haku: @indexterm GEARING / yhteensä: 211
viite: 135 / 211
| Tekijä: | Teters, R. F. |
| Otsikko: | The leveraged recap : controversial new defense maneuver. |
| Lehti: | Journal of Business Strategy
1988 : MAR-APR, VOL. 9:2, p. 26-29 |
| Asiasana: | GEARING CORPORATE FINANCE STRATEGY |
| Kieli: | eng |
| Tiivistelmä: | Since 1985, the leveraged re-capitalization, or "recap", has come to the rescue of many companies targeted as acquisition candidates. The design of this antitakeover tactic is simple. By substituting large amounts of debt for equity, the recap leaves a much less leverageable, nearly liquidated company. The newly borrowed funds are paid out to shareholders, cutting off a major source of acquisition financing for a potential raider. For each common share, stockholders receive large cash dividend, typically equal to the majority of their current share value, plus a "stub", or new share in the re-capitalized company. In fact, the leveraged recap has grown as popular in the last two years in the US that it threatens the leveraged buyout. |
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