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Article: Stacked deck: go-shops and auction theory.
- Article from:
- Yakima Herald-Republic
- Article date:
- March 1, 2008
- Author:
CopyrightCOPYRIGHT 2008 Stanford Law School. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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INTRODUCTION
I. AUCTION THEORY
A. Comparison Between Auctions and Sequential Mechanisms
B. Empirical Studies of the Benefits of Auctions
II. GO-SHOP BACKGROUND
A. An Analysis of a Typical Go-Shop
B. Transactions Likely to Employ a Go-Shop
III. APPLYING THE THEORY TO THE FACTS
IV. RECOMMENDATIONS GOING FORWARD
CONCLUSION
APPENDIX: JUMPED DEALS
"[W]e don't want to waste our time.... We don't participate in auctions."
--Warren Buffet (1)
INTRODUCTION
During the recent wave of private equity buyouts of public companies, boards of directors for selling companies have been increasingly turning to go-shop ...