US Acquisitions Research Articles

Impact of target firm’s social performance on acquisition premiums

This study investigates whether a target firm’s corporate social responsibility (CSR) influences the acquisition premium paid by an acquirer. Using the US public mergers and acquisitions (M&A) deals, this study finds that acquisition premium increases as targets’ perceived CSR quality increases, an effect incremental to previously documented drivers of such premiums. Additional findings reveal that the positive association between targets’ CSR quality and acquisition premiums is stronger for large targets and acquirers with high CSR performance. The study also documents that targets’ environmental performance has the strongest effects on acquisition premiums compared to other dimensions of CSR such as community, employees, diversity, or product. This study contributes to the literature by documenting the value of CSR in an unconventional manner using evidence from the M&A market. The findings are robust after controlling for the target-specific, acquirer-specific, deal-specific, and macro-economic variables and by using different proxies for CSR and acquisition premiums.

US-guided EM tracked system for HDR brachytherapy: A first in-men randomized study for whole prostate treatment

PURPOSEAn electromagnetic tracking device (EMT) has been integrated in an HDR 3D ultrasound guidance system for prostate HDR. The aim of this study was to compare the efficiency of HDR workflows with and without EM tracking. METHODS AND MATERIALSA total of 58 patients with a 15 Gy HDR prostate boost were randomized in two arms and two operation room (OR) procedures using: (1) the EMT investigational device, and (2) the Oncentra prostate system (OCP). OR times were compared for both techniques. RESULTSThe overall procedure median time was about 20% shorter for EMT (63 min) compared to OCP (79 min). The US acquisition and contouring was longer for OCP compared to EMT (23 min vs. 16 min). The catheter reconstruction's median times were 23 min and 13 min for OCP and EMT respectively. For the automatic reconstruction with EMT, 62% of cases required no or few manual corrections. Using the EM technology in an OR environment was challenging. In some cases, interferences or the stiffness of the stylet introduced errors in the reconstruction of catheters. The last step was the dosimetry with median times of 11 min (OCP) and 15.5 min (EMT). Finally, it was observed that there was no learning curve associated with the introduction of this new technology. CONCLUSIONSThe EMT device offers an efficient solution for automatic catheter reconstruction for HDR prostate while reducing the possibility of mis-reconstructed catheters caused by issues of visualization in the US images. Because of that, the overall OR times was shorter when using the EMT system.

The Development of the Takeover Auction Process: The Evolution of Property Rights in the Modern Wild West

Using a unique, hand-collected sample of US acquisitions, we study the interaction between the legal system and the takeover auction process from 1981 to 2020. We associate the strengthening of the property rights of targets’ boards after the 1989 Time Inc. decision with fundamental changes in the takeover auction process. This strengthening of the boards’ property rights has moved the auction process from a public one to a behind-the-scenes one in which targets’ boards control both the number of bidders and the flow of information. Targets’ boards are more likely to initiate the auction themselves, and the length of the private negotiation process has significantly lengthened. This fundamental change has benefited target shareholders.

US Backscatter for Liver Fat Quantification: An AIUM-RSNA QIBA Pulse-Echo Quantitative Ultrasound Initiative.

Nonalcoholic fatty liver disease (NAFLD) is believed to affect one-third of American adults. Noninvasive methods that enable detection and monitoring of NAFLD have the potential for great public health benefits. Because of its low cost, portability, and noninvasiveness, US is an attractive alternative to both biopsy and MRI in the assessment of liver steatosis. NAFLD is qualitatively associated with enhanced B-mode US echogenicity, but visual measures of B-mode echogenicity are negatively affected by interobserver variability. Alternatively, quantitative backscatter parameters, including the hepatorenal index and backscatter coefficient, are being investigated with the goal of improving US-based characterization of NAFLD. The American Institute of Ultrasound in Medicine and Radiological Society of North America Quantitative Imaging Biomarkers Alliance are working to standardize US acquisition protocols and data analysis methods to improve the diagnostic performance of the backscatter coefficient in liver fat assessment. This review article explains the science and clinical evidence underlying backscatter for liver fat assessment. Recommendations for data collection are discussed, with the aim of minimizing potential confounding effects associated with technical and biologic variables.

Defence acquisition: a WICKED problem?

Defence acquisition is a complex undertaking involving multiple actors and processes. However, in recent years, the US and UK defence acquisition frameworks have been criticised for not being able to cope with the complex and uncertain nature of defence. The paper takes this criticism and argues that defence acquisition is best understood as a “wicked problem” in which collective processes tie the system into large and interconnected networks of systems, not as a traditional linear science problem. In particular, the paper demonstrates that the Linear Transformation Model, at the heart of the US and UK defence acquisition framework, is ill-designed to cope with the complex and uncertain nature of both defence outputs and outcomes. The main reasons are technological maturity, information asymmetry and the need for interpretation and judgement. Furthermore, the paper elaborates that defence acquisition is characterised by a “problem of theory” and a “problem of practice” and that further research is necessary in order to transform its institutional culture and tackle the theory-practice divide with a more holistic approach.

Population-based 3D respiratory motion modelling from convolutional autoencoders for 2D ultrasound-guided radiotherapy.

Radiotherapy is a widely used treatment modality for various types of cancers. A challenge for precise delivery of radiation to the treatment site is the management of internal motion caused by the patient's breathing, especially around abdominal organs such as the liver. Current image-guided radiation therapy (IGRT) solutions rely on ionising imaging modalities such as X-ray or CBCT, which do not allow real-time target tracking. Ultrasound imaging (US) on the other hand is relatively inexpensive, portable and non-ionising. Although 2D US can be acquired at a sufficient temporal frequency, it doesn't allow for target tracking in multiple planes, while 3D US acquisitions are not adapted for real-time. In this work, a novel deep learning-based motion modelling framework is presented for ultrasound IGRT. Our solution includes an image similarity-based rigid alignment module combined with a deep deformable motion model. Leveraging the representational capabilities of convolutional autoencoders, our deformable motion model associates complex 3D deformations with 2D surrogate US images through a common learned low dimensional representation. The model is trained on a variety of deformations and anatomies which enables it to generate the 3D motion experienced by the liver of a previously unseen subject. During inference, our framework only requires two pre-treatment 3D volumes of the liver at extreme breathing phases and a live 2D surrogate image representing the current state of the organ. In this study, the presented model is evaluated on a 3D+t US data set of 20 volunteers based on image similarity as well as anatomical target tracking performance. We report results that surpass comparable methodologies in both metric categories with a mean tracking error of 3.5±2.4mm, demonstrating the potential of this technique for IGRT.

Breast Ultrasound: Pitfalls, Tricks, and Tips. An Approximation for Radiologists in Training

Breast ultrasound diagnostic performance depends not only on the operator's experience but also on the correlation of the results with other modalities. Therefore, a strong understanding of the acquisition technique and imaging optimization and the potential pitfalls in interpreting these studies is essential for achieving an adequate diagnosis. However, the trainees’ exposure to image optimization and ultrasound physics may be limited, impacting the quality of the examinations. Therefore, this review aims to provide an approach to breast US acquisition and interpretation, highlighting and illustrating tips for avoiding misinterpretations, mainly for trainees.

Freudenberg Filtration Technologies makes another US acquisition

Freudenberg Filtration Technologies makes another US acquisition

Predicting the Divestment of Prior Acquisitions

AbstractWe evaluate whether, in addition to seeking higher stock performance from acquisitions, firm managers also seek predictable stock performance. Building on prior research, we argue that higher volatility in a firm's stock performance following an acquisition is associated with divestment of a prior acquisition. Survival analysis of a longitudinal, panel dataset of 738 matched US acquisitions with 9,973 firm‐year observations shows that higher volatility in an acquiring firm's stock performance, following an acquisition, significantly predicts divestment of a prior acquisition. This effect is independent and stronger than the effect of the mean stock performance of an acquiring firm following an acquisition. We also find moderating effects for acquisition relatedness and acquiring firm stock performance after an acquisition. When an acquired unit is related to the parent firm's operations, it will be more likely to be divested if subsequent stock performance displays higher volatility. Still, higher overall stock performance makes a parent firm less likely to divest an acquired unit, suggesting that larger mean returns override concerns about higher stock performance volatility during corporate restructuring.

Freudenberg Filtration makes US acquisition, opens filter manufacturing plant in China

Freudenberg Filtration makes US acquisition, opens filter manufacturing plant in China

Too many cooks spoil the broth: on the impact of external advisors on mergers and acquisitions

Almost 60% of mergers and acquisitions are concluded with the aid of multiple third-party advisors. While there has been work on the impact of advisors, the theoretical and empirical implications of using multiple advisors remain unclear. Using insights from the "cheap talk" literature, we derive hypotheses on the impact of multiple advisors. Expanding upon this, we then consider the moderating impact of advisor reputation/quality and deal timing (in terms of merger wave periods vs. non-merger wave periods), as factors that both the cheap talk and the literature on single advisors highlight as relevant. We test our hypotheses using a sample of 10,544 large US acquisitions, and evaluate the impact of advisors using an event study and abnormal returns. Our results support a value-creating role for single advisors—we find that deals with single advisors create a higher expectation of value-creation—but find little support for the use of multiple advisors. Furthermore, we show that the moderating effect of advisor reputation, and deal timing, are contingent on the number of advisors. In doing so, we make a number of academic and practical contributions to the discussion of advisors in mergers and acquisitions.

Speed-of-sound imaging using diverging waves

Purpose.Due to its safe, low-cost, portable, and real-time nature, ultrasound is a prominent imaging method in computer-assisted interventions. However, typical B-mode ultrasound images have limited contrast and tissue differentiation capability for several clinical applications.Methods.Recent introduction of imaging speed-of-sound (SoS) in soft tissues using conventional ultrasound systems and transducers has great potential in clinical translation providing additional imaging contrast, e.g., in intervention planning, navigation, and guidance applications. However, current pulse-echo SoS imaging methods relying on plane wave (PW) sequences are highly prone to aberration effects, therefore suboptimal in image quality. In this paper we propose using diverging waves (DW) for SoS imaging and study this comparatively to PW.Results.We demonstrate wavefront aberration and its effects on the key step of displacement tracking in the SoS reconstruction pipeline, comparatively between PW and DW on a synthetic example. We then present the parameterization sensitivity of both approaches on a set of simulated phantoms. Analyzing SoS imaging performance comparatively indicates that using DW instead of PW, the reconstruction accuracy improves by over 20% in root-mean-square-error (RMSE) and by 42% in contrast-to-noise ratio (CNR). We then demonstrate SoS reconstructions with actual US acquisitions of a breast phantom. With our proposed DW, CNR for a high contrast tumor-representative inclusion is improved by 42%, while for a low contrast cyst-representative inclusion a 2.8-fold improvement is achieved.Conclusion.SoS imaging, so far only studied using a plane wave transmission scheme, can be made more reliable and accurate using DW. The high imaging contrast of DW-based SoS imaging will thus facilitate the clinical translation of the method and utilization in computer-assisted interventions such as ultrasound-guided biopsies, where B-Mode contrast is often to low to detect potential lesions.

Fluidra makes US acquisition

Fluidra SA, the Spanish pool and wellness equipment company, has acquired Custom Molded Products (CMP), a Georgia, USA-based manufacturer of pool and spa components from Tenex Capital Management.

Fluidra makes US acquisition

Fluidra SA, the Spanish pool and wellness equipment company, has acquired Custom Molded Products (CMP), a Georgia, USA-based manufacturer of pool and spa components, including filters, from Tenex Capital Management.

Tito Caula’s photographic imaginary and mid-century Caraqueño modernity

The photography of the Argentinian photographer Francisco ‘Tito’ Caula tracked some of the key social and physical changes that Caracas underwent during the middle decades of the twentieth century. This period saw the country transition from dictatorship to democracy. Caula’s advertising photographs together with his images of spectacular spaces and buildings such as the Sabana Grande and the Centro Simón Bolívar presented Caracas as a mecca of mid-century ‘petro-modernity’ (). In contrast to late nineteenth- and early-twentieth-century modernity, which was predominantly European in influence, Caraqueño modernity at mid-century was more cosmopolitan, taking particular inspiration from the United States. Caula’s photographs speak to the process of Americanization, defined as the adoption of North American cultural products, urban forms and patterns of living that Venezuela underwent during the years Caula spent in the country. Venezuela witnessed an economic boom in the 1960s and 70s, which was fuelled by the US acquisition of Venezuelan oil. In Venezuela, the boom facilitated the growth of a consumer society as well as the development of such quintessentially North American urban forms as freeways, shopping malls, drive-in movie theatres, suburbs and skyscrapers. It was also accompanied by the adoption of violent security tactics by the state’s security apparatus and the political marginalization of the radical left. Given that Caula held left-wing views, it is perhaps surprising that his photographs (at least those that have been published) do not explore the tensions at the heart of the Pacto de Punto Fijo, instituted to ensure that the transition from dictatorship to democracy would hold following elections in 1958. The celebration of North American influence within Caula’s photographs puts them in dialogue with critical perspectives that have seen US cultural influence rather more negatively. Moreover, their celebration of prosperity and their presentation of Caracas as an exciting city means that, for some, they have taken on a nostalgic hue.

Fetal Brain Biometry: Is there an Agreement among Ultrasound, MRI and the Measurements at Birth?

PurposeMeasurement of the fetal brain can be achieved by different modalities, we aimed to assess the agreement between these methods and the head circumference at birth. MethodsA retrospective study conducted between 2011-2018 at a tertiary referral medical center. Sonographic head circumference (HC), 2D MRI bi-parietal diameter (BPD) and occipito-frontal diameter (OFD), 3D MRI supra-tentorial volume (STV), and head circumference (HC) at birth were measured and converted into centiles according to gestational age. Spearman's rank correlation coefficient was used to assess the correlation between the modalities. ResultsA total of 88 fetuses were included. Mean gestational age at the time of fetal US and brain MRI acquisition were 34.4 ± 2.8 and 34.6 ± 2.6 weeks, respectively. A correlation was found between prenatal sonographic HC and the 3D MRI STV centiles (Rs = 0.859, p < 0.001), the BPD in 2D MRI (Rs = 0.813, p < 0.001), and the OFD in 2D MRI (Rs = 0.840, p < 0.001). Sonographic HC, OFD on 2D MRI, and STV on 3D MRI were all found to be correlated with the HC at birth (Rs = 0.865, p < 0.001; Rs 0.816, p < 0.001; Rs = 0.825, p < 0.001, respectively). ConclusionsThere is a statistically significant agreement among the different prenatal clinically used modalities for measuring fetal brain and the head circumference at birth, however, this correlation is not perfect. Further study is needed to investigate the long-term prognosis of these fetuses.

The Effect of Information Asymmetry on the Method of Payment and Post-M&amp;A Involuntary Delisting

Purpose - This paper shows an unexplored area related to involuntary delisting. Specifically, this research investigates the effect of target firm information asymmetry on the likelihood that the acquirer or newly merged firm will be forcibly delisted post-merger. Design/methodology/approach - The research uses a sample gathered on local US mergers and acquisitions from the Thomson Reuters Securities Data Company (SDC) Platinum Mergers and Acquisitions database. It applies the logistic regression with industry and year effects and corrects the error term using clustering at the industry level. The research also matches the forced delisted firms to control firms based on industry, acquisition completion year, and firm size and then employs a matched sample analysis. Findings - Findings show that M&As between firms where the target firm is opaque and burdened with high information asymmetry issues are likely to be paid for using majority stock and that M&As involving such opaque targets also have a higher likelihood of getting delisted post-merger. Research implications or Originality - Our results are relevant given the very nature of M&As which involve two players: the acquirer and target who both may have different incentives. Acquirers especially have the tendency to suffer losses and even get delisted if they over-pay for or get merged to a poor target which conceals its poor performance evidenced by higher accruals quality.

The Effect of Information Asymmetry on the Method of Payment and Post-M&amp;amp;A Involuntary Delisting

Purpose - This paper shows an unexplored area related to involuntary delisting. Specifically, this research investigates the effect of target firm information asymmetry on the likelihood that the acquirer or newly merged firm will be forcibly delisted post-merger. Design/methodology/approach - The research uses a sample gathered on local US mergers and acquisitions from the Thomson Reuters Securities Data Company (SDC) Platinum Mergers and Acquisitions database. It applies the logistic regression with industry and year effects and corrects the error term using clustering at the industry level. The research also matches the forced delisted firms to control firms based on industry, acquisition completion year, and firm size and then employs a matched sample analysis. Findings - Findings show that M&As between firms where the target firm is opaque and burdened with high information asymmetry issues are likely to be paid for using majority stock and that M&As involving such opaque targets also have a higher likelihood of getting delisted post-merger. Research implications or Originality - Our results are relevant given the very nature of M&As which involve two players: the acquirer and target who both may have different incentives. Acquirers especially have the tendency to suffer losses and even get delisted if they over-pay for or get merged to a poor target which conceals its poor performance evidenced by higher accruals quality.

Robotic ultrasound-guided facet joint insertion.

Facet joint insertion is a common treatment of chronic pain in the back and spine. This procedure is often performed under fluoroscopic guidance, where the staff's repetitive radiation exposure remains an unsolved problem. Robotic ultrasound (rUS) has the potential to reduce or even eliminate the use of radiation by using ultrasound with a robotic-guided needle insertion. This work presents first clinical data of rUS-based needle insertions extending previous work of our group. Our system implements an automatic US acquisition protocol combined with a calibrated needle targeting system. This approach assists the physician by positioning the needle holder on a trajectory selected in a 3D US volume of the spine. By the time of submission, nine facets were treated with our approach as first data from an ongoing clinical study. The insertion success rate was shown to be comparable to current clinical practice. Furthermore, US imaging offers additional anatomical context for needle trajectory planning. This work shows first clinical data for robotic ultrasound-assisted facet joint insertion as a promising solution that can easily be incorporated into the clinical workflow. Presented results show the clinical value of such a system.

New tele-diagnostic model using volume sweep imaging for rural areas.

Advances in information and communications technologies provide a new opportunity to improve the access to healthcare in remote rural areas (RA) where there is a lack of infrastructure and medical experts. This paper implements a new model for tele-ultrasound (US) based on volumetric sweep imaging protocols specially designed for the acquisition of US. Non-physician health personnel from the RA are trained on the use of these protocols in a few days. The operator utilizes the medical box (MB), a specially designed telecommunication system, to guide, compress, encrypt and transmit the US sweeps through the cloud to the radiologist who performs the diagnosis remotely. The report is automatically sent back to the MB. The system was able to send US volumetric images with poor connectivity conditions in 6 minutes on average. These results of implementing this tele-ultrasound model in RAs are encouraging and support future validations.