Hostile Takeovers: Hearings Before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundredth Congress, First Session, on the Examination of the Need for Reform of the Procedures and Practices of Insider Trading, Financing of Hostile Takeovers, and Their Effects on the Economy and International Competitiveness, January 28, March 4, and April 8, 1987 |
Contents
| 12 | |
| 19 | |
| 31 | |
| 42 | |
| 51 | |
| 69 | |
| 72 | |
| 84 | |
| 237 | |
| 255 | |
| 261 | |
| 306 | |
| 319 | |
| 333 | |
| 349 | |
| 360 | |
| 94 | |
| 105 | |
| 117 | |
| 128 | |
| 137 | |
| 146 | |
| 158 | |
| 171 | |
| 180 | |
| 194 | |
| 208 | |
| 216 | |
| 222 | |
| 231 | |
| 550 | |
| 562 | |
| 564 | |
| 570 | |
| 595 | |
| 607 | |
| 632 | |
| 638 | |
| 668 | |
| 676 | |
| 682 | |
| 708 | |
Other editions - View all
Common terms and phrases
abuses acquired American arbitrageurs assets BankAmerica banking believe benefit bidder Board of Directors Boesky bond financing BRADY capital cash Chairman committee company's competitive concern Congress corporate raiders corporate takeovers D'Amato defensive disclosure Eastern Eastern Air Lines economic effect employees equity Federal financing Garfinckel's going golden parachutes Goodyear greenmail hearing hostile takeovers Icahn industry insider trading interest investment bankers issue junk bonds laws legislation leveraged buyout long-term ment mergers and acquisitions million pension funds percent play poison pill premium problem productive profit proposed purchase question regulation response restructuring result ROHATYN Safeway securities sell Senator CHAFEE Senator HEINZ Senator RIEGLE Senator SHELBY shareholders shares short-term speculation statement stock price stockholders takeover activity takeover attempt target company tender offer term testimony Texas Air Thank tion transactions two-tier Unocal vote Wall Street Williams Act workers
Popular passages
Page 433 - It is one of the happy incidents of the Federal system that a single courageous State may, if its citizens choose, serve as a laboratory, and try novel social and economic experiments without risk to the rest of the country.
Page 276 - The Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation...
Page 523 - The views expressed in this article do not necessarily represent those of the SEC or any of its members or employees.
Page 216 - Speculators may do no harm as bubbles on a steady stream of enterprise. But the position is serious when enterprise becomes the bubble on a whirlpool of speculation. When the capital development of a country becomes a byproduct of the activities of a casino, the job is likely to be ill-done.
Page 621 - The opening up of new markets, foreign or domestic, and the organizational development from the craft shop and factory to such concerns as US Steel illustrate the same process of industrial mutation - if I may use that biological term - that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one. This process of creative destruction is the essential fact about capitalism.
Page 616 - The Securities and Exchange Commission, as a matter of policy, disclaims responsibility for any private publication by any of its employees. The views expressed herein are those of the author and do not necessarily reflect the views of the Commission or of the author's colleagues upon the staff of the Commission.
Page 433 - No principle of corporation law and practice is more firmly established than a State's authority to regulate domestic corporations, including the authority to define the voting rights of shareholders.
Page 82 - Mr. Chairman, members of the committee, first of all, I would like to thank...
Page 528 - If a strategy that drives up the price also decreases the likelihood of an offer, it may or may not help shareholders. See the exchange of views in note 7 supra. " For more detailed statements of the method and its applications, see, eg, Brown & Warner, Measuring Security Price Performance, 8 J. Fin. Econ. 205 (1980); Fischel, Use of Modern Finance Theory in Securities Fraud Cases Involving Actively Traded Securities, 38 Bus.
Page 666 - In addition, the exchange of debt for stock also helps managers overcome the normal organizational resistance to retrenchment that the payout of free cash flow often requires. The threat of failure to make debt service payments serves as a strong motivating force to make such organizations more efficient.