Take Over and Acquisition Management

28 Jun

Q1) Explain the principles of valuation?

Q2) Write a short note on theories of mergers and tender offers?

Q3) Explain the tax planning options and methods of payment and leverage?

Q4) Explain the following.

a) Joint Ventures.

b) ESOPs and MLPs.

c) Going Private and leveraged Buy –Outs.

d) International Mergers and Restructuring.

Q5) Describe the following Early Merger Movements?

a) The 1895-1904 Merger Movement.

b) The 1922-1929 Merger Movement.

c) The 1940-1947 Merger Movement.

Q6) Write a short note on the conglomerate merger movement of the 1960s?

Q7) What are the alternative measures of the investment rate?

Q8) Describe the following phases of efficiency theories?

a) Differential efficiency

b) Inefficient Management

c) Operating Synergy

d) Pure diversification.

e) Financial synergy.

f) Strategic realignment to changing environments

g) Under evaluation

h) Information and signaling

i) Agency problems and managerilism

j) Winners curse – hubris

Q9) Describe the agency problems and managerialism?

Q10) what is the FCFH? Describe the statement of hypothesis and the evidence on the FCFH?

Q11) Explain the following sources of tax planning:

a) Market value of depreciable assets in excess of book value.

b) Substantiation of capital gains for ordinary income.

c) Unused and /or unusable NOL and tax Credit –Over.

d) Uncertainty of valuation for estate purposes.

Q12) Describe the role of junk bonds?

a) Trends in the use of junk bonds.

b) Financial market setting of junk bond insurance.

c) Performance In junk bonds

d) Junk bonds and merger activity.

e) Junk bonds holdings by saving and loans.

f) Effect on other bondholders

g) Conclusions on effects of junk bonds

Q13) what social /economic functions do arbitragers provide?

Q14) discuss the arguments for and against insider trading legislations?

Q15) what is risk Arbitrage, and what good and bad about it?

Q16) what is public choice model of SEC prosecution of insider trading set forth in Haddock and Macey (1987)?

Q17) Explain History of Mergers.

a) Merger Waves.

b) What Causes Merger Waves?

c) First Wave, 1897–1904.

d) Second Wave, 1916–1929.

e) The 1940s.

f) Third Wave, 1965–1969.

g) Trend setting Mergers of the 1970s.

h) Fourth Wave, 1984–1989.

i) Fifth Wave.

Q18) Explain the legal framework.

a) Laws Governing Mergers, Acquisitions, and Tender Offers.

b) Securities Laws.

c) Other Specific Takeover Rules in the India.

d) International Securities Laws Relating to Takeovers.

e) Business Judgment Rule.

f) State Antitakeover Laws.

g) Regulation of Insider Trading.

h) Antitrust Laws.

i) Recent Trends in Antitrust Enforcement in the India.

j) Measuring Concentration and Defining Market Share.

k) European Competition Policy.

l) Antitrust Remedies.

Q19) explain the following of Employee Stock Ownership Plans.

a) Historical Growth of ESOPs.

b) Types of Plans.

c) Characteristics of ESOPs.

d) Leveraged versus Unleveraged ESOPs.

e) Corporate Finance Uses of ESOPs.

f) Voting of ESOP Shares.

g) Cash Flow Implications.

h) Valuation of Stock Contributed into an ESOP.

i) Eligibility of ESOPs.

j) Put Options of ESOPs.

k) Dividends Paid.

l) ESOPs versus a Public Offering of Stock.

m) Employee Risk and ESOPs.

n) Securities Laws and ESOPs.

o) Tax Benefits of LESOPs.

p) Balance Sheet Effects of ESOPs.

q) Drawbacks of LESOPs.

r) ESOPs and Corporate Performance.

s) ESOPs as an Antitakeover Defense.

t) ESOPs and Shareholder Wealth.

u) ESOPs and LBOs.