Abstract
Take-over bids make the financial headlines some time during nearly every week of the year and many reports are compelling reading for people interested in industry and finance. This is particularly so as many of the companies are known to everyone. The object of this chapter is to consider some of the practical problems inherent in take-overs and amalgamations. In particular we consider the art of interpreting published accounts and methods of valuing businesses. This is followed by a discussion of the procedural matters to be observed when buying another company, a description of some of the defences used in fending off take-over bids and examples of where these have proved successful. The work of the Monopolies Commission is then examined and the chapter is concluded by an account of recent business take-overs and mergers.
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Further Reading
L. R. Amey, The Efficiency of Business Enterprises (Allen and Unwin 1969).
G. Bull and A. Vice, Bid for Power (Elek Books 1958).
R. J. Chambers, Financial Management (Sweet & Maxwell 1967).
T. A. Hamilton Baynes, Share Valuations (Heinemann 1966).
A. J. Merrett and A. Sykes, Finance and Analysis of Capital Projects (Longmans 1963).
K. Midgley and R. G. Burns, Accounting Case Studies (Macmillan 1971) Case 4.
K. Midgley and R. G. Burns, Case Studies in Business Finance and Financial Analysis (Macmillan 1971) Case 5.
Margot Naylor, Your Money (Barrie & Rockliff 1966) chs 20–3.
Gerald D. Newbould, Management and Merger Activity (Guthstead 1970).
C. K. Rowley, The Monopolies Commission and Rate of Return on Capital The Economic Journal (Mar 1969).
Various reports of the Monopolies Commission.
Nicholas A. H. Stacey, Mergers in Modern Business (Hutchinson 1966).
M. A. Weinberg, Take-Overs and Amalgamations (Sweet & Maxwell 1967).
‘Acquisitions and Amalgamations’, Economic Trends (Apr 1963 and Nov 1965).
‘Trade Investments of Quoted Companies’, Economic Trends (May 1966).
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© 1972 Kenneth Midgley and Ronald G. Burns
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Midgley, K., Burns, R.G. (1972). Business Combinations. In: Business Finance and the Capital Market. Palgrave, London. https://doi.org/10.1007/978-1-349-01829-1_12
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DOI: https://doi.org/10.1007/978-1-349-01829-1_12
Publisher Name: Palgrave, London
Print ISBN: 978-0-333-14657-6
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