Alcune considerazioni sulle caratteristiche delle aziende-obiettivo nell'Offerta Pubblica di Acquisto

I analyse the characteristics of companies subject to takeover bids in the Italian economic context, passing through the Economia Aziendale perspective. Identifying the characteristics of companies that are potential takeover targets is a topic of the mergers and acquisitions field. In Italy, the takeover bids have been subject of increasing regulation, in order to protect minority shareholders and to allow the development of the financial market. Many studies have been conducted on the characteristics of takeovers targets, specially referred to the corporate control markets of the Anglo-Saxon countries, but there is a lack of analysis related to the Italian case.The aim of this article is to examine the suitability of methodologies that the literature proposes to predict the acquisition targets, in order to explain the motives that drive takeover bids in Italy. The proposed theoretical discussion makes it difficult to argue that takeover bids in Italy are based on disciplinary motives. By contrast, strategic reasons could be helpful to allow a better understanding of which are the policies followed to select target companies.