Takeover: The New Wall Street Warriors: The Men, the Money, the Impact

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Beard Books, Apr 1, 2000 - Business & Economics - 395 pages
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Takeover: the new Wall Street warriors: the men, the money, the impact

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Johnston devotes her attention to the motives and methods of the personalities driving the megabuck merger and acquisition phenomenon of the early 1980s. This activity is clearly of historic ... Read full review

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Page 13 - If the takeover is successful, the servicing of very high levels of debt, at rates of interest in excess of most targets return-on investment, requires significant asset dispositions which may not always be possible or desirable. It is an approach that also completely fails to take into account the fact that a large corporation is an entity with responsibilities to employees, customers and communities, which cannot always be torn apart like an erector set.
Page 12 - November-December 19M insurance companies and savings banks do not benefit from the same kind of external market. The takeover market also provides a unique, powerful, and impersonal mechanism to accomplish the major restructuring and redeployment of assets continually required by changes in technology and consumer preferences.
Page 13 - PROVISIONS.— corporate bylaw provisions requiring that certain decisions, such as approval of a merger, pass by vote of a "supermajority" (70 to 80 percent) of shareholders. TARGET. — the company that is the subject of a takeover bid. TENDER OFFER.— a public offer to buy some or all of the stock of a corporation within a specified time period. Notice of the offer must be filed with the Securities and Exchange Commission on schedule 14D-1, disclosing, among other things, certain financial information...
Page 8 - Lambert, who had already taken the low-rated, high-yield bonds that had earned the name "junk" as the downgraded bonds of troubled companies and adapted them to raising capital for growth, often high tech, companies. In 1984 they had turned junk bonds to borrowing money to finance tender offers and other forms of buyouts. Out there, waiting to play, was an emerging source of capital, a source dubbed by First Boston's Perella the "private pools of predatory capital" that were ready to initiate raids,...

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About the author (2000)

Johnston is a veteran investigative journalist. She founded Friends of the Napa Valley, an environmentalist group.

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