BOCA RATON, Fla. â Mark Calcavecchia took advantage of Bernhard Langer's messy finish Sunday to complete a wire-to-wire victory in the PGA Tour Champions' Boca Raton Championship. Calcavecchia had a 20-foot bogey save on the par-3 16th and parred the final two holes for a 2-under 70 and a two-stroke victory over Langer on The Old Course at Broken Sound.
There are two alternative methods for closing a public transaction after a definitive agreement is reached between the buyer and seller: a one-step merger and a two-step tender offer and merger: The two-step tender offer, contrary to the implications of its name, is the quickest way to close a deal.
Legally speaking, a merger requires two companies to consolidate into a new entity with a new ownership and management structure (ostensibly with members of each firm). An acquisition takes place when one company takes over all of the operational management decisions of another. The more common interpretive distinction is whether the purchase is friendly (merger) or hostile (acquisition). In practice, friendly mergers of equals do not take place very frequently.