Management and Marketing - Theses

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    A strategic analysis of takeover behaviour in Australia, 1977-1982
    Hubbard, Graham Lindsay ( 1987-12)
    The study aims to increase our understanding of takeover behaviour in Australia by using a strategic framework to analyse a sample of 152takeovers of publicly-listed firms made between 1977 and 1982. A two-level model of takeover strategies is developed to explain how the three general theories of takeover - the economic, the financial and the managerial theory - are each useful in explaining takeover behaviour under certain circumstances. The model classifies takeovers based on analysing four factors, namely the pre-takeover strategy of the acquirer, the industry relationship of the target to the acquirer, whether the acquirer is pursuing shareholder aims or managerial aims primarily, and the pre-takeover competence of the target. Nine takeover strategies are developed from the first-level of the model. These are named after the relationship between the acquirer and its target. They are called the Dominant-Existing, Dominant-Related, Dominant-Unrelated, Related-Existing, Related-Related, Related-Unrelated, Unrelated-Existing, Unrelated-Related and Unrelated-Unrelated acquirer strategies. Pre-takeover financial profiles are developed for each strategy and these profiles are used to infer corporate competencies of the acquirers and their targets. The major questions which are addressed are: Do there appear to be different acquirer strategies occurring in practice? Do different acquirer strategies have different financial profiles, and, by inference, different strategic competencies prior to the takeover? Do different acquirer strategies have different post-takeover outcomes and what is the nature of these outcomes for each strategy? The answer to each question is an emphatic yes. The results clearly identify several different strategies. Pre-takeover financial profiles vary for the major strategies. Post-takeover outcomes differ for the strategies, in accord with the expectations derived from both the strategic theory behind the model and also the empirical pre-takeover data for the particular takeovers in the sample. The outcomes show how the three general theories of takeover behaviour are complementary explanations, when perceived within a strategic framework.