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A well-known example of a reverse takeover in the United Kingdom was Darwen Group’s 2008 takeover of Optare plc. This was also an example of a back-flip takeover (see below) as Darwen was rebranded to the more well-known Optare name. A proxy vote is the act of the acquirer company persuading existing shareholders to vote out the management of the target company so it will be easier to take over. For example, Company A could persuade shareholders of Company B to use their proxy votes to make changes to the companys board of directors. The goal of such a proxy vote is to remove the board members opposing the takeover and to install new board members who are more receptive to a change in ownership and who, therefore, will vote to approve the takeover (hostile takeover agreement). However, a silver lining for creditors is that such an action does come with consequences to the borrower. If a subsidiary becomes
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FAW Group is looking at acquiring Brilliance China Automotive Holdings Ltd, BMW’s main Chinese partner, in deals that may cost it some $7.2 billion and then take it private, two people with direct knowledge of the matter told Reuters.
Brilliance shares soared as much as 25.6% to HK$7.99 following the news.
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Try refreshing your browser, or China s FAW considers acquiring BMW partner Brilliance in $7.2 bln deal -sources Back to video
The potential acquisition by state-owned FAW, China’s No. 2 automaker, comes at a time when Brilliance’s top shareholder Huachen Automotive Group is on the brink of bankruptcy, having defaulted on 6.5 billion yuan ($1 billion) in debt obligations late last year.
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