Share schemes and takeovers

Article Abstract:

The proposed takeover of a company will have implications for the holder of stock options within the target company. Holders of share options may be permitted to change their options for some in the bidding company. Bidders would therefore be required to offer less cash for the target company. Some bidders choose to offer cash for options but option holders who surrender their options will be required to pay income tax. The Takeover Code specifies option holders should be treated equally with other shareholders and therefore should also receive an offer document.

Pension, health, and welfare funds, Pension Funds, Stock Ownership Plans, Employee stock options, Employee stock ownership plans

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Automatic for the people: Gunther Artner and Marcus Basalka describe the sale of IFE, and Austrian producer of automatic door systems for the public transport market

Article Abstract:

CA IB Investment-bank (CAIB) successfully advised on the sale of a 75% controlling stake in Austrian IFE, held by Heid of Austria and the German Rothenberger family. IFE is a leading producer of automatic doors systems for the public transport market in Europe. It was facing declining expenditures in the saturated European public transportation markets in 1994, and the Germany Rothenberger Group decided to divest it along with other non-core businesses.

Mergers, acquisitions and divestments, Knorr-Bremse AG, Rothenberger AG

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