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Chapter 20
Analysis of Takeovers
Copyright 2006 McGraw-Hill Australia Pty Ltd
PPTs t/a Business Finance 9e by Peirson, Brown, Easton, Howard and Pinder 20–1
Prepared by Dr Buly Cardak
Learning Objectives
• Evaluate suggested reasons for takeovers.
• Explain how to estimate the gains and costs of takeovers.
• Explain the main differences between cash and share-exchange takeovers.
• Outline the regulation and tax effects of takeovers in Australia.
Copyright 2006 McGraw-Hill Australia Pty Ltd
PPTs t/a Business Finance 9e by Peirson, Brown, Easton, Howard and Pinder 20–2
Prepared by Dr Buly Cardak
Learning Objectives (cont.)
• Outline defence strategies that can be used by target companies.
• Identify the various types of corporate restructuring transactions.
• Outline the main findings of empirical research on the effects of takeovers on shareholders’ wealth.
Copyright 2006 McGraw-Hill Australia Pty Ltd
PPTs t/a Business Finance 9e by Peirson, Brown, Easton, Howard and Pinder 20–3
Prepared by Dr Buly Cardak
Fundamental Concepts
• Takeovers typically involve one company purchasing another by acquiring a controlling interest in its voting shares.
• Also called ‘acquisitions’ and ‘mergers’.
• Market for corporate control
– A market in which alternative teams of managers compete for the right to control corporate assets.
– Such a market enables the quick redeployment of assets in ways expected to bring economic benefits to shareholders.
Copyright 2006 McGraw-Hill Australia Pty Ltd
PPTs t/a Business Finance 9e by Peirson, Brown, Easton, Howard and Pinder 20–4
Prepared by Dr Buly Cardak
Importance of Takeovers in Australia
• Important because they involve changes in the ownership and/or control of valuable assets.
• Table shows Ernst & Young survey results on acquisitions by Australian listed industrial companies with a total market capitalisation of more than $45m.
Table 20.1
Number of acquisitions 311
Value of acquisitions ($m) 11 171
453 401
24 887 20 611
320 349
22 414 20 476
Copyright 2006 McGraw-Hill Australia Pty Ltd
PPTs t/a Business Finance 9e by Peirson, Brown, Easton, Howard and Pinder 20–5
Prepared by Dr Buly Cardak
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