To scheme or bid? Choice of takeover method and impact on premium

© 2015, © The Author(s) 2015. In recent years there has been an increasing use of members’ schemes of arrangement to bring about a change in corporate control. This increasing use of schemes has been criticised in public quarters on the basis that unlike takeovers, schemes are not subject to the Eggleston principles and have arguably led to target shareholders receiving lower offer prices. This study provides the first large-sample empirical evidence on differences between schemes and takeovers. We find that the likelihood of the use of schemes significantly increases when target firm ownership concentration is higher and when the bidder has a lower toehold. Scheme usage is also more likely for larger targets and bidders with higher leverage. Consistent with public criticisms of schemes, we find that after controlling for self-selection premiums in schemes are significantly lower than those in takeovers

Choice of acquisition form in Australia and the post-takeover employment of target firm directors on the acquiring firm board

© 2017 AFAANZ In Australia, a corporate acquisition can be structured as either a scheme of arrangement or a takeover. We investigate the association between deal structure and the retention of target directors on the merged entity board. We find that the odds of a target director subsequently sitting on the merged entity's board are significantly higher in schemes. The results also show that premiums are lower in schemes of arrangement when additional target directors are appointed to the board of the acquiring firm. The findings indicate that target director appointment is unrelated to the merged entity's post-acquisition performance

Cockscomb-like fibrous silica beta zeolite (FSBEA) as a new engineered catalyst for enhanced CO methanation

This study focuses on the synthesis of cockscomb-like fibrous silica beta zeolite (FSBEA) and its application in CO methanation to produce substituted natural gas (SNG). FSBEA was synthesized by microemulsion technique using commercial beta zeolite-seeds and characterized by FESEM, XRD, N2 physisorption and FTIR spectroscopy. The results showed that the FSBEA had a unique cockscomb-like morphology with particle size 400-800 nm, enhanced interparticle porosity and high BET surface area of 532 m2/g, which offers more adsorption sites for the CO and H2 molecules to enhance CO methanation activity. Catalytic performance results revealed that FSBEA demonstrated higher CO conversion (71%), selectivity (64%), the yield of CH4 (46%) and the rate of CH4 formation (0.0375 μmol-CH4/m2s) than commercial based BEA. Besides, FSBEA expressed high thermal stability up to 45 h during CO methanation at 450 °C. Therefore, this study offers an attractive and sustainable route for SNG over FSBEA that may be used as a clean and alternate energy source for fossil fuels

Thermodynamic and experimental explorations of CO2 methanation over highly active metal-free fibrous silica-beta zeolite (FS@SiO2-BEA) of innovative morphology

CO2 methanation is a novel way for climate change mitigation by converting CO2 into substitute natural gas. In this study, a highly active fibrous silica-beta zeolite (FS@SiO2-BEA) catalyst was prepared for CO2 methanation by a microemulsion process, and examined by N2 adsorption–desorption, field emission scanning electron microscope (FESEM), transmission electron microscopy (TEM), and electron spin resonance (ESR) spectroscopy techniques. It was found that the FS@SiO2-BEA catalyst possessed a fibrous silica morphology, leading to high surface area (609 m2/g), oxygen vacancies, and basicity. A thermodynamic study was also carried out using Gibbs free energy minimization method, and it was found that low temperatures (25–350 °C) and high H2: CO2 ≥ 4 ratios have enhanced the CO2 methanation activity. The prepared FS@SiO2-BEA catalyst exhibited high CO2 conversion (65%), and CH4 selectivity (61%) with a space–time yield of 3.30 g gcat−1 h−1. The obtained experimental results highly followed the thermodynamic calculations

Geoepidemiology of American Cutaneous Leishmaniasis (ACL) in the South of Rondônia, Brazilian Amazon

American Cutaneous Leishmaniasis (ACL) is one of the parasites with specific characteristics in several regions of Brazil. In recent years, there have been variations in the increase in the number of cases of this disease in different regions of the country. In the state of Rondônia, ACL is considered one of the endemic diseases. Objective: This study described epidemiological aspects of ACL in a subspace of Rondônia, Western Amazon, in the period between 2012 and 2013. Method: This is a retrospective epidemiological study developed in 02 municipalities located in the south of Rondônia according to with model developed by Paraguassu-Chaves [3] comprising the municipalities of Vilhena and Chupinguaia. Results: The study revealed that 370 human cases of ACL were reported in the study period. The male gender predominated with (89.5%) of the total cases, the age range (20 to 39) years (36.6%) prevailed, low schooling (80%) had a maximum of complete elementary education (62.5%). The greatest number of cases came from the urban zone (66.9%), resulting from the adaptation of sandflies to the periurbanization of cities in the Amazon, as predicted by Paraguassu-Chaves [3]. Some of these variables presented significant differences when compared to production and distribution in the State of Rondônia. Prevalence of autochthonous cases was 81.7%. Regarding the clinical aspects, the cutaneous lesion (CL) predominated with 90.8% of the new cases. As expected, the cases confirmed by confirmation criteria indicate 89.5% clinical-laboratory confirmation in the studied subspace and 94% in the State of Rondônia. Of the cases confirmed by evolution of the case prevailed to cure with 77.5% and 12.5% ignored or recorded in the blank. The dropout still stands out negatively with 8.4%. Conclusion: The ACL presents a public health problem due to its high endemicity. It was identified some important epidemiological variables for the study in the Brazilian Amazon and that can condition and / or determine areas associated with possible risks of infection by the parasites

Conversion of cellulose to short chain polyols over metal loaded on KCC-1 catalyst

The production of short chain polyols from cellulose over metal (Ce, Ni or Ru) loaded on fibrous mesoporous silica KCC-1 catalysts was studied at temperature range of 150-240 °C. The KCC-1 was prepared by microwave assisted hydrothermal method. Then it was modified with Ce, Ni or Ru by incipient wetness impregnation method. The KCC-1, Ce/KCC-1, Ni/KCC-1 and Ru/KCC-1 were characterized with XRD, FESEM, FTIR and nitrogen-phy-sisorption analyzer. The XRD analysis showed that the introduction of metals did not change much of the XRD pattern for KCC-1. The FESEM and EDX results showed the presence of Ce, Ni and Ru metals on the uniform spherical shape of fibrous silica particle. The surface area of KCC-1, Ce/KCC-1, Ni/KCC-1 and Ru/KCC-1 was 393.81, 371.56, 314.22 and 351.97 m2/g, respectively. At 220 °C, 5 bars of nitrogen, and 2 h of reaction, the con-version of cellulose reached 95 % over Ce/KCC-1 with the product distribution of 3-buten-1-ol (S=63.30%), diiso-propyl ether (S=2.86%) and cyclopropane carboxylic acid (S=33.70%). While, bare KCC-1, Ni/KCC-1 and Ru/KCC-1 showed less activity than that of Ce/KCC-1. The high activity of Ce/KCC-1 may be due to the presence of Ce metal and fibrous silica which provided large surface area and average pore diameter

Factor Analysis and the Social Capital Index: A Study at the Brazil / Bolivia Border

Objective: The study aimed to build the level of social capital by neighborhoods Guajará-Mirim border region between the State of Rondônia, Brazil and the Republic of Bolivia, which in recent years has been showing signs of social fragility due advance not virtuous practices. Method: This work made use of research in secondary bases as well as in primary bases. The tabulation of qualitative and quantitative data was performed in Excel (2010) and for their processing performance index construction purposes were calculated following the factorial analysis techniques presented by Hair et al. [19] Santana [20, 21]; and Choi [22]. For this, we made use of the statistical tool SPSS (Statistical Package for Social Sciences) for the construction of the indices of social capital. The correlation analysis process was done in Excel. results: It was observed that the capital reached regular levels in Guajará-Mirim neighborhoods not observable, so correlations between the studied parameters, however, it needs to be further studied as factors such as the flooding of the Mamore river may have interfered in any way in the implementation process of the field survey to the residents of the city. It became clear that the municipality of Guajará-Mirim suffers from serious social problems and that most problems are correlated with the increase in alcoholic beverage market in the city and use drugs. However, was not observed as the institutional arrangements are dealing with this problem, that is, as public bodies are relating to discuss actions for concrete solutions to this evil that plagues large portion of the population of Guajará-Mirim, mainly young teenagers residents of Guajá-Mamim. However, we hope to continue this work in order to better understand this mechanism of social network between the actors of this process in the region

Effect of organic and inorganic fertilizer on the growth and yield components of traditional and improved rice (Oryza sativa L.) genotypes in Malaysia

Rice is the most important staple cereal human nutrition and consumed by 75% of the global population. Rice plants need a supply of essential nutrients for their optimal growth. Rice production has increased tremendously in Malaysia insensitive irrigation and the use of inorganic fertilizers and pesticides. However, the effect of using inorganic fertilizers resulted in contamination of ground water and decreased the productivity of soil, which in turn affected the rice production in the long term. The use of organic manure may help to regain the soil health, but that is insufficient for providing the essential nutrients to achieve optimal growth. Therefore, the use of organic manure combined with inorganic fertilizers is applied to obtain optimum yields. This study aims to test the effect of organic and inorganic fertilizers on the growth and yield components of 65 rice genotypes. The pot experiment was conducted at the net house on field 10, University Putra Malaysia, UPM, Malaysia, during the period of February to June 2019 and August to December 2019 in a randomized complete block design (RCBD) with three replications. There were three treatment combinations viz. T1: 5 t ha−1 chicken manure (CM), T2: 2.5 t ha−1 CM + 50% CFRR, T3: 100% (150 N: 60 P2O5: 60 K2O kg ha−1) and chemical fertilizer recommended rate (CFRR). Grain and straw samples were collected for chemical analysis, and physical parameters were measured at the harvest stage. Results showed that most of the growth and yield components were significantly influenced due to the application of organic manure with chemical fertilizer. The application of chemical fertilizer alone or in combination with organic manure resulted in a significant increase in growth, yield component traits, and nutrient content (N, P, and K) of all rice genotypes. Treatment of 2.5 t ha−1 CM + 50% CFRR as well as 100% CFRR showed a better performance than the other treatments. It was observed that the yield of rice genotypes can be increased substantially with the judicious application of organic manure with chemical fertilizer. The benefits of the mixed fertilization (organic + inorganic) were not only the crop yields but also the promotion of soil health, the reduction of chemical fertilizer input, etc

Nanoarchitectonics of low process parameter synthesized porous carbon on enhanced performance with synergistic interaction of redox-active electrolyte for supercapacitor application

To develop materials of lower embodied energy and materials footprint for energy storage industry, the present work reports synthesis of porous carbon from a waste wetland weed (wild sugarcane) using low process parametric conditions (temperature and impregnation ratio) and their electrochemical capacitive (synonymously known as supercapacitors) charge storage performance in aqueous and redox active electrolytes. The phase, surface chemistry, physical surface, and morphology of the porous carbon thus developed are studied in detail using X-ray diffraction, gas adsorption measurements, Fourier-transform infrared spectroscopy, X-ray photoelectron spectroscopy, scanning and transmission electron microscopy techniques. Porous carbon synthesized at 500 °C, with the activator ZnCl2, resulted in a combination of micro and meso pores and a specific surface area ∼1294 m2 g−1. The optimized electrodes show outstanding energy storage performance, viz. specific capacitance of ∼414 F g−1 (three-electrode system) and ∼197 F g−1 (two-electrode system) at 1 A g−1 current density in aqueous 1 M H2SO4 electrolyte. The porous activated carbon showed high performance in terms of electrochemical stability of 96 % in half cell configuration for 10,000 cycles, while the symmetric device showed 80 % cyclic stability for 5000 cycles in full cell configuration. Addition of redox active 0.01 M hydroquinone in the 1 M H2SO4 significantly improved the storage capacity to 540 C g−1 at current density of 3 A g−1 in two-electrode configuration and maintained 72 % of capacity for 5000 cycles. The redox-active symmetric supercapacitors show an energy density ∼26.9 W h kg−1 and power density ∼5527 W kg−1 and other related electrochemical properties

Local Power as the Basis of the Understanding of the Federative Pact

The research aimed to describe the existing problems in the relationship between City, State and Federal Government, through the Brazilian Federative Pact, mainly for municipalities with population of less than 50,000 inhabitants. The research is structured from a qualitative perspective. The theoretical framework was built from the local power of the discussion based on the understanding of the federal pact and local interest and the municipality in Brazil. The paper argues that the federal pact is little debated, discussed, much less questioned by society in general, it only strengthens the lack of a legal and institutional framework for coordination and cooperation among federal entities in the country, which results in public policy fragmented the territory and without direction, causing waste of public resources