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Bust up takeover |
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Bust up takeoverA leveraged buyout in which the buyer sells off the assets of the target-company to repay the debt that financed the takeover.Bust up takeover Similar MatchesCity code on takeovers and mergersCity code on takeovers and mergersSee: Dawn raid Hostile takeoverHostile takeoverA takeover bid by one company for another, in which the directors of the target company oppose the bid. Their opposition may be temporary - in effect, a negotiating ploy to encourage a better offer from the bidder - and hostile bids can turn 'friendly' after a period of public posturing.Some countries, and indeed some companies, are more accepting of hostile takeovers than others. American and British companies tend to consider them part of the cut and thrust of public status, whilst Continental European and Asian business consider them very bad form even if they are unable to prevent them. Panel on Takeovers and MergersPanel on Takeovers and MergersThe City watchdog whose job is to oversee the conduct of takeovers involving companies listed on the London Stock Exchange.The Panel writes and enforces the City Code on Takeovers and Mergers, which sets out in meticulous detail the management and timing of takeover bids. The objective of the City Code is to ensure that high standards of integrity and fairness are maintained, and that shareholders in both bidding and target company are treated equitably.The Panel is not concerned with the financial or commercial advantages or disadvantages of a takeover, nor is it concerned with competition issues.The City Code does not have the force of law, but, as the Code says 'those who seek to take advantage of the facilities of the securities markets in the United Kingdom should conduct themselves in matters relating to takeovers in accordance with best business standards and so in accordance with the Code'. It goes on to say that 'Those who do not so conduct themselves may find that, by way of sanction, the facilities of those markets are withheld.'Panel on Takeovers and MergersPO Box 226The Stock Exchange BuildingLondonEC2P 2JXTel: 020 7382 9026http://www.thetakeoverpanel.org.uk Hostile takeoverHostile takeoverA takeover of a company against the wishes of the current management and the board of directors by an acquiring company or raider. Takeover targetTakeover targetA company that is the object of a takeover attempt, friendly or hostile. Further SuggestionsTakeovertakeover |
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