This book, written by the leading experts in the field, offers a
comprehensive look at the factors behind the remarkable growth in
employee stock ownership plans (ESOPs) in public companies over the
past few years-plans which now own nearly half of all the assets
owned by ESOPs. The contributors discuss the legal and financial
structure, actual uses, and practical implications of ESOPs in
publicly held companies, demonstrating how ESOPs can be an
effective means of both improving corporate performance and
discouraging hostile takeovers. Particular attention is given to
the actual impact of ESOPs on companies, shareholders, employees,
and taxpayers. Throughout, the discussion is enhanced by the use of
detailed case studies of major public-company ESOPs.
Following a general discussion of the structure and uses of
ESOPs, the contributors focus specifically on the implementation of
ESOPs in public companies. Detailed coverage of the financial
structure of ESOPs includes information about the public market for
ESOP notes, the role of convertible preferred stock in
public-company leveraged ESOP transactions, combining ESOPs and
401(k) plans, and ESOPs and corporate control. Subsequent chapters
explore such issues as the use of ESOPs as a takeover defense,
valuation in public companies, divesting a subsidiary through an
ESOP, managing an employee ownership company, and the impact of the
1989 Budget Reconciliation Act on public-company ESOPs. The final
chapter assesses the future of employee ownership in publicly
traded companies. Numerous tables and figures amplify points made
in the text. Employee benefits consultants, commercial loan
officers, and human resources executives will find this book an
indispensable resource.
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