<p><strong>Abstract</strong></p><p><strong>Problem</strong>: The problem of this thesis involves the controversy that the implementation of poison pills generates. The conflict amongst various stakeholders that are affected directly or indirectly by the implementation of the poison pill also contributes significantly to the problem of this thesis.</p><p><strong>Purpose</strong>: The purpose of this thesis is to investigate and compare the benefits of the poison pill adoption on shareholder and management interests. We also seek to evaluate arguments for and against pill adoption, and determine if these arguments are valid in view of facts established from our study.</p><p><strong>Conclusions</strong>: Our study in this thesis has brought us to five conclusions about the poison pill policy in fulfillment of the purpose. We state in our conclusion that arguments for and against the poison pill can both be validated depending on the case, we also state that a general conclusion cannot be drawn as to the negative or positive effect of the poison pill on stakeholders. We proceed to argue that the pill is a very effective fighting toll in the current business world and state that more should be done to regulate pill implementation. We finish up our conclusion by identifying what appears to be an inverse relationship between management and shareholders benefits from the implementation of the pill.</p><p><strong> Originality</strong>: The uniqueness of our study resides in the theoretical framework that is developed from two prevailing hypotheses in the academic research of the poison pill. The previous studies either take on the management entrenchment hypothesis (MEH) or the shareholder interest hypothesis (SIH). However, we have combined the elements of both hypotheses and jointly revealed the advantages and disadvantages of the pill adoption for both management and shareholders via our original management shareholder benefits comparison matrix.</p>

Bakgrund: För att skydda de aktieägare som berörs av uppköpserbjudanden finns detregler för processerna kring dessa. I vissa av dessa uppköpserbjudanden kräverreglerna att målbolaget inhämtar en så kallad fairness opinion där en oberoende partska uttala sig om budets finansiella skälighet för aktieägarna. Skeptikerna tillutlåtandet är många men forskningen på den svenska marknaden, obefintlig. Mycketav kritiken som lyfts fram gäller utgivarnas oberoende och revideringen av takeoverreglerna,som kom år 2009, skärpte kraven kring just oberoende, vilket aktualiserarfrågan kring hur dessa regler fungerar och hur oberoendet ser ut på den svenskamarknaden. Syfte: Syftet med denna studie är att undersöka rollen och framtiden för fairnessopinion, på målbolagets sida, vid offentliga uppköpserbjudanden på den svenskaaktiemarknaden. Genomförande: Studien är av explorativ karaktär och inkluderar 14 kvalitativaintervjuer med utgivare av fairness opinion och andra intressenter med erfarenhet avutlåtandet samt en sammanställning av offentliga uppköpserbjudanden på den svenskamarknaden under åren 2007-2012. Slutsats: Revideringen av takeover-reglerna, år 2009, har haft stor påverkan påmarknaden och bidragit till en ny syn på utgivarnas oberoende och en prispress påfairness opinion. Reglerna lämnar dock en del att önska och vi anser att man börinföra en begreppsmässig distinktion kring utlåtandets användning i olika situationersamt en ökad transparens i utlåtandet för att öka värdet för aktieägarna.Nyckelord: Fairness opinion, uppköpserbjudanden, takeover-regler,värderingsutlåtande, företagstransaktioner / Background: In order to protect shareholders affected by public takeover offers,there are rules regarding the processes surrounding them. In some of these offers, therules require that the target company obtain a fairness opinion where an independentparty evaluates the financial fairness of the offer. The number of fairness opinionskeptics is high but the research on the Swedish market is non-existent. Much of thecriticism concerns the independence of the writers of fairness opinions and therevision of the takeover rules tightened these requirements, which raises questionsabout how these rules work and how independent the Swedish writers are. Aim: The objective of this study is to investigate the role and future of targetcompany fairness opinions in regards to public takeover offers on the Swedish stockmarket. Completion: This is an exploratory study, which includes 14 qualitative interviewswith writers of fairness opinions and stakeholders with experience from fairnessopinions and a compilation of public takeover offers on the Swedish stock marketduring the years 2007-2012. Conclusion: The revision of the takeover rules, in 2009, has had a major impact onthe market and contributed to a new view of the independence of publishers and apricing pressure of fairness opinions. The rules, however, leaves some things to bedesired and we reckon that there should be a conceptual distinction between thedifferent situations of fairness opinions, as well as greater transparency in thestatement to increase shareholder value.Keywords: Fairness opinion, public takeovers, takeover rules

This qualitative case study examined a single phenomenon that of a decade of public school reform efforts via legislated takeover in an urban poor minority school district, 1999-2009. The Harrisburg School District (HSD) is situated within the Capitol City of the Commonwealth of Pennsylvania and educates one of the highest rates of poverty and minority populations in the country. The HSD has the lowest student achievement scores in the state, despite 10 years of restructuring efforts, a legislated state takeover given over to Mayoral control, increased funding, and leadership reorganization. A contextual critique of political and sociological factors was conducted, illuminating an overview of conditions, events and retrospective perceptions. Two types of data were collected, documents and participant interviews. Documents collected included: media sources, legislation, community postings, district and Department of Education documents, university studies, student achievement data, cases studies conducted during the 10 year era, and literature related to individuals that had involvement in the governance of the district. 25 individuals were interviewed to obtain their perceptions of events across the decade. Respondents represented those of high to low governance, employees and community members. Documents and impressions were analyzed through both a circulatory and constant comparative method. Timelines, chronologies and perceptions were merged, converged, deconstructed and reconstructed producing continuum themes of hope and despair and back again. Results revealed three eras: 1) A period of Great Expectations, 1998-2001, prior to and during the early takeover, where community involvement was active, test scores were beginning to rise and state support with increased funding was available; 2) A period of Rough Terrain, 2002-2008, the disillusion and desolation of the takeover, where constituents were uninvolved, funding improvements not realized, and participants expressed oppression, disenfranchisement, and allegations of powerful elites making profit; and 3) A period of Rising Hope, 2007-2009, the metamorphosing of the takeover, where community involvement in the politics of ousting the more than 2-decade incumbent mayor produced hope in the change that was coming, making conditions more tolerable. Despite efforts, student achievement remained the lowest in the state. / Educational Administration

Ett offentligt uppköpserbjudande skiljer sig från andra typer av företagsförvärv på så sätt att det riktar sig till en större ägandekrets. Eftersom köparen av praktiska skäl inte kan förhandla enskilt med aktieägarna riktar sig köparen istället, i ett offentligt erbjudande, till alla aktieägare i bolaget. Aktieägarna har sedan att förkasta eller acceptera erbjudandet. Förfarandet kring ett offentligt uppköpserbjudande kräver en aktiv målbolagsstyrelse för att tillvarata aktieägarnas intresse. Takeover-reglernas koppling till LUA har i och med revideringen tydliggjorts och de två regelverken utgör tillsammans stommen i regleringen av offentliga uppköpserbjudanden. Målbolagsstyrelsens roll vid ett offentligt uppköpserbjudande kommer främst till uttryck i punkterna II.17, II.19 och II.20 i takeover-reglerna. Takeover-reglerna har reviderats ett antal gånger sedan de första reglerna, då benämnda rekommendationer, utkom 1971 och målbolagsstyrelsens roll har vid varje revidering utvecklats till att bli mer omfattande. De nya takeover-reglerna träder i kraft den 1 juli 2012. Förutom frågan om hur de nya reglerna kommer att påverka målbolagsstyrelsens roll framträder frågan om vilka intressen som målbolagsstyrelsen ska tillvarata och hur dessa förhåller sig till varandra. Intressebegreppen, aktieägarnas intresse och bolagets intresse, kommer till uttryck såväl aktiemarknadsrättsligt som aktiebolagsrättsligt. Märkbart vid analys av ändringarna är att de till viss del har skett genom kodifiering av AMN:s uttalanden och doktrin på området. Reglerna har även anpassats, om än inte fullt ut, till brittiska Takeover Code. Ett tydligt exempel är ändringen avseende avtal om deal protection-arrangemang. För att utröna de konkreta konsekvenserna av regeländringarna krävs, i vissa fall, uttalanden från AMN eller komplettering och uppdatering av doktrin på området. Målbolagsstyrelsens roll har, i och med de nya takeover-reglerna, blivit än mer omfattande samtidigt som dess position, gentemot budgivaren, har stärkts genom tydligare reglering för hur styrelsen ska agera.

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This research examines the impact of acquisition strategies and the level of economic development of the target country on announcement returns of acquiring firms in the United Kingdom (UK) during the sixth (2003-2007) and upcoming takeover wave (2013-present). The different acquisition strategies concern geographic expansion (GEO), increasing market share (IMS), vertical integration (VERT), access to intangible resources (INT), concentric diversification (CDIV) and pure diversification (PDIV). Based on a sample of 877 acquisitions, evidence shows that GEO significantly creates value in the sixth wave and results in significantly lower announcement returns in the upcoming wave, possibly explained by a higher integration of capital and production markets. However, after adding the remaining acquisition strategies to the regression model, the latter effect disappears. It shows that VERT and CDIV result in significantly higher announcement returns in the upcoming wave compared to the sixth one. Evidence does not show a relation between the level of economic development of the target country and announcement returns.

For reasons of mismanagement, corruption and nepotism, poor quality and delivery of education and community perceptions of general inefficiency and ineffectiveness, the government of Botswana embarked on the process of centralizing the Brigades in 2009.The purpose of this study is to examine how the centralization of the Brigades was handled and its impact on the future of the concept of Education with Production (EWP). The research uses a qualitative approach and case study method to collect data through interviews, focus groups discussions and document analysis. The study was conducted in two of the twenty-one Brigades taken over in 2009. Purposive sampling was used to select the participants. Principals, teachers and former board members were interviewed individually while students were interviewed through focus group discussions. Also interviewed were two Department of Technical, Vocational Education and Training (DTVET) officers who were involved in the Brigades takeover. The findings from the study show that while there was evidence of prior consultation by the government of Botswana before taking over the Brigades, emphasis was laid on positive outcomes at the expense of potential negative outcomes. The study reveals that the takeover of the Brigades by the government was a noble gesture as evidenced by some gains in terms of financial stability, staff training, and improvement in staff conditions of service and plant maintenance. However, there was a range of undetected issues that emerged as a consequence of the takeover which includes job losses by some staff due to austerity-driven structural adjustment; lack of proper organizational structures for managing new enterprises; poor remuneration for some staff and the discontinuity of the concept of EWP. The study concludes that centralization of educational institutions needs a more rounded approach based on more holistic consultation with a range of beneficiaries. The future of EWP in Botswana is in jeopardy largely due to the government takeover.

Acquisitions are considered to be the ultimate form of corporate growth in today’s increasingly complex and global business economy. There is a significant lack of research done in understanding the growth of I.T. SMEs by means of acquisitions. All previous research concerning acquisitions has focused mostly on large sized organizations, involved in cross national operations. SMEs do not compete in an international arena like multinational corporations, who have already inherited a culture of accommodating acquired firms and achieving synergy. Therefore the question here arises as to how SMEs pursue growth via acquisitions despite having limited resources and capabilities.   Purpose: The purpose of this thesis is to study acquisition growth strategy of two I.T. firms (SYSteam AB and Sigma AB) which have grown from SMEs to large firms by means of acquisitions.   Method: In order to fulfill the purpose of this study the authors conducted a qualitative case study of two I.T. firms. The authors used interview as the data collection method.   Results/conclusions: There are many different factors which lead a firm to pursue acquisitions. Increased market share, proximity to key customers and entrepreneurial nature of the founders were the main ones. Acquisition brings about numerous synergies and integration is a key to capitalizing upon these synergies. Acquisition induces entrepreneurial orientation and facilitates the emergence of acquisition capabilities within the acquiring firm.

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