Försvarsstrategier och strategisk trovärdighet vid fientliga övertagningsförsök - En fallstudie av Scania och Skandia

Abstract

Background: Mergers and acquisitions have evolved from initially almost exclusively having been an American phenomenon, to becoming a common occurrence throughout the world. Companies though, are not defenseless against hostile bids, but must take many factors into account when selecting defense measures. Purpose: This paper aims to enhance the understanding of acquisitions through hostile bids on the companies studied. More specifically, this study aims to create a deeper understanding in how Scania and Skandia have chosen their defense measures, or could have chosen, before and during their hostile bidding processes with specific concern for their strategic credibility. Method: This paper is based on two companies listed on the Stockholm Stock Exchange exposed to hostile takeover attempts in a similar time period. The study is based on secondary data such as press releases and magazines which together provides a complete picture of the events. Results & Conclusion: We found that the studied companies management and board could have minimized the risk for a hostile takeover by continuously building and maintaining a strong strategic credibility with its investors and other stakeholders, which would have resulted in a more accurate market price. The study also came to the conclusion that it would have been beneficial to have prepared the defense strategy White Knight or White Squire before a hostile bid, which then could have been implemented.