Every term is defined twice: once the way a filing would put it, and once the way somebody would explain it to you across a table. The second one is usually the one that sticks.
Showing 6 terms
Under the takeover regulations, the person who acquires or agrees to acquire shares, voting rights or control in a target company — assessed together with the persons acting in concert with them.
The word is defined so that it catches a group rather than only a name on a contract. Which is why the obligation to make an open offer can fall on a set of related entities, none of which crossed a threshold on its own.
The offer an acquirer must make to public shareholders on crossing the shareholding thresholds prescribed in the takeover regulations, or on acquiring control, at a price computed under those regulations, unless an exemption applies.
It is for a stated proportion of the shares rather than all of them, so it is not a floor under your whole holding. Where the computed price lands above the market the price tends to sit just under it and the daily range flattens; where it lands below, almost nobody tenders and the chart is unaffected.
A transaction combining two companies into one entity.
The acquirer pays a premium today for benefits that are uncertain and deferred. Most disappoint.
Persons who, pursuant to an agreement or understanding, co-operate to acquire shares, voting rights or control in a company, and whose holdings are therefore aggregated against the takeover thresholds.
The provision that stops a takeover being split into six innocent-looking purchases. Certain relationships are presumed to be acting in concert unless the contrary is shown, so the burden sits on the acquirer rather than on anybody who has to prove it.
Return on capital excluding goodwill and intangibles.
A legitimate operating measure that flatters serial acquirers. A management team preferring it is telling you something.
A statutory scheme under which a failing bank’s assets and liabilities are taken over by a stronger institution.
The route that has generally protected depositors above the insured limit, because deposits are liabilities the acquirer assumes. Shareholders in the same transaction are frequently written down to nothing.