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14
| 1 | The current share price reflects the market's valuation | a | of the firm by purchasing 51 percent of its stock. |
| 2 | If you are willing to pay shareholders more than that price, then management's claim that they are more efficient than you | b | makes sense only if the market incorrectly perceives the profit potential of the current management. |
| 3 | Takeover specialists spend large amounts of time and money looking for firms | c | of the firm's stock with current management in place. |
| 4 | If they gain control and improve a firm's performance, | d | whose performance they can improve. |
| 5 | Because of those large potential gains, however, | e | you cannot gain control of the company. |
| 6 | Even if, you were the only one who spent the time and money to learn of this opportunity, | f | they may decide that it would be better to hold on to their shares rather than sell them to you. |
| 7 | Suppose you try to gain control | g | they can reap large rewards. |
| 8 | Once shareholders realize that you want control of the firm, | h | until you acquire enough shares to control the company. |
| 9 | If, however, not enough share-holders are willing to sell to you, | i | they may have trouble gaining control of the company. |
| 10 | To deal with this problem, you might make an offer to pay a high price | j | others may recognize the opportunity when you start trying to gain control. |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| | | | | | | | | | |
III
Match each of the phrases on the left with an appropriate explanation on the right.
15
| 1 | balance of payments | a | to ask money for services usually provided by lawyers, accountants, architects, etc. |
| 2. | to accommodate | b | the provision of financial protection for property, life, health, etc. against special risks |
| 3 | to be bound to do something | c | to produce a profit |
| 4 | to charge a fee | d | investment in a company or in any security |
| 5 | to debit | e | record of the transactions of a country with the rest of the world |
| 6 | entry | f | a person or company that organizes the documents, insurance etc. necessary for sending goods |
| 7 | holding | g | to adapt to |
| 8 | to yield a profit | h | (of a bank or other financial organization) to remove (an amount of money) from a customer's account |
| 9 | shipping agent | i | recording of a transaction in the books of account, such as the receipt of cash in the cash receipts journal |
| 10 | insurance | j | having a duty, legally or morally, to do something |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| | | | | | | | | | |
16
| 1 | to arrange for something | a | to provide and serve food and drinks, usually for payment |
| 2 | to cater | b | make use of a supply of money |
| 3 | charter of incorporation | c | to make preparations (for); plan or settle in advance |
| 4 | balance of trade | d | to remove or get rid of completely |
| 5 | draw on the reserves | e | document outlining the basic functions of a company, stating how many authorized shares there will be, how its corporate governance and operations will work |
| 6 | to eliminate | f | a document detailing the terms and conditions of a contract of insurance |
| 7 | to impose tariffs | g | amounts of money sent home by immigrants by post or the banking system |
| 8 | trade surplus | h | the difference between money values of a country’s visible imports and exports |
| 9 | immigrant remittances | i | to establish a list of charges made in return for goods and services |
| 10 | insurance policy | j | an economic measure of a positive balance of trade, where a country's exports exceeds its imports |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| | | | | | | | | | |
17
| 1 | arrangement | a | taking money out of a bank account |
| 2 | social security benefits | b | amount of something (e.g. goods) allowed to one person/company, normally fixed by a body in authority |
| 3 | a charge | c | to limit someone’s actions or movements by certain controls especially laws or rules |
| 4 | to meet commitments | d | money provided by the government to people who are unemployed, old, ill, etc. |
| 5 | withdrawal | e | a sum of money which you pay before you go into somewhere such as a cinema or museum, or which you have to pay in order to join an organization or institution |
| 6 | an admission/entrance fee | f | the amount of money you get from investment, especially bonds |
| 7 | quotas | g | the price asked or paid for goods or a service |
| 8 | a yield | h | to collect the money, capital, etc. that is needed to do something |
| 9 | restrict something by something | i | to keep one’s promise |
| 10 | raise money (funds) | j | something that has been settled or agreed on; agreement |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| | | | | | | | | | |
18
| 1 | the balance | a | to add (an amount of money) to an account |
| 2 | to charge | b | difference between total debits and total credits in an account |
| 3 | to credit | c | trade in goods |
| 4 | shareholders’ equity | d | to pay money back to someone that they have spent because of their work |
| 5 | freight forwarder | e | to result in a loss |
| 6 | to benefit | f | trade in services such as tourism or banking |
| 7 | to yield a loss | g | to gain advantage; receive benefit as a result of something |
| 8 | invisible trade | h | ownership interest of shareholders (stockholders) in the corporation |
| 9 | to reimburse | i | an agent for the exporter and can move cargo from “dock-to-door,” providing several other services |
| 10 | visible trade | j | demand (an amount) as a price for a service rendered or goods supplied |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| | | | | | | | | | |
LANGUAGE FOCUS
Fill in the gaps with a suitable preposition if necessary.
19
Hostile takeover battles were rare prior …(1)… 1968 and are, in part, a result …(2)… more recent government legislation. Unfortunately …(3)… you, the U.S. government has legislation (such as the Williams Act of 1968) that requires you to reveal your intentions about a firm …(4)… which you are trying to acquire …(5)…a controlling interest. The legislation also imposes certain delays …(6)… you that give managers time to try to hold …(7)… your attempt to gain control. The result is that you must often share a large part …(8)… your expected gains …(9)… the stockholders of the firms you acquire, which reduces your incentive to engage …(10)… such activities.
