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Taking Finance Seriously: How Debt Financing Distorts Bidding Outcomes In Corporate Takeovers, Robert P. Bartlett Iii
Taking Finance Seriously: How Debt Financing Distorts Bidding Outcomes In Corporate Takeovers, Robert P. Bartlett Iii
Fordham Law Review
Economic analysis of corporate takeovers has traditionally advocated legal doctrines that ensure a target company in a takeover contest is acquired by the bidder willing to pay the most for it. The reason stems from the conventional assumption that a bidder's offer price should reflect its ability to put a target's assets to productive use. This Article challenges this assumption by turning to the success of private equity firms in outbidding publicly traded, strategic bidders during the takeover wave of 2004 to 2007. Using standard valuation modeling, this Article reveals how a critical component of any bidder's valuation of a …
The What, Why, And How Of Privatization: A World Bank Perspective, Mary M. Shirley
The What, Why, And How Of Privatization: A World Bank Perspective, Mary M. Shirley
Fordham Law Review
Ms. Shirley outlines privatization, defininf the concept and suggesting why privatization should occur and how it can be best implemented. She first dfines privatization as the transfer of ownership of assets to the private sector. She then discusses why a government should privatize, as opposed to why governments often want to privatize. Finally, Ms. Shirley discusses various steps governments should take in effectuating privatizations.