Securities Regulation:
Hostile Corporate Takeovers: Synopses of Thirty-Two Attempts
GGD-88-48FS: Published: Mar 4, 1988. Publicly Released: Apr 13, 1988.
Additional Materials:
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Pursuant to a congressional request, GAO provided information on 32 hostile corporate takeover attempts initiated in 1985, focusing on the: (1) terms, conditions, and stated purposes of the tender offers; (2) amount of target company stock held by bidders and target company management; (3) bidding companies' financing sources and terms; (4) bidding and target companies' financial advisers and their fees; (5) bidding and target companies' actions before and after the initial tender offers; and (6) outcomes of takeover attempts.
GAO found that: (1) 12 hostile takeovers were successful; (2) 10 target companies remained independent; and (3) friendly, third-party businesses acquired 10 businesses targeted for attempted hostile takeovers. GAO also found that: (1) stated purposes for takeover attempts included acquiring equity interest, merging or combining businesses, acquiring company control, and liquidating businesses; (2) most target companies were aware of the bidding company's interest prior to the takeover attempt; (3) bidding companies' financing sources included credit agreements, capital contribution, securities borrowing or sales, and personal funds; (4) target companies' defensive actions included litigation, stock buy-back, business mergers, reorganization, assets sales, recapitalization, and shareholder buy-outs; (5) bidding companies typically, but not always, held a larger percentage of the target companies' stock than the target companies; and (6) both bidding and target companies typically had agreements with financial advisers to pay them according to the success of the venture.
Oct 19, 2020
Fair Labor Standards Act:
Observations on the Effects of the Home Care RuleGAO-21-72: Published: Oct 19, 2020. Publicly Released: Oct 19, 2020.
Jun 22, 2020
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Workforce Innovation and Opportunity Act:
Additional DOL Actions Needed to Help States and Employers Address Substance Use DisorderGAO-20-337: Published: May 21, 2020. Publicly Released: Jun 22, 2020.
Apr 14, 2020
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Job Corps:
DOL Should Provide Greater Transparency in Communicating Its Rationale for Closure DecisionsGAO-20-240R: Published: Apr 14, 2020. Publicly Released: Apr 14, 2020.
Feb 14, 2020
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National Mediation Board:
Additional Actions Needed to Fully Implement Prior GAO Recommendations and Improve Agency Management and OversightGAO-20-236: Published: Feb 14, 2020. Publicly Released: Feb 14, 2020.
Feb 10, 2020
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National Weather Service:
Information on Contractor Selection and Work Performed for Its Operations and Workforce Analysis ProjectGAO-20-271R: Published: Jan 30, 2020. Publicly Released: Feb 10, 2020.
Sep 9, 2019
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Job Corps:
Actions Needed to Improve Planning for Center Operation ContractsGAO-19-326: Published: Aug 8, 2019. Publicly Released: Sep 9, 2019.
Apr 10, 2019
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Priority Open Recommendations:
Department of LaborGAO-19-395SP: Published: Apr 3, 2019. Publicly Released: Apr 10, 2019.
Apr 9, 2019
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Military Spouse Employment:
Participation in and Efforts to Promote the My Career Advancement Account ProgramGAO-19-320R: Published: Apr 9, 2019. Publicly Released: Apr 9, 2019.
Apr 8, 2019
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Workforce Automation:
Better Data Needed to Assess and Plan for Effects of Advanced Technologies on JobsGAO-19-257: Published: Mar 7, 2019. Publicly Released: Apr 8, 2019.
Mar 28, 2019
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Employment and Training Programs:
Department of Labor Should Assess Efforts to Coordinate Services Across ProgramsGAO-19-200: Published: Mar 28, 2019. Publicly Released: Mar 28, 2019.
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