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After a series of recent Delaware Chancery Court and Delaware Supreme Court decisions and the standard of judicial review applied in challenges to “going‐private” transactions, controlling stockholders seeking to privatize their subsidiaries may be induced to do so by means of a two‐step acquisition (i.e., unilateral tender or exchange offer, followed by a short‐form merger) instead of a negotiated, single‐step merger. That said, there are a range of practical considerations for public M&A advisors in the wake of these decisions that may not necessarily make the two‐step method the “be all and end all” approach. In any case, there is an incongruity in Delaware’s common law, which is policy‐driven and, to some degree, formalistic, and which may no longer be as defensible today as it once may have been. Accordingly, a critical review of the applicable Delaware precedents and, ultimately, the reversal or modification thereof, seems appropriate at this time.

To advise companies of a recent SEC no-action letter relating to tender and exchange offers for certain debt securities.

Reviews various conditions allowing an issuer to use a shortened timeframe in which certain debt tender/exchange offers need be kept open for as few as five business days.

The abbreviated debt tender/exchange offer structure contemplated by the no-action letter provides a more efficient mechanism for conducting debt tender/exchange offers in certain circumstances.

Issuers conducting a debt tender/exchange offer should consider whether the new abbreviated structure is more effective in achieving their objectives than the more traditional structures.

Practical guidance from experienced securities regulatory lawyers that gives an overview of important developments in debt tender/exchange offer practice.

The purpose of this paper is to suggest possible extensions of the baseline Rubinstein sequential bargaining structure – applied to the negotiation of stationary infinitely termed contracts – that incorporate a direct reference to the “ideal” utilities of the players. This is a feature of the Kalai‐Smorodinsky cooperative solution – even if not of the generalized Nash maximand; it is usually not encountered in non‐cooperative equilibria.

First, it is argued that different bargaining protocols than conventionally staged are able to incorporate temporary all‐or (and)‐nothing splits of the pie. Scenarios are advanced where such episodes are interpreted either as – out of bargaining – war or unilateral appropriation events, or free experience contracts. Second, some modifications to the Rubinstein infinite horizon paradigm are experimented with, allowing for mixed strategies under alternate offers, and matching or synchronous decisions in a simultaneous (yet, discrete) bargaining environment. Solutions are derived where the reference to the winner‐takes‐it‐all outcome arises as a parallel – out‐of‐the‐protocol – outside option to the status quo point. In some cases, the limiting maximand for instantaneous bargaining was derived.

Rubinstein's optimal periodic division in a closed contract remained robust to most of the settings.

Presents possible extensions of the baseline Rubinstein sequential bargaining structure.

To introduce the concepts of interval funds and tender offer funds and compare them to other pooled investment vehicles.

This article provides an overview of the interval fund and tender offer fund structures, including the law, regulations and market practices regarding redemptions, liquidity, fees and expenses and other key terms.

Interval funds and tender offer funds should be considered by alternative investment managers seeking to expand into public markets or traditional fund managers that seek additional portfolio flexibility.

In addition to a plain English analysis of the rules and regulations applicable to interval funds and tender offer funds, the article analyzes market practices regarding redemption frequency and amount.

The recent advent of betting exchanges, which allow customers to bet against each other, rather than against the bookmaker or betting shop chain, may herald a change in the nature of customer relationships within the sports betting market. This article outlines the size and current characteristics of the sports betting market, describes the emergence and operation of betting exchanges and discusses the possible impact that these exchanges may have on traditional sports betting transactions and markets.

This article provides market intelligence, by way of a narrative case study, relating to online retailing in an unusual setting. While the transaction between business and customers is generally seen as very much the dominant element in such retailing, customer‐to‐customer interactions are generating important e‐commerce niches. The case study presents an example, in the shape of “betting exchanges” in the UK, which allow customers to bet against each other rather than against the traditional betting shop. It briefly discusses some of the special challenges facing online retailers in general, outlines the size, structure and characteristics of the betting market, describes the emergence and operation of the betting exchanges, assesses their possible impacts on betting shops, and speculates about future developments.

Previous research on international negotiations has primarily examined cross‐cultural differences in behavioral styles. Supplementing this prior research, we focused on outcome in negotiations. The study examined relationships between culture and outcome in contract negotiations, and analyzed how negotiation behavior mediates between culture and outcome. Sixty Mexican and Norwegian subjects participated in a negotiation simulation with potentially integrative outcomes. The study included 12 Mexican dyads, 12 Norwegian dyads, and 6 cross‐cultural dyads. Two aspects of outcome: joint benefit and distribution of benefit between negotiators, and two aspects of process: progression of offers and verbal communication, were examined Results indicated an effect of culture on integrative results, but not on distribution of benefit. Process differences found were related to the progression of offers over time, and not to verbal communication. Managerial implications are discussed and directions for future research indicated.

Purpose – The purpose of this chapter is to provide a comprehensive understanding of current literature on value. In exploring perspectives on economics, choice, consumption and evaluation of value, assumptions and limitations of extant approaches are highlighted and an integrative framework of value is proposed. It is suggested that this integrative perspective on value has a number of implications for marketing theory and research.

Methodology/approach – This chapter conducts an extensive review and assimilation of value from management, marketing, philosophy and economics.

Findings – The chapter categorises the existing value literature into six themes of value understanding: utility, economic worth, perceived satisfaction, net benefit, means end and phenomenological experience. In so doing, the chapter identifies implicit assumptions in philosophy, chronology and consciousness of value and offers an integrative value framework which brings in the literature to understand the contextual invariances of value creation within a phenomenon (i.e. offering, affordance, context, agency and individual resources). In addition, it reconciles creation with choice and evaluation of the value ex ante and ex post. Finally, our chapter proposes the paradox of value – value which can be assessed, measured and even judged by an individual cannot be the value created.

Research limitations/implications – In shifting value away from exchange towards use, it is suggested that marketing positioning, segmentation and targeting strategies may need to consider five elements identified in the integrative value framework. Furthermore, as proposed by the framework, new business models may be achieved from understanding value creation in context.

Originality/value of chapter – This chapter extends existing literature on value through reconciliation of various theoretical literatures in management, marketing, philosophy and economics. Notably, it highlights implicit assumptions in philosophy, chronology and consciousness of value and their potential limitations. It proposes an integrative framework that can be used for understanding the future of marketing and new business models.

The market for mergers and takeovers, often referred to as the market for corporate control [Manne (1965)], has always attracted the attention of investors and researchers because takeovers represent corporate investment decisions on a scale several times larger than the normal, ongoing, growth‐maintaining capital outlays by the typical value‐maximising firm. Although the theoretical justifications for such corporate actions are reasonably well understood, the true motives for the mergers and the strategies adopted by acquiring firms to consummate them can be complex and diverse in scope. Corporate acquisitions can therefore have widespread effects on the wealth of various groups of agents involved in the market for corporate control.

This simple case study tells the story of three young men who started an online business-to-business trading portal for fun, and to help fund them through university. They seized the opportunity of a major assignment to ask a new lecturer, the narrator, to guide them into profitability. Reluctantly, the young men were coerced into a literature survey, which proved surprisingly helpful to them. A simple research project followed, using mixed methods (survey, expert opinion, key account interviews). Based on the survey results and some simple frameworks from the literature, the young men not only completed their exercise, but also went on to turn their hobby into a sustainable business. The business still exists today, based on the simple study conducted some 12 years ago.