On the allocation of a takeover purchase price under AASB1013

The purpose of this paper is to document and explain the allocation of takeover purchase price to identifiable intangible assets (IIAs), purchased goodwill, and/or target net tangible assets in an accounting environment unconstrained with respect to IIA accounting policy choice. Using a sample of Australian acquisitions during the unconstrained accounting environment from 1988 to 2004, we find the percentage allocation of purchase price to IIAs averaged 19.09%. The percentage allocation to IIAs is significantly positively related to return on assets and insignificantly related to leverage, contrary to opportunism. Efficiency suggests an explanation: profitable firms acquire and capitalise a higher percentage of IIAs in acquisitions. The target's investment opportunity set is significantly positively related to the percentage allocation to IIAs, consistent with information-signalling. The paper contributes to the accounting policy choice literature by showing how Australian firms make the one-off accounting policy choice in regards allocation of takeover purchase price (which is often a substantial dollar amount to) in an environment where accounting for IIAs was unconstrained.

Male Takeover and Infanticide in Nilgiri Langurs Semnopithecus johnii in the Western Ghats, India

Male takeover and infanticide are a widespread phenomenon among non-human primates, observed mostly in species with a relatively longer lactation in relation to gestation. In this study, we report for the first time an episode of male takeover and infanticide, and the rarely reported occurrence of an all-male band and female dispersal, in Nilgiri langurs, Semnopithecus johnii, in the Western Ghats, India. The new male was a member of an all-male band. After the takeover, the resident male and 3 juvenile males left the group and joined the all-male band. A female whose infant was killed was found missing after some days. There were significant changes in the patterns of social interactions among the resident group females soon after the male takeover, wherein the females spent less time on social interactions as compared to before and after the episode of takeover. The new male rarely interacted with the females soon after the takeover. We also observed that the resident group shifted its home range to a poorer quality habitat. (C) 2014 S. Karger AG, Basel

Group takeover by a natal male howling monkey (Alouatta palliata) and associated disappearance and injuries of immatures

As part of a long-term study on howling monkey behavior and social dynamics, a known natal male was observed taking over his group from his putative sire. Due to the accidental death of one of the adult males, this natal male had matured in a one-male group and had never observed juvenile male emigration nor adult male immigration and associated behaviors. Nevertheless, the behaviors associated with the takeover were indistinguishable from those of an immigrant male, including disappearance of immatures, one of whom was found with extensive injuries. While it cannot be said that the natal male inherited these behaviors from his presumed father, it can be said that he exhibited species-typical behaviors associated with male takeover in the absence of observational learning. © 1994 Japan Monkey Centre.

BRISA’S takeover offer

This project is composed by a Case Study regarding Tagus’ takeover offer for Brisa. The case study describes each player involved in the operation: the target company – Brisa, the acquirers – José de Mello and Arcus; as well as the circumstances surrounding the takeover, with a description of the takeover itself and the conflict between the acquirers and Abertis. Associated to the case, there is a group of six question and their respective answers, regarding the motive of the takeover, the price per share, what should be the positions of Brisa’s shareholders regarding the takeover and the reason Brisa’s share price declined after the success of the operation.