-voting stock">Non-voting stock</a></li> <li><a href="/wiki/Pac-Man_defense" title="Pac-Man defense">Pac-Man defense</a></li> <li><a href="/wiki/Shareholder_rights_plan" title="Shareholder rights plan">Poison pill (shareholder rights plan)</a> <ul><li><a href="/wiki/Flip-in" title="Flip-in">Flip-in</a></li> <li><a href="/wiki/Flip-over" class="mw-redirect" title="Flip-over">Flip-over</a></li> <li><a href="/wiki/Jonestown_defense" title="Jonestown defense">Jonestown defense</a></li> <li><a href="/wiki/Pension_parachute" title="Pension parachute">Pension parachute</a></li> <li>People pill</li> <li><a href="/wiki/Voting_plan" title="Voting plan">Voting plans</a></li></ul></li> <li><a href="/wiki/Safe_harbor_(commerce)" title="Safe harbor (commerce)">Safe harbor</a></li> <li><a href="/wiki/Scorched-earth_defense" class="mw-redirect" title="Scorched-earth defense">Scorched-earth defense</a></li> <li><a href="/wiki/Staggered_board_of_directors" class="mw-redirect" title="Staggered board of directors">Staggered board of directors</a></li> <li><a href="/wiki/Standstill_agreement" title="Standstill agreement">Standstill agreement</a></li> <li><a href="/wiki/Targeted_repurchase" title="Targeted repurchase">Targeted repurchase</a></li> <li><a href="/wiki/Top-ups" title="Top-ups">Top-ups</a></li> <li><a href="/wiki/Treasury_stock" title="Treasury stock">Treasury stock</a></li> <li><a href="/wiki/White_knight_(business)#Hostile_firm's_strategies" title="White knight (business)">Gray knight</a></li> <li><a href="/wiki/White_knight_(business)" title="White knight (business)">White knight</a></li> <li><a href="/wiki/Whitemail#Economics" title="Whitemail">Whitemail</a></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Takeover&action=edit&section=19" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Breakup_fee" title="Breakup fee">Breakup fee</a></li> <li><a href="/wiki/Concentration_of_media_ownership" title="Concentration of media ownership">Concentration of media ownership</a></li> <li><a href="/wiki/Control_premium" title="Control premium">Control premium</a></li> <li><a href="/wiki/List_of_largest_mergers_and_acquisitions" title="List of largest mergers and acquisitions">List of largest mergers and acquisitions</a></li> <li><a href="/wiki/Mergers_and_acquisitions" title="Mergers and acquisitions">Mergers and acquisitions</a></li> <li><a href="/wiki/Revlon,_Inc._v._MacAndrews_%26_Forbes_Holdings,_Inc." title="Revlon, Inc. v. MacAndrews & Forbes Holdings, Inc.">Revlon, Inc. v. MacAndrews & Forbes Holdings, Inc.</a></li> <li><a href="/wiki/Scrip_bid" title="Scrip bid">Scrip bid</a></li> <li><a href="/wiki/Squeeze_out" class="mw-redirect" title="Squeeze out">Squeeze out</a></li> <li><a href="/wiki/Successor_company" title="Successor company">Successor company</a></li> <li><a href="/wiki/Transformational_acquisition" title="Transformational acquisition">Transformational acquisition</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Takeover&action=edit&section=20" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>Scherer, F M. 1988. "Corporate Takeovers: The Efficiency Arguments." <i>Journal of Economic Perspectives</i> 2 (1): 69–82.</li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Takeover&action=edit&section=21" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFWasserstein2000" class="citation book cs1"><a href="/wiki/Bruce_Wasserstein" title="Bruce Wasserstein">Wasserstein, Bruce</a> (2000). <a rel="nofollow" class="external text" href="https://archive.org/details/bigdealmergersac00wass/page/690/mode/2up?q=%22bear+hug%22">"Bear Hug"</a>. <i>Big Deal: Mergers and Acquisitions in the Digital Age</i>. Warner Books. p. 691-694.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Bear+Hug&rft.btitle=Big+Deal%3A+Mergers+and+Acquisitions+in+the+Digital+Age&rft.pages=691-694&rft.pub=Warner+Books&rft.date=2000&rft.aulast=Wasserstein&rft.aufirst=Bruce&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fbigdealmergersac00wass%2Fpage%2F690%2Fmode%2F2up%3Fq%3D%2522bear%2Bhug%2522&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATakeover" class="Z3988"></span></span> </li> <li id="cite_note-west2015-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-west2015_2-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFWest2015" class="citation book cs1">West, Lindy Lou (2015). Wherry, Frederick F.; Schor, Juliet (eds.). <i>The SAGE Encyclopedia of Economics and Society</i>. SAGE Publishing. pp. <span class="nowrap">882–</span>885. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9781452217970" title="Special:BookSources/9781452217970"><bdi>9781452217970</bdi></a>. <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/936331906">936331906</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+SAGE+Encyclopedia+of+Economics+and+Society&rft.pages=%3Cspan+class%3D%22nowrap%22%3E882-%3C%2Fspan%3E885&rft.pub=SAGE+Publishing&rft.date=2015&rft_id=info%3Aoclcnum%2F936331906&rft.isbn=9781452217970&rft.aulast=West&rft.aufirst=Lindy+Lou&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATakeover" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFManne2008" class="citation news cs1">Manne, Henry G. 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Retrieved <span class="nowrap">28 January</span> 2019</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Eurogamer&rft.atitle=The+fall+of+Starbreeze&rft.date=2019-01-28&rft.aulast=Yin-Poole&rft.aufirst=Wesley&rft_id=https%3A%2F%2Fwww.eurogamer.net%2Farticles%2F2019-01-28-the-fall-of-swedish-game-wonder-starbreeze&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATakeover" class="Z3988"></span></span> </li> <li id="cite_note-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-13">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.canada.com/business/Japans+Tokio+Marine+insurer+billion+allcash+takeover/11124382/story.html">"Japan's Tokio Marine to buy US insurer HCC for $7.5 billion in all-cash takeover"</a>. Canada.com. 10 June 2015<span class="reference-accessdate">. Retrieved <span class="nowrap">17 August</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Japan%27s+Tokio+Marine+to+buy+US+insurer+HCC+for+%247.5+billion+in+all-cash+takeover&rft.pub=Canada.com&rft.date=2015-06-10&rft_id=http%3A%2F%2Fwww.canada.com%2Fbusiness%2FJapans%2BTokio%2BMarine%2Binsurer%2Bbillion%2Ballcash%2Btakeover%2F11124382%2Fstory.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATakeover" class="Z3988"></span></span> </li> <li id="cite_note-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-14">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32004L0025">Directive 2004/25/EC of the European Parliament and of the Council of 21 april 2004 on takeover bids</a></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="Works_cited">Works cited</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Takeover&action=edit&section=22" title="Edit section: Works cited"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222" /><cite id="CITEREFPicot2002" class="citation book cs1">Picot, Gerhard, ed. (2002). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/handbookofintern0000unse_l8z0"><i>Handbook of International Mergers and Acquisitions: Preparation, Implementation, and Integration</i></a></span>. <a href="/wiki/Palgrave_Macmillan" title="Palgrave Macmillan">Palgrave Macmillan</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-333-96867-0" title="Special:BookSources/0-333-96867-0"><bdi>0-333-96867-0</bdi></a>. <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/48588374">48588374</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Handbook+of+International+Mergers+and+Acquisitions%3A+Preparation%2C+Implementation%2C+and+Integration&rft.pub=Palgrave+Macmillan&rft.date=2002&rft_id=info%3Aoclcnum%2F48588374&rft.isbn=0-333-96867-0&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fhandbookofintern0000unse_l8z0&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATakeover" class="Z3988"></span></li></ul> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist dl ol,.mw-parser-output .hlist dl ul,.mw-parser-output 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style="padding:0 0.25em"> <ul><li><a href="/wiki/Convertible_bond" title="Convertible bond">Convertible debt</a></li> <li><a href="/wiki/Exchangeable_bond" title="Exchangeable bond">Exchangeable debt</a></li> <li><a href="/wiki/Mezzanine_capital" title="Mezzanine capital">Mezzanine debt</a></li> <li><a href="/wiki/Pari_passu#In_lending,_bankruptcy_and_default" title="Pari passu">Pari passu</a></li> <li><a href="/wiki/Preferred_stock" title="Preferred stock">Preferred equity</a></li> <li><a href="/wiki/Second_lien_loan" title="Second lien loan">Second lien debt</a></li> <li><a href="/wiki/Senior_debt" title="Senior debt">Senior debt</a></li> <li><a href="/wiki/Secured_loan" title="Secured loan">Senior secured debt</a></li> <li><a href="/wiki/Shareholder_loan" title="Shareholder loan">Shareholder loan</a></li> <li><a href="/wiki/Stock" title="Stock">Stock</a></li> <li><a href="/wiki/Subordinated_debt" title="Subordinated debt">Subordinated debt</a></li> <li><a href="/wiki/Warrant_(finance)" title="Warrant (finance)">Warrant</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em; text-align:left;">Transactions<br /><span class="nobold">(terms/conditions)</span></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em;"><a href="/wiki/Public_offering" title="Public offering">Equity offerings</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/At-the-market_offering" title="At-the-market offering">At-the-market offering</a></li> <li><a href="/wiki/Book_building" title="Book building">Book building</a></li> <li><a href="/wiki/Bookrunner" title="Bookrunner">Bookrunner</a></li> <li><a href="/wiki/Bought_deal" title="Bought deal">Bought deal</a></li> <li><a href="/wiki/Bought_out_deal" title="Bought out deal">Bought out deal</a></li> <li><a href="/wiki/Corporate_spin-off" title="Corporate spin-off">Corporate spin-off</a></li> <li><a href="/wiki/Direct_public_offering" title="Direct public offering">Direct public offering</a></li> <li><a href="/wiki/Equity_carve-out" title="Equity carve-out">Equity carve-out</a></li> <li><a href="/wiki/Follow-on_offering" title="Follow-on offering">Follow-on offering</a></li> <li><a href="/wiki/Greenshoe" title="Greenshoe">Greenshoe</a> <ul><li><a href="/wiki/Reverse_greenshoe" class="mw-redirect" title="Reverse greenshoe">Reverse</a></li></ul></li> <li><a href="/wiki/Initial_public_offering" title="Initial public offering">Initial public offering</a></li> <li><a href="/wiki/Pre-IPO" title="Pre-IPO">Pre-IPO</a></li> <li><a href="/wiki/Private_placement" title="Private placement">Private placement</a></li> <li><a href="/wiki/Public_offering" title="Public offering">Public offering</a></li> <li><a href="/wiki/Rights_issue" title="Rights issue">Rights issue</a></li> <li><a href="/wiki/Seasoned_equity_offering" title="Seasoned equity offering">Seasoned equity offering</a></li> <li><a href="/wiki/Secondary_market_offering" title="Secondary market offering">Secondary market offering</a></li> <li><a href="/wiki/Underwriting" title="Underwriting">Underwriting</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em;"><a href="/wiki/Mergers_and_acquisitions" title="Mergers and acquisitions">Mergers and<br />acquisitions</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Buy_side" title="Buy side">Buy side</a></li> <li><a href="/wiki/Contingent_value_rights" title="Contingent value rights">Contingent value rights</a></li> <li><a href="/wiki/Control_premium" title="Control premium">Control premium</a></li> <li><a href="/wiki/Demerger" title="Demerger">Demerger</a></li> <li><a href="/wiki/Divestment" title="Divestment">Divestment</a></li> <li><a href="/wiki/Drag-along_right" title="Drag-along right">Drag-along right</a></li> <li><a href="/wiki/Management_due_diligence" title="Management due diligence">Management due diligence</a></li> <li><a href="/wiki/Managerial_entrenchment" class="mw-redirect" title="Managerial entrenchment">Managerial entrenchment</a></li> <li><a href="/wiki/Mandatory_offer" title="Mandatory offer">Mandatory offer</a></li> <li><a href="/wiki/Minority_discount" title="Minority discount">Minority discount</a></li> <li><a href="/wiki/Pitch_book" title="Pitch book">Pitch book</a></li> <li><a href="/wiki/Pre-emption_right" title="Pre-emption right">Pre-emption right</a></li> <li><a href="/wiki/Proxy_fight" title="Proxy fight">Proxy fight</a></li> <li><a href="/wiki/Post-merger_integration" title="Post-merger integration">Post-merger integration</a></li> <li><a href="/wiki/Sell_side" title="Sell side">Sell side</a></li> <li><a href="/wiki/Shareholder_rights_plan" title="Shareholder rights plan">Shareholder rights plan</a></li> <li><a href="/wiki/Special-purpose_entity" title="Special-purpose entity">Special-purpose entity</a></li> <li><a href="/wiki/Special_situation" title="Special situation">Special situation</a></li> <li><a href="/wiki/Squeeze-out" title="Squeeze-out">Squeeze-out</a></li> <li><a href="/wiki/Staggered_board_of_directors" class="mw-redirect" title="Staggered board of directors">Staggered board of directors</a></li> <li><a href="/wiki/Stock_swap" title="Stock swap">Stock swap</a></li> <li><a href="/wiki/Super-majority_amendment" class="mw-redirect" title="Super-majority amendment">Super-majority amendment</a></li> <li><a href="/wiki/Corporate_synergy" title="Corporate synergy">Synergy</a></li> <li><a href="/wiki/Tag-along_right" title="Tag-along right">Tag-along right</a></li> <li><a class="mw-selflink selflink">Takeover</a> <ul><li><a href="/wiki/Reverse_takeover" title="Reverse takeover">Reverse</a></li></ul></li> <li><a href="/wiki/Tender_offer" title="Tender offer">Tender offer</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em;"><a href="/wiki/Leverage_(finance)" title="Leverage (finance)">Leverage</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Debt_restructuring" title="Debt restructuring">Debt restructuring</a></li> <li><a href="/wiki/Debtor-in-possession_financing" title="Debtor-in-possession financing">Debtor-in-possession financing</a></li> <li><a href="/wiki/Dividend_recapitalization" title="Dividend recapitalization">Dividend recapitalization</a></li> <li><a href="/wiki/Financial_sponsor" title="Financial sponsor">Financial sponsor</a></li> <li><a href="/wiki/Leveraged_buyout" title="Leveraged buyout">Leveraged buyout</a></li> <li><a href="/wiki/Leveraged_recapitalization" title="Leveraged recapitalization">Leveraged recapitalization</a></li> <li><a href="/wiki/High-yield_debt" title="High-yield debt">High-yield debt</a></li> <li><a href="/wiki/Private_equity" title="Private equity">Private equity</a></li> <li><a href="/wiki/Project_finance" title="Project finance">Project finance</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em; text-align:left;"><a href="/wiki/Valuation_(finance)" title="Valuation (finance)">Valuation</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Accretion/dilution_analysis" title="Accretion/dilution analysis">Accretion/dilution analysis</a></li> <li><a href="/wiki/Adjusted_present_value" title="Adjusted present value">Adjusted present value</a></li> <li><a href="/wiki/Associate_company" title="Associate company">Associate company</a></li> <li><a href="/wiki/Business_valuation" title="Business valuation">Business valuation</a></li> <li><a href="/wiki/Conglomerate_discount" title="Conglomerate discount">Conglomerate discount</a></li> <li><a href="/wiki/Cost_of_capital" title="Cost of capital">Cost of capital</a> <ul><li><a href="/wiki/Weighted_average_cost_of_capital" title="Weighted average cost of capital">Weighted average</a></li></ul></li> <li><a href="/wiki/Discounted_cash_flow" title="Discounted cash flow">Discounted cash flow</a></li> <li><a href="/wiki/Economic_value_added" title="Economic value added">Economic value added</a></li> <li><a href="/wiki/Enterprise_value" title="Enterprise value">Enterprise value</a></li> <li><a href="/wiki/Fairness_opinion" title="Fairness opinion">Fairness opinion</a></li> <li><a href="/wiki/Financial_modeling" title="Financial modeling">Financial modeling</a></li> <li><a href="/wiki/Free_cash_flow" title="Free cash flow">Free cash flow</a> <ul><li><a href="/wiki/Free_cash_flow_to_equity" title="Free cash flow to equity">Free cash flow to equity</a></li></ul></li> <li><a href="/wiki/Market_value_added" title="Market value added">Market value added</a></li> <li><a href="/wiki/Minority_interest" title="Minority interest">Minority interest</a></li> <li><a href="/wiki/Mismarking" title="Mismarking">Mismarking</a></li> <li><a href="/wiki/Modigliani%E2%80%93Miller_theorem" title="Modigliani–Miller theorem">Modigliani–Miller theorem</a></li> <li><a href="/wiki/Net_present_value" title="Net present value">Net present value</a></li> <li><a href="/wiki/Pure_play#Pure_play_method" title="Pure play">Pure play</a></li> <li><a href="/wiki/Real_options_valuation" title="Real options valuation">Real options</a></li> <li><a href="/wiki/Residual_income_valuation" title="Residual income valuation">Residual income</a></li> <li><a href="/wiki/Stock_valuation" title="Stock valuation">Stock valuation</a></li> <li><a href="/wiki/Sum-of-the-parts_analysis" title="Sum-of-the-parts analysis">Sum-of-the-parts analysis</a></li> <li><a href="/wiki/Tax_shield" title="Tax shield">Tax shield</a></li> <li><a href="/wiki/Terminal_value_(finance)" title="Terminal value (finance)">Terminal value</a></li> <li><a href="/wiki/Valuation_using_multiples" title="Valuation using multiples">Valuation using multiples</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="noviewer" typeof="mw:File"><span title="List-Class article"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" 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