haku: @journal_id 571 / yhteensä: 1184
viite: 734 / 1184
| Tekijä: | Stonham, P. |
| Otsikko: | The HSBC Holdings/Midland Bank Takeover. Part Two Financial Offer, Valuation, and Stock Market Reaction |
| Lehti: | European Management Journal
1994 : VOL. 12;2, p. 152-162 |
| Asiasana: | BANKS MERGERS UNITED KINGDOM |
| Kieli: | eng |
| Tiivistelmä: | In Part Two of this Case Study, Paul Stonham focuses on HSBC Holdings` acquisition offer for Midland Bank. It involves the valuation of HSBC`s and Lloyds Bank`s offers and valuation of target companies` shares under a paper exchange. Valuation is made of the successfully-achieved HSBC/Midland enlarged group and estimates made of shareholder value before and after the takeover as well as for Lloyds Bank pre- and post-theoretical takeover. Dilution of earnings and transfer of shareholder value as a result of the takeover are interesting aspects and an evaluation is made. Finally, the reaction of the stock market is interesting and provides the basis of comparison with similar large-scale acquisitions and their effect on stock market behaviour. |
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