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City Code on Takeovers and Mergers
A Dictionary of Business and Management
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2006
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© A Dictionary of Business and Management 2006, originally published by Oxford University Press 2006. (Hide copyright information)
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City Code on Takeovers and Mergers A code first laid down in 1968, and subsequently modified, giving the practices to be observed in company takeovers (see
takeover bid) and
mergers. It is administered by a panel (the
Takeover Panel) including representatives from major financial and business institutions. The code does not have the force of law but the panel can admonish offenders and refer them to their own professional bodies for disciplinary action. The
Financial Services Authority may also, at the request of the panel, take enforcement action against a person who contravenes the code.
The code attempts to ensure that all shareholders, including minority shareholders, are treated equally, are kept advised of the terms of all bids and counterbids, and are advised fairly by the directors of the company receiving the bid on the likely outcome if the bid succeeds. Its many other recommendations are aimed at preventing directors from acting in their own interests rather than those of their shareholders, ensuring that the negotiations are conducted openly and honestly, and preventing a spurious market arising in the shares of either side.
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Merger waves: a model of endogenous mergers.
Magazine article from: RAND Journal of Economics; 3/22/2007; ; 700+ words
; ...must make their merger decisions individually. Mergers that result from...propose another merger. This process...until no further mergers occur, which...merger, making the merger more profitable...complementarity between mergers implies that forwa
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Mergers under entry.
Magazine article from: RAND Journal of Economics; 9/22/2005; ; 700+ words
; ...profitable. If future mergers are expected, then merger incentives may differ. I show that if a merger leads to additional mergers in the future, then...profitability of the merger is increased. I illustrate that frequent mergers can occur with Cournot...
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MERGERS AND CORPORATE CONSOLIDATION:JANET L. YELLEN
Transcript from: Congressional Testimony; 6/16/1998; 700+ words
; ...evaluation of the current merger wave. I. Mergers: A Historical Perspective...estimated 75 percent of merger-related firm disappearances...occurred as a result of mergers involving at least...attempt horizontal mergers. Qualitatively, the current merger wave appears to be...
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MERGERS AND CORPORATE CONSOLIDATION:JOEL I. KLEIN
Transcript from: Congressional Testimony; 6/16/1998; 700+ words
; ...dollar value of mergers, confirms the existence of a merger wave. In the...the increase in mergers, a crucial...accompany any merger wave of this size...enforcers in reviewing mergers is always on whether a particular merger will hurt consumers...
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Merger Wave Could Put New Jersey in Middle of Financial Industry Change.
Newspaper article from: Knight Ridder/Tribune Business News; 4/14/1998; 700+ words
; ...a recent spate of mergers, could again find...Corp.'s proposed merger with BankAmerica...the next round of mergers. PNC purchased Edison...Nineties wave of merger that created the...financial services mergers in history. The...become the biggest merger of any kind in U...
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Do mergers improve the X-efficiency and scale efficiency of U.S. banks? Evidence from the 1980s.
Magazine article from: Journal of Money, Credit & Banking; 8/1/1997; ; 700+ words
; ...market performance of merger survivors. Most...effectiveness of mergers and acquisitions...particular segments of the merger population; for...large interstate mergers or acquisitions or...however, intrastate mergers accounted for only 34 percent of the merger volume. In contrast...
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 "Omaha World-Herald (Omaha, NE)")
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Merger bill pits Omaha mayor, Douglas County Board.
Newspaper article from: Omaha World-Herald (Omaha, NE); 1/24/2007; 700+ words
; ...push to clear the way for a city-county merger, but most of the Douglas County Board...mayor, said the bill would not create a merger, but rather open the door to discussions...LB 392) is an important first step for merger and will allow us to see if there would...
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Merger review isn't over yet.(AT&T Broadband and Comcast Corp. )(Brief Article)
Magazine article from: Multichannel News; 9/23/2002; ; 700+ words
; ...from closing the largest cable merger ever. But the announcement...the FCC began reviewing the merger in late February and early...Justice has not considered mergers involving cable operators in...s self-imposed 180-day merger review period expires Oct...
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Mergers: Still suspect
Magazine article from: Growth Strategies; 2/8/1999; ; 700+ words
; ...better. Why, then, do mergers persist? Again, because...Nothing about the current merger mania dissuades us from...obstacles that prevent large mergers from being successful...signs about the current merger boom. First, much of...are rushed. Third, mergers have too often become...
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MERGER CONTROL: MONTI CONSIDERS NEXT STEPS FOR REFORM.
Newspaper article from: European Report; 6/8/2002; 700+ words
; ...Regulation, namely that a merger should not be allowed...system, which prevents mergers from proceeding only...analysis required in merger cases". Others point...produced by the proposed merger. Mr Monti stresses that mergers do not always generate...
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Mergers and Acquisitions
Encyclopedia entry from: West's Encyclopedia of American Law
...Finally, many mergers pose few risks to competition. Antitrust merger law seeks to prohibit...and to predict the merger's competitive impact. Types of Mergers Mergers appear in...bleach). Corporate Merger Procedures State...accomplish corporate mergers. Generally, the...
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Merger
Encyclopedia entry from: Gale Encyclopedia of U.S. Economic History
...company resists the merger, it is referred...hostile takeover." Mergers that occur between...known as "horizontal mergers," and when one...known as a "vertical merger." When the merging...monopolies many of the mergers of the 1960s took...period of intense merger activity began in...
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Vertical Merger
Encyclopedia entry from: West's Encyclopedia of American Law
VERTICAL MERGER A merger between two business...relationship. Business mergers can take two forms...vertical. In a horizontal merger , one firm acquires another...firms. In a vertical merger , one firm acquires either...Because horizontal mergers pose a direct threat...
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merger
Book article from: The Columbia Encyclopedia, Sixth Edition
merger in corporate business...absorbed the other(s). Mergers may be of various types: A vertical merger integrates different...businesses; an extensional merger. joins two similar...methods of effecting mergers vary. Often the corporation...
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Mergers and Monopolies
Book article from: American Decades
Mergers and Monopolies Merger Mania For three consecutive years, between 1995 and 1997, the value of mergers and acquisitions in the United States...behemoth corporations created by the "merger mania." Rockefeller's Revenge When...
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