Abstract
Within the framework of a continuing boom in mergers and acquisitions in the UK, Ian Tonks examines the spectacular bid by Hoylake Investments for BAT (British-American Tobacco). As well as being a case study of a very large take-over bid, he brings out the implications for merger policy, and looks at the motives for mergers, competition in the Single European Market, the use of junk bonds to finance take-overs, and the role of institutional investors, and regulatory powers.
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