TOB ( takeover ) and?

A series of Nippon “Livedoor VS Fuji Television Broadcasting Co., Ltd. to” of the takeover in the Fuji TV is Nippon timed trying to stock collected to buy with a tender Broadcasting Co., Ltd. ( TOB ) . ( TOB ) tender, and no way of specifically what?

[INDEX]

And tender ( TOB ) ? P-day 1
Route to purchase shares of the company’s two kinds of P-day 1
Behind the scenes of the takeover is what steps? P-day 2
TOB benefits, disadvantages of P-day 2

And tender ( TOB ) ?

TOB which stands for the Take Over Bid, tender thing.
Fuji television network, as the “Nippon gather to buy Broadcasting Co.” and is buying stocks investors have shares in Nippon broadcasting published.

From public shareholders who wish acquired management control of the company, such as share purchasing purposes, published the “offer period”, “purchase shares”, “price”, is.
If you buy shares in listed and unlisted also meet certain requirements companies more than 5% not through the market principle, must buys at TOB.

Two types of root buy stocks in the company’s

1 ) buy through stock exchange

gather to buy shares are traded through the stock exchange.
This has disadvantages that stock prices rising in the middle is already unbearable buys aim shares until unable and would be likely. To cancel the shares if you buy go ahead through the stock exchange shares, did not reach the goal of purchasing stock prices rising in the Middle until it bought go.

2 ) buy a takeover ( TOB )

Can be bought shares at constant prices, reduces risk of a rise in stock prices.
Also recruit co., seller cancellation enable no applicant reaches the number of goals, to return the share certificates.

In the following pages introduce the steps when you actually launch the TOB.

Behind the scenes of the takeover is what steps?

1 ) start announcement
“Taiwa trade co., Ltd. 00″ released
Posted on more than 2 paper newspaper, filed a registration statement Finance Minister on the same day
The content is to publish
Their shares in the target company name acceptable
Set the “purchase price” number % market value is higher than General purchasing price is often
Planned number of purchasing shares and buying downloads has clearly
For purchasing purpose 00 Inc. acquisition, or specifically their shares repurchased for, such as

2 ) offer period
More than 20 days but within 60 days
Investors who want to sell in this period to sign up

3 ) offer period
Publicly the results whether collected the goal of buying shares of
Pay to the shareholders who sold the shares if you reached the goal (and succeed)
If you did not reach goal number (failure) shares returned to shareholders

Disadvantages and advantages of TOB

benefits
1 ) can buy a stock at a certain price
If you purchase in the market, buy large amounts of stock price hotter.
It is easy to plan acquisition funds buy purchasing prices meanwhile announced in the TOB,.

2 ) can cancel
If the planned number of buying shares, did not converge return the share certificates, and cancel.
not having fails in the purchasing risk.

Disadvantages
So give it a buying public wage an acquisition is revealed. Providing the opportunity was engineered the acquisition of companies or defensive investor thinks others want to deal.

Typical of the Japan company ever changing era of shareholder management skill judging from the relationship had match has shares in relationship to each other in the future. And acquisitions will increase further in future?
Then return the profits to the shareholders or not, and lukewarm water managers, such as not using the lead tomorrow and let the company funds, business development, not to hijacked the company is suspicious. It is funny even horiemon 2 and 3.

[Related sites]
“Notice concerning supernatural commencement of tender ( 1/17/2005 )
Fuji Television Network “company Nippon Broadcasting Co., public tender conditions modification notice ( 2/10/2005 ) ”
Fuji Television Network “company Nippon Broadcasting Co., public tender conditions modification notice ( 2/24/2005 ) “