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The role of debt purchases in takeovers: A tale of two retailers

Abstract:

In this paper, we examine acquisitions of two financially distressed retailers-Federated's takeover of Macy's, and Zell Chilmark's takeover of Carter Hawley Hale. In both cases the raider purchased some of the target's outstanding debt to launch its takeover attempt. These debt purchases appear to have been facilitated by two salient factors-the raider's expertise in dealing with distressed firm restructuring and the ability of the raider to acquire a large blockholding of debt. Our analysis ...

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Publication date:
2006-01-01
UUID:
uuid:f22673de-dfe9-47ec-af83-869cfbd169ca
Local pid:
oai:eureka.sbs.ox.ac.uk:1109
Deposit date:
2011-11-09

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