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• W226601678 abstract "I. INTRODUCTION The first part of this article reviews the features of the general regulations of the Financial Markets Authority that must be considered when discussing tender offers. This regulatory context leads us to distinguish the normal from the simplified proceedings, according to the bidder's financial interest and control on its target before launching the operation. In addition, the type of shareholders' payment leads to a distinction between tender offers in cash and in shares, each of which expresses the objectives and constraints of the bidder. The second part presents a review of the literature devoted to valuation in the context of takeover bids. In particular, it refers to value creation and transfers of wealth between shareholders, on the one hand of the bidder and, on the other hand, of the target. The third part focuses on empirical studies. They are based on an analysis of the combinations between listed French companies in the non-financial sector during the 1999-2004 period. This study establishes that the levels of premiums, in relation to the target's latest stock-exchange quotation prior to the announcement of the operation, are not significantly affected by the type of payment (cash or shares). But a takeover bid under the simplified proceedings is better valued higher than a tender offer in the normal proceedings. Lastly, the premiums seen in squeeze outs are not significantly different from those encountered in tender offers. Then, the lower the level of premium in relation to the results of a multi-criteria analysis is offered, the more sophisticated is the valuation method. An approach based on net assets--revalued or estimated--then emerges as the best guideline for determining the offer price. This suggests the existence of an uncertainty premium in approaches based on analogical methods (listed peer groups multiples) and discounted cash flows. II. REGULATORY ASPECTS OF TAKEOVER BIDS According to the general regulations of the Financial Markets Authority, a combination between listed companies involves several stages: the first is the launching of the bid, which can take place either under the normal proceedings or under the simplified proceedings. Should a competing bid appear, the bidder may also raise its own bid and face a stock-market battle. Moreover, a tender offer in cash, as a tender offer in shares, may be followed by a withdrawal offer from the quotation, and possibly by a squeeze-out. The first phase of a takeover bid is the submission by the bid's presenting financial firm to the Financial Markets Authority (AMF) of a document describing the bidder's objectives and intentions, the number and nature of the target company's securities that it already holds alone or jointly, or that it has independent access to, as well as the date and the terms on which their acquisition has been or can be carried out, the price (for a tender offer in cash) or the exchange ratio (for a tender offer in shares) at which the bidder is offering to acquire the securities, the information employed to establish these items, the terms of payment or exchange proposed and any suspensive conditions affecting the execution of the operation. In assessing the admissibility of the draft bid, the AMF considers the bidder's objectives and intentions, the price or the exchange ratio, according to usually-accepted valuation criteria, the features of the target company, the nature, features, and market for the securities offered in exchange and the suspensive conditions imposed by the bidder. When the bidder acting alone or jointly holds less than half of the capital or of the voting rights in the target company, only the normal proceedings for a tender offer is applicable. The timetable for the bid is set according to the publication date either of the joint bid documents prepared by the bidder and the target company, or of the responding document prepared by the target company. …" @default.
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• W226601678 date "2010-01-01" @default.
• W226601678 modified "2023-09-24" @default.
• W226601678 title "Does the Choice of the Method for Combining Listed Companies Have an Impact on Their Valuation" @default.
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