Ch 5 · Mergers, Acquisitions & Corporate Restructuring

⭐ Important points (exam-critical)

• ⭐Bootstrapping EPS: acquirer with high P/E acquires low P/E target — accounting EPS rises but no real value.
• ⭐Buy-back vs Dividend — tax-efficient distribution in India.
• ⭐SEBI Takeover Code triggers at 25% (open offer for 26%).
• ⭐NCLT scheme of arrangement (Sec 230-232 Companies Act) for mergers.