“LAW AS AN INSTRUMENT OF INDUSTRY’S INTERFACE WITH PROSPERITY-MERGER AND TAKE OVER CODES IN INDIA” A Thesis Presented to Prof. N.K. Dhondy Advocate Supreme Court & Faculty Member at Prin.LN. Wellingkar Institute of Management Development & Research Mumbai On 12th December 2010 as assignment for the Business Law for the PGPMS Program By Mr. Parag. N. Jani PGPMS 2010 -2012 Roll No.21. CONTENTS CERTIFICATE 3 ACKNOWLEDGEMENT 4 PROLOGUE
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15. 16. MERGER & ACQUISITION IN INDIA INDEX Particulars Introduction to Merger & Acquisition Merger Acquisition Takeover History of merger & acquisition Procedure for takeover & acquisition Purpose of merger& acquisition Types of merger Advantage of merger & acquisition Distinction between merger & acquisition Merger & Acquisition in India Merger
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The Objective in Corporate Finance “If you don’t know where you are going‚ it does not matter how you get there” Aswath Damodaran Stern School of Business Aswath Damodaran 2 First Principles Invest in projects that yield a return greater than the minimum acceptable hurdle rate. • The hurdle rate should be higher for riskier projects and reflect the financing mix used - owners’ funds (equity) or borrowed money (debt) • Returns on projects should be measured based on cash flows
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domestic and crossborder takeover bids. European Corporate Governance Institute Finance Working Paper Roll‚ R.‚ 1986. The hubris hypothesis of Corporate Takeovers‚ Journal of Business 59‚ 197-216 Servaes‚H.‚ 1991. Tobin’s Q and the gains from takeovers. Journal of Finance 46‚ 409-419 Kaplan‚S and Weisbach‚M.‚1992. The Success of Acquisitions: Evidence from Divestitures‚ Journal of Finance 47‚ 107-138. Jensen‚ MC.‚ 1986. Agency costs of free cash flow‚ corporate finance and takeovers. American Economic
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The issue of this case is whether the board of Katia was in breach of the director’s duties. In determining this issue‚ the legal principles in Corporate Act section 181 as well as Howard Smith v Ampol Petroleum‚ Whitehouse v Carlton Hotel‚ Mills v Mills‚ Ngurli v McCann‚ Harlowe’s Nominees v Woodside Oil and Winthrop Investments v Winns should be considered. S 181 states that directors should exercise their powers in good faith and proper purpose. Subjective tests (which concerns whether the
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May 2nd 2011‚ Teva Pharmaceutical Industries Ltd agreed to buy the biopharmaceutical company Cephalon for $81.50 per share or $6.8 billion in a bid to increase their presence in specialty‚ branded products. The offer followed after an earlier made hostile bid of $5.7 billion by Valeant Pharmaceuticals was rejected. It was said that Valeant’s $73.00 per share offer undervalued the company and was too opportunistic. Teva’s cash bid of $81.50 a share represents a 39% premium to Cephalon’s share price
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that the acquisition requires only an agreement between the acquiring company and the shareholders of the acquired company – the management and board of the acquired company need not agree. A takeover in which the target company’s board does not support the transaction is commonly known as a ‘hostile takeover’. Business combinations are typically classified under three types – horizontal‚ vertical and conglomerate. Co-generic mergers also exist but are less common. A horizontal integration occurs
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Many people have some level of knowledge regarding Colombia’s reputation for drug cartels and illegal drug trade activity‚ but something most people don’t realize is that there are other illegal trades happening in Colombia‚ one of them being the illegal acquisition and exportation of the pygmy marmoset. The pygmy marmoset is known best for being the smallest true monkey in the world‚ which is true‚ but there are apes which are slightly smaller. Pygmy marmosets are not currently endangered‚ however
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There have been six merger waves in the historical mergers. Yong Rin (2011) contends that the first four merger waves were centered in the U.S. while the fifth and the sixth involved Europe and Asia. These six merger waves shared common features that they all occurred in cyclical patterns and ended with a stock market crash. What follows is the detail of each merger wave. First wave – 1897 to 1904 The first merger wave took place after the depression of 1883‚ peaked in 1899 and lasted until 1904
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Zeus had seven immortal wives‚ whose names were Metis‚ Themis‚ Eurynome‚ Demeter‚ Mnemosyne‚ Leto‚ and Hera. 1. METIS‚ his first wife‚ was one of the Oceanides or sea-nymphs. She was the personification of prudence and wisdom‚ a convincing proof of which she displayed in her successful administration of the potion which caused Cronus to yield up his children. She was endowed with the gift of prophecy‚ and foretold to Zeus that one of their children would gain ascendency over him. In order‚ therefore
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