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Game Theory Approach to Hostile Takeovers
Tuček, Lukáš ; Červinka, Michal (advisor) ; Čornanič, Aleš (referee)
This bachelor thesis investigates the field of hostile takeovers predominantly from the perspective of the management of the target company. Particular emphasis is placed on review of the defense strategies against hostile takeovers and ways in which they might be abused by the management. This thesis attempts to formulate a game-theoretic model describing the process of a hostile takeover as an extensive-form game with perfect in- formation. Payoff functions for the game further in the thesis computed as Nash equilibria of bargaining problem with the current state of the game as a base for the utility gains. We then briefly discuss the implied relationship among the raider, management and the shareholders. JEL Classification C7; C72; G34 Keywords hostile takeover; game in extensive form; defense strategy
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Causes and consequences of hostile takeovers in Corporate Governance
Sládek, Miloš ; Malý, Milan (advisor) ; Kubíček, Aleš (referee)
The essential goal of this bachelors thesis is to analyse the most important reasons, causes and consequences of hostile takeovers in corporate governance, and to do so on selected cases from the real corporate world. The structure of this thesis is divided into two parts. First is the theoretical part about the theory of corporate governance with its focus on the subject of takeovers. In the second part is the analysis of specific cases of hostile takeovers in the corporate world. The goal of this thesis is to extrapolate from these examples to show how they can be applied to the Czech economy, and also to show how recommendations can be derived from them.
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Takeover of through insolvency proceedings (SAZKA, a.s.)
Nedvědová, Nikola ; Schönfeld, Jaroslav (advisor) ; Smrčka, Luboš (referee)
This thesis deals with takeovers in the Czech environment according to the Insolvency Act No. 182/2006 Coll., which passed an amendment to the 1. 1. 2008. There are methods of resolving insolvency of the debtor and principles of insolvency proceedings which should be followed during the insolvency process. Work distinguishes friendly and hostile takeover. The theoretical part provides an overview of possible ways of takeover, the reasons that motivate new owners to think about a possible takeover and globally applicable defense strategies. Another theoretical starting point is consideration of the reorganization of the company, which may be conducted by both the debtor and of the creditor(s). The practical part describes the hostile takeover of SAZKA from its history, through description of the key moments of crisis to insolvency proceedings which resulted in the bankruptcy of the debtor. Subsequent hostile takeover was directed by PPF and KKCG, which bought up commitment wagers and therefore became important creditors (controlling the betting and lottery activities) and later winner of the tender for the sale of the entire company. This case is a textbook example of takeover of the company, which had fallen into financial distress. The battle for the largest lottery company in the country was very hard, long and eventually resulted in a very profitable business, which fell into the arms of a single owner.
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