Copeinca: a hostile takeover
| dc.contributor.author | Cueto, Diego C. | |
| dc.date.accessioned | 2022-11-22T21:21:32Z | |
| dc.date.available | 2022-11-22T21:21:32Z | |
| dc.date.issued | 2017-05-03 | |
| dc.description.abstract | This article presents the dilemma faced by real investors with the emergence of a takeover bid on an existing company. The private benefits that accrue from control mean that defence mechanisms are deployed in the event of a takeover that is considered to be hostile. The article has been written with the sole intention of providing an educational case study for the teaching of Mergers and Acquisitions and Corporate Governance. The character Ricky Spanish is fictional and does not disguise the identity of any real investor. Local press articles and official documents such as company information prospectuses were examined during the preparation of the case study. The facts presented are accurate but the article is not intended to be a work of history. Theory-based analysis permits an approach to the problem of assessed value, which is contrasted with market value. Different scenarios and alternative viewpoints are presented to allow readers to draw their own conclusions. It is observed that the founding family, board members, company executives and press all fail to understand that the company is no longer owned exclusively by its founders. There is a lack of clarity concerning appropriate ways to deal with conflicts of interest between majority and minority shareholders. In markets characterized by decidedly concentrated ownership structures, it is very unlikely that hostile takeovers will occur. The case study identifies the principal benefits and risks faced by investors in a company from a medium income country that cross lists in developed markets. | en_EN |
| dc.description.abstract | Se plantea la disyuntiva de inversionistas reales ante el surgimiento de una oferta pĆŗblica de adquisiciĆ³n en una empresa existente. Los beneficios privados originados por el control impulsan la utilizaciĆ³n de mecanismos de defensa ante una oferta etiquetada de hostil. Este texto ha sido escrito como un caso de estudio con fines exclusivamente pedagĆ³gicos en las Ć”reas de Fusiones y Adquisiciones y Gobierno Corporativo. El personaje de Ricky Spanish es de ficciĆ³n y no enmascara a ningĆŗn inversionista de la vida real. Se revisa artĆculos aparecidos en la prensa local asĆ como documentos oficiales como el prospecto informativo. Los hechos son fidedignos pero no se trata de una crĆ³nica. El anĆ”lisis basado en la teorĆa permite armar una aproximaciĆ³n a la valorizaciĆ³n que se contrasta con los valores de mercado. Se presentan diferentes escenarios y puntos de vista alternativos para que el lector saque sus propias conclusiones. Se observa como la familia fundadora, los miembros del directorio, los ejecutivos de la empresa y los medios de prensa fallan en reconocer que la empresa ya no es de propiedad exclusiva de los fundadores. Falta claridad al encontrarse situaciones de conflicto de intereses entre los accionistas mayoritarios y minoritarios. En mercados caracterizados por una estructura de propiedad muy concentrada es poco probable observar una toma de control hostil. El caso identifica los principales beneficios y riesgos para los inversionistas de una empresa de un paĆs de ingresos medios, que co-lista en mercados desarrollados. | es_ES |
| dc.format | application/pdf | |
| dc.identifier.citation | Cueto, D. C. (2017). Copeinca: a hostile takeover. Multidisciplinary Business Review, 10(1), 3ā19. https://journalmbr.net/index.php/mbr/article/view/300 | |
| dc.identifier.uri | https://hdl.handle.net/20.500.12640/3266 | |
| dc.language.iso | eng | |
| dc.publisher | AsociaciĆ³n de Directivos Superiores de AdministraciĆ³n, Negocios o Empresariales de Chile A.G. (ASFAE) | |
| dc.publisher.country | CL | |
| dc.relation.ispartof | urn:issn:0718-400X | |
| dc.relation.ispartof | urn:issn:0718-3992 | |
| dc.relation.uri | https://journalmbr.net/index.php/mbr/article/view/300/196 | |
| dc.rights | Attribution-NonCommercial-NoDerivatives 4.0 International | * |
| dc.rights | info:eu-repo/semantics/openAccess | * |
| dc.rights.uri | https://creativecommons.org/licenses/by-nc-nd/4.0/ | |
| dc.subject | Corporate governance | en_EN |
| dc.subject | Mergers | en_EN |
| dc.subject | Gobierno corporativo | es_ES |
| dc.subject | Acquisitions | en_EN |
| dc.subject | Fusiones | es_ES |
| dc.subject | Hostile takeovers | en_EN |
| dc.subject | Adquisiciones | es_ES |
| dc.subject | Toma de control hostil | es_ES |
| dc.subject | Private benefits of control | en_EN |
| dc.subject | Beneficios de control privado | es_ES |
| dc.subject.ocde | https://purl.org/pe-repo/ocde/ford#5.02.04 | |
| dc.title | Copeinca: a hostile takeover | en_EN |
| dc.type | info:eu-repo/semantics/article | |
| dc.type.other | ArtĆculo | |
| dc.type.version | info:eu-repo/semantics/publishedVersion | |
| local.author.orcid | https://orcid.org/0000-0002-5292-979X | |
| oaire.citation.endPage | 19 | |
| oaire.citation.issue | 1 | |
| oaire.citation.startPage | 3 | |
| oaire.citation.title | Multidisciplinary Business Review | |
| oaire.citation.volume | 10 |
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