Today it was raining and cold, probably about 40 degrees outside and go in Walmart and it is like a Freezer! I thought I was going to freeze to death. I had to walk out and go to a different store....
Additional Details we run a mail order business and have over 100 items of mail that still have not been delivered (they were posted 10 Oct). I am not very happy with the Royal Mail ...
It seems that he level of incompetence has not produced teething troubles but an almighty mess which shows poor management at the most senior level down to the extent that they must be deemed ...
....Barnes & NoBorders. I know this kills the notion of competition but it's something I thought of since I have two gift cards from two different bookstore giants :)...
The two most common overall strategies to acquire public companies are proxy fights and tender offers. A hostile takeover is no different than a friendly acquisition except that the board of directors and management oppose being taken over by the bidder. You can get around that by going straight to the shareholders (a tender offer) or by getting rid of the board (which in turn can get rid of management)(a proxy fight).
PROXY FIGHT -- In a proxy fight the acquiror proposes his own slate of directors for the board. In the past corporations have had (and many still do have) staggered boards (i.e., a portion of the board and not the entire board is up for election on any given year) so it might take several years to take over the board. However, recently there has been a shareholder activist push to destagger boards and some of the institutional investor watchdog groups on governance have recommended against staggered boards. The acquiror will vote his block of shares for his board slate but they key will be whether the acquiror can get enough of the public (in reality, institutional investors are probably key) to vote for his slate rather than the incumbents. If they do, then the acquiror holds the company and can replace management -- take actions -- shop the company, whatever.
TENDER -- The acquiror, if it has enough cash or can structure a concurrent financing to cover it -- can also do a tender offer where it offers to all the public shareholders the shares for a certain price per share. It can structure the offer so that it does not have to pay out unless it gets the percentage of shares that it needs to acquire control.
This is a very simplified explanation -- the actual tender rules and mechanics are more complicated and depending on the capital structure of the target there is a fair amount of variety in terms of actual steps, but the overall results are the same.
Neodiogenes
Vodka.
Or did you mean in the *business* world? :)
jedimaster_46545
terminators....
Iluv24
1. Creep up behind them
2. Jump out
3. Shout, "Boo!"
mrm33064
A very common tactic, if the target corporation is public, is for the raider to start quietly buying up shares - few enough that they don't hit the SEC reporting limits, but significant enough to solicit proxies or otherwise influence shareholder voting.
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