MERGERS AND ACQUISITIONS AS TYPES OF CONTROL TRANSACTIONS ON THE MARKET FOR CORPORATE CONTROL
Keywords:
Mergers, acquisitions, the market for corporate contol, managersAbstract
Mergers and acquisitions are types of control transactions on the market for corporate control that often imply dramatic changes for shareholders, employees and especially for managers. Theory and praxsis have shown that in cases where managers of the bidding firm are able to serve their own interests rather than interests of shareholders, the market for corporate control plays a paradoxical role - it provides a means of improving corporate productivity and profitability and a means by which they may themselves be disciplined or displaced.
References
Bishop M., Kay J., European Mergers & Merger Policy, Oxford University Press, 1993
Gaughan P., Mergers, Acquisitions and Corporate Restructurings, John Wiley & Sons, Inc., 1996
Sudarsanam P., The Essence of Mergers and Acquisitions, Prentice Hall, 1995
Bittlingmayer G., The Market for Corporate Control (Including Takeovers), Encyclopedia of Law & Economics, University of Ghent, 1998
Dickerson A., Gibson H., Tsakulos E., Takeover Risk and Market for Corporate Control: The Experience of British Firms in the 1970s and 1980s
McCahery J., Picciotto S., Corporate Control and Accountability, Clarendon Press, Oxford, 1994
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