M&A: Several Different Transactions 3 Merger: combination of two or more companies, in which the acquiring company absorbs the

e target one, that stops to exist Merger by union: a new entity is created and includes both the acquiring and the target company Tender offer: purchase of outstanding shares, usually publicly traded, at a specific price Purchase of selected assets Buyout (Leveraged Buy-Out LBO / Management Buy-OutMBO):Acquisition financed largely by debt Spin-off: the parent creates a new legal subsidiary and distributes shares it owns in it to its current shareholders Subsidiary offering: the parent issues a portion of the stocks of a subsidiary to the public IPO: first sale of stock by a private company to the public Restructuring: corporate restructuring/debt-financial restructuring Capital increase: without pre-emptive rights in favour of third-party Joint Ventures: industrial agreements