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| Tekijä: | Stonham, P. |
| Otsikko: | Takeover Frenzy in Telecoms: the Case of MCI WorldCom. Part Two: Financial Bids |
| Lehti: | European Management Journal
1998 : VOL. 16:5, p. 562-572 |
| Asiasana: | MERGERS TELECOMMUNICATIONS INDUSTRY |
| Kieli: | eng |
| Tiivistelmä: | Part Two of this Case Study focuses on the several quite complex and competitive bids for MCI Communications made by BT, WorldCom and GTE. Interest centres on the nature of the bids e.g. BT's first bid in 1994 which was nearly all-share but contained 'poison pills', and WorldCom's first bid in October 1997 which was all-share accompained by a 'cap and collar', as well as the valuation of each offer. In the case of each offer and revised offer, data is provided to demonstrate the effect of the merger announcements on the target/bidder's shares. The analysis also considers ways in which bidders proposed to pay for the deals. MCI finally accepted an increased offer from WorldCom which necessitates working out the cost of buying out the existing BT stake in MCI. |
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