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ChapterOutline30.1TheBasicFormsofAcquisitions30.2TheTaxFormsofAcquisitions30.3AccountingforAcquisitions30.4DeterminingtheSynergyfromanAcquisition30.5SourceofSynergyfromAcquisitions30.6CalculatingtheValueoftheFirmafteranAcquisition30.7ACosttoStockholdersfromReductioninRisk30.8Two"Bad"ReasonsforMergers30.9TheNPVofaMerger30.10DefensiveTactics30.11SomeEvidenceonAcquisitions30.12TheJapaneseKeiretsu30.13SummaryandConclusions30.1TheBasicFormsofAcquisitionsTherearethreebasiclegalproceduresthatonefirmcanusetoacquireanotherfirm:MergerAcquisitionofStockAcquisitionofAssetsVarietiesofTakeoversTakeoversAcquisitionProxyContestGoingPrivate(LBO)MergerAcquisitionofStockAcquisitionofAssets30.2TheTaxFormsofAcquisitionsIfitisataxableacquisition,sellingshareholdersneedtofiguretheircostbasisandpaytaxesonanycapitalgains.Ifitisnotataxableevent,shareholdersaredeemedtohaveexchangedtheiroldsharesfornewonesofequivalentvalue.30.3AccountingforAcquisitionsThePurchaseMethodThesourceofmuch“goodwill〞PoolingofInterestsPoolingofinterestisgenerallyusedwhentheacquiringfirmissuesvotingstockinexchangeforatleast90percentoftheoutstandingvotingstockoftheacquiredfirm.Purchaseaccountingisgenerallyusedunderotherfinancingarrangements.30.4DeterminingtheSynergyfromanAcquisitionMostacquisitionsfailtocreatevaluefortheacquirer.Themainreasonwhytheydonotliesinfailurestointegratetwocompaniesafteramerger.Intellectualcapitaloftenwalksoutthedoorwhenacquisitionsaren'thandledcarefully.Traditionally,acquisitionsdelivervaluewhentheyallowforscaleeconomiesormarketpower,betterproductsandservicesinthemarket,orlearningfromthenewfirms.30.5SourceofSynergyfromAcquisitionsRevenueEnhancementCostReductionIncludingreplacingineffectivemanagers.TaxGainsNetOperatingLossesUnusedDebtCapacityTheCostofCapitalEconomiesofScaleinUnderwriting.30.6CalculatingtheValueoftheFirmafteranAcquisitionAvoidingMistakesDonotIgnoreMarketValuesEstimateonlyIncrementalCashFlowsUsetheCorrectDiscountRateDon’tForgetTransactionsCosts30.7ACosttoStockholdersfromReductioninRiskTheBaseCaseIftwoall-equityfirmsmerge,thereisnotransferofsynergiestobondholders,butif…OneFirmhasDebtThevalueoftheleveredshareholder’scalloptionfalls.HowCanShareholdersReducetheirLossesfromtheCoinsuranceEffect?Retiredebtpre-merger.30.8Two"Bad"ReasonsforMergersEarningsGrowthOnlyanaccountingillusion.DiversificationShareholderswhowishtodiversifycanaccomplishthisatmuchlowercostwithonephonecalltotheirbrokerthancanmanagementwithatakeover.30.9TheNPVofaMergerTypically,afirmwoulduseNPVanalysiswhenmakingacquisitions.Theanalysisisstraightforwardwithacashoffer,butgetscomplicatedwhentheconsiderationisstock.TheNPVofaMerger:CashNPVofmergertoacquirer=Synergy–PremiumPremium=PricepaidforB-VBNPVofmergertoacquirer=Synergy-PremiumTheNPVofaMerger:CommonStockTheanalysisgetsmuddiedupbecauseweneedtoconsiderthepost-mergervalueofthoseshareswe’regivingaway.CashversusCommonStockOvervaluationIfthetargetfirmsharesaretoopriceytobuywithcash,thengowithstock.TaxesCashacquisitionsusuallytriggertaxes.Stockacquisitionsareusuallytax-free.SharingGainsfromtheMergerWithacashtransaction,thetargetfirmshareholdersarenotentitledtoanydownstreamsynergies.30.10DefensiveTacticsTarget-firmmanagersfrequentlyresisttakeoverattempts.Itcanstartwithpressreleasesandmailingstoshareholdersthatpresentmanagement’sviewpointandescalatetolegalaction.Managementresistancemayrepresentthepursuitofselfinterestattheexpenseofshareholders.Resistancemaybenefitshareholdersintheendifitresultsinahigherofferpremiumfromthebiddingfirmoranotherbidder.DivestituresThebasicideaistoreducethepotentialdiversificationdiscountassociatedwithcommingledoperationsandtoincreasecorporatefocus,Divestiturecantakethreeforms:Saleofassets:usuallyforcashSpinoff:parentcompanydistributessharesofasubsidiarytoshareholders.Shareholderswindupowningsharesintwofirms.SometimesthisisdonewithapublicIPO.Issuanceiftrackingstock:aclassofcommonstockwhosevalueisconnectedtotheperformanceofaparticularsegmentoftheparentcompany.TheCorporateCharterThecorporatecharterestablishestheconditionsthatallowatakeover.Targetfirmsfrequentlyamendcorporatecharterstomakeacquisitionsmoredifficult.ExamplesStaggeringthetermsoftheboardofdirectors.RequiringasupermajorityshareholderapprovalofanacquisitionRepurchaseStandstillAgreementsInatargetedrepurchasethefirmbuysbackitsownstockfromapotentialacquirer,oftenatapremium.Criticsofsuchpaymentslabelthemgreenmail.Standstillagreementsarecontractswherethebiddingfirmagreestolimititsholdingsofanotherfirm.Theseusuallyleadstocessationoftakeoverattempts.Whenthemarketdecidesthatthetargetisoutofplay,thestockpricefalls.ExclusionarySelf-TendersTheoppositeofatargetedrepurchase.Thetargetfirmmakesatenderofferforitsownstockwhileexcludingtargetedshareholders.GoingPrivateandLBOsIftheexistingmanagementbuysthefirmfromtheshareholdersandtakesitprivate.Ifitisfinancedwithalotofdebt,itisaleveragedbuyout(LBO).Theextradebtprovidesataxdeductionforthenewowners,whileatthesametimeturningtheperviousmanagersintoowners.ThisreducestheagencycostsofequityOtherDevicesandtheJargonofCorporateTakeoversGoldenparachutesarecompensationtooutgoingtargetfirmmanagement.Crownjewelsarethemajorassetsofthetarget.Ifthetargetfirmmanagementisdesperateenough,theywillselloffthecrownjewels.Poisonpillsaremeasuresoftruedesperationtomakethefirmunattractivetobidders.Theyreduceshareholderwealth.Oneexampleofapoisonpillisgivingtheshareholdersinatargetfirmtherighttobuysharesinthemergedfirmatabargainprice,contingentonanotherfirmacquiringcontrol.30.11SomeEvidenceonAcquisitions:TheShortRunTakeover Successful UnsuccessfulTechnique Targets Bidders Targets BiddersTenderoffer 30% 4% -3% -1%Merger 20% 0% -3% -5%Proxycontest 8% NA 8% NA30.11SomeEvidenceonAcquisitions:TheLongRunInthelongrun,theshareholdersofacquiringfirmsexperiencebelowaveragereturns.Cash-financedmergersaredifferentthanstock-financedmergers.Acquirerscanbefriendlyorhostile.Thesharesofhostilecashacquirersoutperformedthoseoffriendlycashacquirers.Oneexplanationisthatunfriendlycashbiddersaremorelikelytoreplacepoormanagement.30.12TheJapaneseKeiretsuKeiretsuarerec
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