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Management article
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Reference no. 88404
Published by: Harvard Business Publishing
Published in: "Harvard Business Review", 1988

Abstract

Capital markets now demand that CEOs monitor the "value gap" between what their company''s shareholders realize now and what they might be able to get. As the pool of available funds grows and the number of easy targets declines, acquirers will turn their attention to companies with smaller and smaller value gaps. CEOs must measure the value gap and track it periodically. To manage the gap, CEOs can choose one or more of three basic options: improve operations, leverage the company''s capital structure, or sell business units to the "best buyers."

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Abstract

Capital markets now demand that CEOs monitor the "value gap" between what their company''s shareholders realize now and what they might be able to get. As the pool of available funds grows and the number of easy targets declines, acquirers will turn their attention to companies with smaller and smaller value gaps. CEOs must measure the value gap and track it periodically. To manage the gap, CEOs can choose one or more of three basic options: improve operations, leverage the company''s capital structure, or sell business units to the "best buyers."

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