Читать книгу Applied Mergers and Acquisitions - Robert F. Bruner - Страница 46

Miller had at least two alternatives to paying greenmail. One was to announce and execute a restructuring of the firm along the lines the raider would have to do to unlock latent value. This move would allow both the raider and the public to participate in the benefits. The second alternative was to offer to repurchase shares from the public instead of the greenmailer, as happened in the case of T. Boone Pickens’s attempted raid on Unocal. This would siphon cash to the public at the expense of the raider and enhance the freedom of choice of the public shareholder: He or she could elect to receive the greenmailer’s price per share or hold onto the shares in hopes of eventually receiving the intrinsic value per share. The decision to pay greenmail versus the alternatives ultimately depends on the wealth-creation/wealth-transfer effects each choice may have.