Corporate Takeover Targets – Acquisition Probability

<p>Introduction&nbsp; ix</p>
<p>Part 1. Corporate Takeovers: Theoretical Justifications and Empirical Contributions&nbsp; 1</p>
<p>Introduction to Part 1&nbsp; 3</p>
<p>Chapter 1. Economic and Legal Framework of Takeover Bids in Europe 5</p>
<p>1.1. Corporate takeover: general description&nbsp; 6</p>
<p>1.1.1. The control 6</p>
<p>1.1.2. The takeover concept 8</p>
<p>1.1.3. Techniques and classification of M&amp;A&nbsp; 9</p>
<p>1.1.4. Conclusion 14</p>
<p>1.2. The economic impact of takeover bids 15</p>
<p>1.2.1. Global development over the period 1990–2000 16</p>
<p>1.2.2. Characteristics of the recent M&amp;A wave: 2001 2007 26</p>
<p>1.3. Regulation and control of takeover bids in Europe . 34</p>
<p>1.3.1. Merger and acquisition control in Europe 35</p>
<p>1.3.2. The role of public authorities&nbsp; 38</p>
<p>1.3.3. Harmonization of regulations on takeover bids within the European Union&nbsp; 42</p>
<p>1.4. Conclusion 46</p>
<p>Chapter 2. Motivations and Economic Role of Takeover Bids: a Theoretical and Empirical Characterization 49</p>
<p>2.1. Economic interpretation of takeover bids and plurality of their theoretical references 50</p>
<p>2.1.1. Economic justifications for takeover bids&nbsp; 50</p>
<p>2.1.2. Plurality of theoretical references on the potential effectiveness of takeover bids 60</p>
<p>2.1.3. Conclusion 67</p>
<p>2.2. Performance and effectiveness of takeover bids: results of empirical research&nbsp; 68</p>
<p>2.2.1. Short term performance of companies: around the event date&nbsp; 70</p>
<p>2.2.2. Long–term acquisition performance: bnormal post acquisition return&nbsp; 77</p>
<p>2.2.3. Conclusion 81</p>
<p>2.3. Motivations of takeover bids: results of empirical research&nbsp; 82</p>
<p>2.3.1. Empirical studies on targets profile&nbsp; 84</p>
<p>2.3.2. Empirical studies of acquiring companies profiles 98</p>
<p>2.3.3. Joint empirical studies of the profiles of acquirers and targets 100</p>
<p>Part 2. Exploration of Predictive Variables for Takeover Bids and Forecast of European Targets 105</p>
<p>Introduction to Part 2&nbsp; 107</p>
<p>Chapter 3. Detection of Predictive Variables for Corporate Takeover: an Exploratory Study&nbsp; 109</p>
<p>3.1. Conceptual and empirical framework: theoretical positioning, survey characteristics and choice of data analysis method 109</p>
<p>3.1.1. The theoretical positioning of the exploratory study 110</p>
<p>3.1.2. The questionnaire characteristics&nbsp; 111</p>
<p>3.1.3. Statistical analysis of responses&nbsp; 113</p>
<p>3.2. Results of empirical tests: exploratory factor analysis in principal components 114</p>
<p>3.2.1. Reliability and validity of the measurement scale&nbsp; 114</p>
<p>3.2.2. Qualitative analysis of responses&nbsp; 116</p>
<p>3.2.3. Results of the exploratory factor analysis of variables 122</p>
<p>3.2.4. Conclusion 132</p>
<p>Chapter 4. Developing a Takeover Prediction Model: The European Case 135</p>
<p>4.1. Empirical analysis: hypotheses, sample selection and statistical methodology 136</p>
<p>4.1.1. Formulation of hypotheses and measurement variables 136</p>
<p>4.1.2. Selection of samples and data collection 150</p>
<p>4.1.3. Methodological choices and statistical processing&nbsp; 156</p>
<p>4.1.4. Conclusion 161</p>
<p>4.2. Modeling takeover bids in Europe: predicting takeover targets 162</p>
<p>4.2.1. Univariate analysis results&nbsp; 163</p>
<p>4.2.2. Results of the multivariate analysis&nbsp; 176</p>
<p>4.2.3. Performance and predictive ability of the developed models 193</p>
<p>4.2.4. Conclusion 201</p>
<p>Conclusion 203</p>
<p>Bibliography 209</p>
<p>Index 221</p>