DOCSLIB.ORG

Structuring Initial Takeover Offers: Management Resistance, Competition and Bid Success

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Structuring Initial Takeover Offers: Management Resistance, Competition and Bid Success STRUCTURING INITIAL TAKEOVER OFFERS: MANAGEMENT RESISTANCE, COMPETITION AND BID SUCCESS Daniel Chersky A thesis submitted in partial fulfillment of the requirements for the degree of Masters of Commerce (Honours) to the University of New South Wales 2004 CERTIFICATE OF ORIGINALITY I hereby declare that this submission is my own work and to the best of my knowledge it contains no materials previously published or written by another person, nor material which to a substantial extent has been accepted for the award of any other degree or diploma at UNSW or any other educational institution, except where due acknowledgement is made in the thesis. Any contribution made to the research by others, with whom I have worked at UNSW or elsewhere, is explicitly acknowledged in the thesis. I also declare that the intellectual content of this thesis is the product of my own work, except to the extent that assistance from others in the project's design and conception or in style, presentation and linguistic expression is acknowledged Daniel Chersky 11 ABSTRACT A current and comprehensive data set of 304 Australian takeover transactions, completed in the eight year period between January 1, 1996 and December 31, 2003, is employed in this thesis to address the question of how initial bidders can structure their offer so as to maximise, or at least increase, the likelihood of a profitable acquisition. An initial bidder will go a long way to achieving this aim if two transaction-specific hurdles are successfully negotiated: the securing of target management support and the deterrence of potential rival bidders from entering the takeover contest. Theoretical and empirical literature suggests that a bidder can increase his chances of achieving these two goals, as well as the ultimate goal of a successful acquisition, via the deliberate choice of bid structure. Using Logit and Bivariate Probit models, this thesis provides a comprehensive empirical test of this claim, focusing on the key bid structure elements of bid premium, medium of exchange, and bidder toehold. We find that higher-premium bids are associated with a lower likelihood of target management resistance and an increased probability of bid success, however, they do not appear to deter competing bidders. Neither the use of cash in the offer, nor the cost of acquiring information about a target, are correlated with the frequency of competition, resistance or bid success. However, ownership of large toeholds by initial bidders serves to deter competing bidders, reduce the likelihood of resistance and increase the probability of bid success. We also confirm the importance of target management support in takeovers by finding that in transactions where target management resist the initial bid, the likelihood of a competing offer emerging is significantly higher, while the probability of initial bid success is reduced significantly. iii ACKNOWLEDGMENTS Completion of this thesis would not have been conceivable without the enormous contribution of my supervisor, Dr. Sian Owen, whose enthusiasm and 'aim high' attitude motivated me to produce my best work. I am extremely thankful for her commitment to this thesis and the responsiveness and generosity with which she gave up large amounts of her time. I learnt a great deal from her expertise, whilst her accessibility and light-hearted nature made enjoyable what can often be stressful times. Needless to say, all errors are mine. I am also grateful to the helpful people at Bloomberg LP and Rubicon Partners for providing data used in the empirical analysis in this thesis. Additionally, I would like to thank the relevant people at JP Morgan, whose understanding was essential to the completion of this research. Finally, since this thesis is a culmination of nearly six years at UNSW, I would like to acknowledge those people who have provided me with tremendous support during this time. I am forever grateful to my parents for their ever-present love and constant support, both emotional and financial, without which any personal achievements would be unattainable. To Natalie, I rely on you greatly and you have never let me down over many years. I appreciate your unwavering support enormously and, needless to say, any successes are partly yours. To the rest of my family, my second family, the Fletchers, and friends too numerous to name, thanks for always being there and I look forward to celebrating bigger and better things in our lives. IV TABLE OF CONTENTS Certificate of Originality ... ................................................................... ii Abstract ... ....................................................................................... iii Acknowledgments ............................................................................ iv Table of Contents ... ........................................................................... v List of Tables ... ................................................................................ ix CHAPTER 1 INTRODUCTION ........................................................................................................ 1 1.1 INTRODUCTION ............................................................................................................................ 1 1.2 MOTIVATION AND CONTRIBUTION ............................................................................................... 3 1.3 THESIS OVERVIEW ....................................................................................................................... 5 CHAPTER 2 LITERATURE REVIEW ............................................................................................ 6 2.1 INTRODUCTION TOTAKEOVER LITERATURE ................................................................................ 6 2.2 CYCLICAL NATURE OFTAKEOVER ACTIVITY .............................................................................. 7 2.2.1 Merger Waves ...................................................................................................................................... 7 2.3 MOTIVATION BEHIND TAKEOVER ACTIVITY ...........................................................•................... 11 2.3.1 Synergy .............................................................................................................................................. 12 2.3.2 Target Undervaluation ...................................................................................................................... 13 2.3.3 Disciplinary Theory ........................................................................................................................... 14 2.3.4 Management Hubris Theory .............................................................................................................. 15 2.3.5 Free Cashflow Theory ....................................................................................................................... 16 2.4 PERFORMANCE AND RETURNS ISSUES .....................•.................................................................. 17 2.4.1 Pre-Takeover Performance ............................................................................................................... 18 2.4.1.1 Characteristics of Target Firms ................................................................................................. 18 2.4.1.2 Characteristics of Acquirer Firms ............................................................................................. 19 2.4.2 Announcement Period Returns .......................................................................................................... 19 2.4.2.1 Target Firm Shareholders .......................................................................................................... 19 2.4.2.2 Bidder Firm Shareholders.......................................................................................................... 20 2.4.2.3 Do Takeovers Create or Redistribute Wealth? .......................................................................... 21 2.4.3 Post·Takeover Performance .............................................................................................................. 22 2.4.3.1 Share Price Performance ........................................................................................................... 22 2.4.3.2 Operating Performance .............................................................................................................. 23 V 2.5 BID STRUCTURE AND TRANSACTION OUTCOMES ....................................................................... 24 2.5.1 Elements of Bid Structure .................................................................................................................. 25 2.5.1.1 Bid Premium Decision .............................................................................................................. 25 2.5.1.2 Payment Method Decision ........................................................................................................ 26 2.5.1.3 Toehold Acquisition Decision ................................................................................................... 28 2.5.2 Transaction Outcomes ....................................................................................................................... 29 2.5.2.1 Target Management Response ................................................................................................... 29 2.5.2.2 Bid Competition .......................................................................................................................
Load more

Recommended publications
  • Gai Waterhouse “The Technology Is Very Innovative Yet Easy to Use. I Am Confident E-TRAKKA® Will Make a Significant Impact on the Racing Industry”
    Gai Waterhouse “The technology is very innovative yet easy to use. I am confident E-TRAKKA® will make a significant impact on the racing industry”. Contents Invented by Trainers, for Trainers 2. How Does E-TRAKKA® Work? E-TRAKKA® was inspired by the needs of thoroughbred racehorse trainers to assess, monitor and remarkably 3. Equine Fitness for Trainers predict the performances of their elite and developing racehorses. 4. What is Fitness? By using state of the art heart rate monitoring and GPS ® Relationship of Heart Rate to Speed tracking systems, E-TRAKKA is able to generate charts which informs trainers about their horses’ fitness and ability 5. Understanding E-TRAKKA® Information to race. This revolutionary training tool was invented by Andrew 7. Using Charts to Identify Good and Bad Workouts Stuart, an experienced horseman whose credits include being an ex-jockey, assistant foreman for Bart Cummings Benefits of Building Profiles and racehorse trainer. Andrew’s invention recently featured on the popular television program ‘The New Inventors” and ® 9. Using E-TRAKKA to Identify Lameness won an esteemed episode award. 10. Take Over Target E-TRAKKA® was developed with a view to combine proven basic concepts to empower trainers. By using E-TRAKKA® 11. Using E-TRAKKA® Assess Recovery technology trainers now have the power to combine information on the horse’s fitness and racing potential with Success Story with E-TRAKKA® their invaluable practical skills as experienced horsemen. 13. Using E-TRAKKA® to Monitor Fitness Over Time The ‘cutting-edge’ information generated by E-TRAKKA® provides trainers with a simple informative ‘snap shot in 14.
    [Show full text]
  • HEADLINE NEWS • 6/18/07 • PAGE 2 of 7
    Indian Vale to Delaware or HEADLINE Saratoga? p.7 NEWS For information about TDN, DELIVERED EACH NIGHT BY FAX AND FREE BY E-MAIL TO SUBSCRIBERS OF call 732-747-8060. www.thoroughbreddailynews.com MONDAY, JUNE 18, 2007 GETTING READY FOR ROYAL ASCOT WINNING WITH FLARE Royal Ascot gets underway tomorrow, with the fields Indian Flare (Cherokee Run) showed her determina- for an explosive first day drawn yesterday. Much focus tion and versatility to hold off classy challenger Oprah has been placed on the quartet of Australian sprinters Winney (Royal Academy) in the GII Vagrancy H. at heading for the G2 Belmont Park Sunday. Installed the lukewarm 5-2 favor- King=s Stand S. at ite in her first start in over two five furlongs. The months, the five-year-old Royal Ascot media broke well and settled in a guide emphasizes the stalking third, tucked in along meeting=s place in the the rail behind early leaders Global Sprint Chal- Any Limit (Limit Out) and Mary lenge. It played a piv- Delaney (Hennessy). Oprah otal role in the Chal- Winney found her stride turn- lenge 12 months ago ing into the stretch and made Takeover Target HKJC Photo when the eventual Indian Flare Adam Coglianese it to the front for a brief mo- champion Takeover ment, but Indian FlareBwho Target (Aus) (Celtic Swing {GB}) collected the King=s was pinned along the rail--proved unrelenting and bat- Stand en route. Ex-cabbie Joe Janiak=s star veteran is tled back late to forge ahead and win by a half length.
    [Show full text]
  • Corporate Results Monitor
    Corporate Results Monitor FNArena's All-Year Round Australian Corporate Results Monitor. Currently monitoring August 2019. TOTAL STOCKS: 272 Total Rating Upgrades: 61 Beats In Line Misses Total Rating Downgrades: 66 61 140 71 Simple average net target price change: 2.40% 22.4% 51.5% 26.1% Beat/Miss Ratio: 0.86 Latest Prev New Company Result Upgrades Downgrades Buy/Hold/Sell Brokers Target Target ABC - ADELAIDE BRIGHTON IN LINE 0 0 0/2/4 3.28 3.13 6 While Adelaide Brighton's result matched fresh guidance provided following a profit warning in July, it did still exceed most broker forecasts. FY20 guidance is bleak, given the housing construction downturn has as yet no end in sight and increased infrastructure construction is not sufficient to offset. The suspension of the dividend also came as no shock, but an intent to acquire and build out an integrated, infrastructure-oriented business model carries risk and reduces dividend prospects near-term. APT - AFTERPAY TOUCH BEAT 0 0 2/0/0 30.43 33.43 2 Afterpay Touch's FY19 net loss was slightly less than Morgans expected. The results suggest continuing strong sales momentum and stable margins across the business. Morgans downgrades FY20-21 earnings estimates, factoring in higher investment expenditure associated with offshore expansion. Traction in the US is strong but the key for Ord Minnett in the FY19 result were the initial customer acquisitions in the UK, which were well above expectations. Average merchant fees were slightly ahead of expectations, particularly in the US. AOG - AVEO IN LINE 0 1 0/2/0 2.15 2.15 2 Aveo Group's FY19 net profit was in line with recently downgraded guidance.
    [Show full text]
  • Unemployment Insurance and Takeovers*
    Unemployment Insurance and Takeovers* Lixiong Guo† University of Alabama Jing Kong‡ Michigan State University Ronald W. Masulis§ University of New South Wales December 11, 2019 Abstract We examine whether unemployment insurance (UI) mitigates shareholder-employee conflicts of interest and improves takeover market efficiency. Exploiting within state changes in UI benefits, we find that increased target state UI benefits raise acquisition likelihoods, expected deal synergies, and gains to both acquirer and target shareholders. UI effects on acquisition likelihood are stronger in highly unionized industries, in firms with concentrated employee ownership, and in firms with employee friendly boards. The passage of directors’ duties laws increases the UI effect on acquisition likelihood. Lastly, increased acquirer state UI benefits raise acquirer returns and likelihood of acquirers making within-industry acquisitions. JEL Classification: G32, G34, G38, J65 Keywords: Unemployment Insurance, Labor, Takeovers, Mergers and Acquisitions, Synergy, Stakeholders, Unemployment Risk. * We are grateful to Shai Bernstein, Oleg Chuprinin, Andrey Golubov (discussant), Vidhan Goyal, Chang-Mo Kang, Hao Liang (discussant), Shawn Mobbs, Hernan Ortiz-Molina (discussant), Peter Swan, Li Yang, Xianming Zhou, and seminar participants at UNSW Sydney, Deakin University, University of Alabama, and conference participants at the 2017 NFA Conference in Halifax, 2017 FMA Conference in Boston, 2017 AsianFA Conference in Seoul, and 2017 FIRN Corporate Conference in Adelaide for helpful discussions and valuable comments. All errors are our own. † Lixiong Guo is with the University of Alabama. Address: Culverhouse College of Business, University of Alabama, 232 Alston Hall, 361 Stadium Drive, Tuscaloosa, Alabama, 35487-0224. Electronic Mail: [email protected]. ‡ Jing Kong is with the Michigan State University.
    [Show full text]
  • HEADLINE NEWS • 1/20/07 • PAGE 2 of 3
    MISS FINLAND TO DUBAI? HEADLINE ...p3 NEWS For information about TDN, DELIVERED EACH NIGHT BY FAX AND FREE BY E-MAIL TO SUBSCRIBERS OF call 732-747-8060. www.thoroughbreddailynews.com SATURDAY, JANUARY 20, 2007 ISLAND IN THE SUN SALES COMPANIES CALL FOR STEROID POLICY Friendly Island (Crafty Friend) may be enjoying the The Keeneland Association Inc. and Fasig-Tipton California sunshine this winter, but it will be a working Company, Inc., yesterday issued a statement advocat- holiday for the New York-bred six-year-old. Freshened ing the development of a policy re- after running second as a garding the use of anabolic steroids 56-1 outsider in the GI Breed- in sales horses. The sales companies ers= Cup Sprint at Churchill have formed a commitee comprised Downs Nov. 4, he returns to of their own representatives, as well action against three rivals in as authorities on steroids and drug the GII Palos Verdes H. at testing, members of the Consignors Santa Anita this afternoon. and Commercial Breeders Association The Anstu Stables color- and veterinarians, to establish guide- bearer won six of his first lines for appropriate steroid use and for testing. Nick Nicholson, president Friendly Island Adam Coglianese nine career starts, including the Hudson H. in October of and CEO of Keeneland, and Walt 2005, and capped that season with a fourth in the GI Robertson, president of Fasig-Tipton, Horsephotos were jointly quoted in the statement, De Francis Dash. He picked up checks in the GIII Mr. which read, AWe both agree that the use of anabolic Prospector H.
    [Show full text]
  • Racing Victoria Limited Annual Report
    2005ANNUAL REPORT 2005 RACING VICTORIA LIMITED ANNUAL REPORT ANNUAL LIMITED VICTORIA 2005 RACING Racing Victoria Limited Racing Victoria Limited 400 Epsom Road Flemington Victoria 3031 Telephone: (03) 9258 4258 Fax: (03) 9258 4707 Web: www.racingvictoria.net.au Email: [email protected] 2005 ANNUAL REPORT ACN: 096 917 930 400 Epsom Road Flemington Victoria 3031 Telephone: (03) 9258 4258 Fax: (03) 9258 4707 Web: www.racingvictoria.net.au Email: [email protected] Annual Report published by Harding Media Services Pty Ltd, designed by Scarab Blue Design and printed by Fineline Printing. Photography: Sam D’Agostino, Kristian Dowling, Andy Tavares. Photo by HWT, Melbourne RACING VICTORIA LIMITED 2005ANNUAL REPORT Contents Chairman’s Report 2 Board of Directors 6 Executive Team 9 Chief Executive Officer’s Report 10 Organisation 14 Integrity 18 Operations 28 Development 38 Services 50 Celebration 58 Corporate Governance 68 Financial Performance 74 Financial Report 77 racing victoria limited 1 2005 ANNUAL REPORT Chairman’s Report It is with great pleasure that I present Racing Another major milestone in 2004/05 was the Victoria Limited’s annual report and financial successful launch of ThoroughVisioN’s (TVN) statements for 2004/05. racing broadcast service. The expansion to a full live coverage of all thoroughbred racing events Victorian thoroughbred racing enjoyed a year of from Sydney, Melbourne and country Victoria great achievements, made possible by a highly from 4 May, 2005 heralded a new era in the constructive and cooperative relationship development of racing coverage. between RVL and its member shareholders – Country Racing Victoria, Melbourne Racing It is unfortunate that an earlier proposal for a Club, Moonee Valley Racing Club and Victoria joint venture with Tabcorp for the cooperative Racing Club.
    [Show full text]
  • Tdn Europe • Page 2 of 12 • Thetdn.Com Monday • 26 July 2021
    MONDAY, 26 JULY 2021 SKALLETI POWERS TO MUNICH TRIUMPH THE WEEKLY WRAP: THE Jean-Claude Seroul=s highly dependable 6-year-old grey BEST AND WORST OF TIMES Skalleti (Fr) (Kendargent {Fr}) posted a career best in ParisLongchamp=s G1 Prix d=Ispahan when last seen at the end of May and doubled his elite-level tally with an impressive five- length triumph in Sunday=s G1 Grosser Dallmayr-Preis - Bayerisches Zuchtrennen over 10 furlongs at Munich. Last term=s G1 Champion S. runner-up had also annexed this term=s G3 Prix Exbury and G2 Prix d=Harcourt in an unbeaten start to the campaign and was sent postward as the heavily supported 3-10 favourite to continue that trend. Skalleti adopted his usual hold-up tactics from the break and settled last of the six nominees as last term=s G3 Preis der Deutschen Einheit victrix Tabera (GB) (Gleneagles {Ire}) established a clear lead by halfway. Cont. p6 Charlie Appleby with his Derby/King George winner Adayar IN TDN AMERICA TODAY Hoycubed Photography GUTIERREZ LIVING THE DREAM WITH LETRUSKA By Emma Berry Trainer Fausto Gutierrez reflects on the ride with his dual Grade To borrow from Charles Dickens, the past week can be I-winning mare Letruska (Super Saver). Click or tap here to go encapsulated in one line: it was the best of times, it was the straight to TDN America. worst of times. Actually, let's face it, when it comes to bad times it hasn't just been this week, has it? Events of this year in particular have made it harder to love racing as we rock from one unsavoury incident to the next courtesy of some of the sport's leading trainers in Europe and America.
    [Show full text]
  • Annual Report 2006
    annual report 2006 MISSION VALUES – To develop Flemington as a world- – Integrity in our decisions and actions class racing venue – The highest standards in service and – To build upon the pre-eminence of value for our customers and business the Melbourne Cup Carnival partners – To maximise fi nancial returns from – Competitiveness in our markets our racing and non-racing activities – Effi ciency in the management of for the benefi t of the Club, its our assets Members, the Racing Industry – The commitment and the contribution and racegoers of our people – To provide fi rst-class entertainment – A safe working environment for and wagering opportunities for our employees and industry participants customers – To maintain the highest integrity in all of our dealings and activities Our vision is to be a leader in world racing CONTENTS 2 Chairman’s Report 5 The Committee 8 Victorian Racing Industry Review 10 Chief Executive’s Report 15 Senior Management 17 Membership Department 21 Racing 25 Flemington Racecourse 29 Strategic Marketing 33 Sponsorship and Corporate Development 35 Sponsors 37 Catering 39 Business Development 42 Human Resources 43 Finance 44 Corporate Governance 46 Report of the Committee 47 Financial Statements Phar Lap THE STORY OF PHAR LAP IS TRULY The wonder horse then travelled to Mexico ONE OF LEGEND for what was to be his last race. Taking on Born during the era of the Great Depression, America’s best horses in the Agua Caliente Phar Lap was the ‘people’s horse’ and the Handicap, Phar Lap scorched over the dirt public, desperate for a hero in those trying track in record time to blitz his opposition.
    [Show full text]
  • 5 Possible Takeover Targets Plus, Will Banks Cut Dividends?
    Monday 30 March 5 possible takeover targets plus, will banks cut dividends? Do you really have to go to cash? Could you miss the rebound? Are you better off sitting tight and waiting for the market comeback? I go through these questions in my article today. For anyone wanting to hear from my team of experts on what they’re thinking about when this market will bottom and when it might be wise to start buying, check out tonight’s Switzer TV – Investing on YouTube. How things have changed in the space of five weeks as the Coronavirus became the “black swan”. Back in mid-February, bank dividends looked very secure. Sincerely, Peter Switzer Inside this Issue 02 When is it wise to start buying? When is it wise to start buying? by Peter Switzer 04 How much will bank dividends be cut by? How much will bank dividends be cut by? by Paul Rickard 06 5 potential takeover targets 5 potential takeover target by James Dunn 09 How long will the bears have the upper hand? When is it wise to start How long will the bears have the upper hand? buying? by Percy Allan by Peter Switzer 11 Buy, Hold, Sell – What the Brokers Say 02 42 upgrades, 15 downgrades by Rudi Filapek-Vandyck Important information: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. For this reason, any individual should, before Switzer Super Report is published by Switzer Financial Group Pty Ltd AFSL No.
    [Show full text]
  • INTERNATIONAL RACES Above: Tepin Makes History, Winning the 2016 Queen Anne Stakes for the USA
    Tuesday 19th - Saturday 23rd June 2018 INTERNATIONAL RACES Above: Tepin makes history, winning the 2016 Queen Anne Stakes for the USA. CONTENTS Welcome to Ascot 2 Shipping and Quarantine 18 The Commonwealth Cup 36 Course Layout 4 VAT (Tax/Duty) 19 The Diamond Jubilee Stakes 39 Travel Allowances 5 Stabling and Training Facilities 20 The King George VI 40 International & Domestic Alliances 7 The Queen Anne Stakes 24 & Queen Elizabeth Stakes Longholes Rehabilitation 10 The King’s Stand Stakes 27 Royal Ascot Pattern 42 and Pre-training centre and Listed Races 2018 The St James’s Palace Stakes 28 Nomination Procedures Contacts 54 12 The Prince of Wales’s Stakes 31 USA Nominations 13 Lady Aurelia wins the 2017 King’s Stand Stakes, becoming The Gold Cup 32 Medication & Doping Control / the first dual Royal Ascot winner for the USA. 14 The Coronation Stakes 35 Vaccination Requirements / Testing WELCOME TO ASCOT “ I’ve been coming to Royal Ascot for several years now, with Wesley Once again Royal A record 14 runners from the USA took part over Since the turn of the Millennium we have seen 10 Ascot was a the week, appropriately enough with the meeting winners at Royal Ascot from America, two from and others, and have even been cosmopolitan affair in carried extensively by NBC for the first time. Hong Kong, five from Australia – including the lucky enough to enjoy a few wins 2017, with the headline great Black Caviar in 2012 – and numerous horses but to be a small part of the act a second win at We were delighted to welcome Todd Pletcher, have made it to the Winners’ Enclosure from all the Royal Meeting for Graham Motion, Mark Casse – returning after around Europe.
    [Show full text]
  • Racing Season 2015/2016 Fact Book
    RACING SEASON 2015/2016 FACT BOOK www.racingaustralia.horse A GUIDE TO THE THOROUGHBRED INDUSTRY IN AUSTRALIA Racing Season 1st August 2015 - 31st July 20161 Picture supplied courtesy of Goldin Farms 2Cover Pictures supplied courtesy of Racing NSW, Racing Photos, Queensland Racing & NT CONTENTS Australian Thoroughbred Racing Structure 4 Key Statistics - 2015/16 8 Australian Stakes Races 10 Group & Listed Races 11 Group One Winners - 2015/16 12 Prizemoney Earners 13 RaceHorse of the Year 15 Melbourne Cup 16 Golden Slipper 19 Leading Trainers & Jockeys in Australia 20 Course Records around Australian States 22 Breeding Statistics 28 Breeding Distribution in Australia 30 Australia’s Leading Sires 32 Protected Thoroughbred Horse Names 38 Australian Registrations 40 Australian Ownership & Syndication 42 Owner by age 42 Australian Sales Results 46 Australian Imports & Exports 49 Industry Trends 52 Prizemoney Trends 53 Australian Racing Trends 54 Starting Trends 55 Australian Classifications 58 Australian Thoroughbred Wagering Turnover 64 Other Forms of Gambling 68 Gambling Turnover 69 International Racing 72 3 AUSTRALIAN THOROUGHBRED RACING STRUCTURE AUSTRALIAN RULES OF RACING PRINCIPAL RACING AUTHORITIES The Racing Australia Board is the only authority which is empowered Racing Australia membership consists of the six State and two to set and amend the Australian Rules of Racing which for more than Territory racing authorities, which are recognised by the Australian a century have provided common practices, conditions and integrity Rules as Principal Racing Authorities. standards for thoroughbred racing throughout Australia. The Principal Racing Authorities in each State and Territory are as The individual State and Territory Principal Racing Authorities (PRAs) follows: may make Local Rules for specific local conditions provided that they are not inconsistent with the principles established by the Australian New South Wales Racing NSW Rules of Racing.
    [Show full text]
  • Welcome 2009
    WELCOME 2009 The Australian Racing Board is pleased to publish the Eleventh Edition of The Australian Racing Fact Book, our annual reference guide to the Australian thoroughbred racing industry. The Board’s objective in publishing the Fact Book is to draw together under one cover the key results and statistics for the Australian thoroughbred sector for each season. While a number of books and journals report in detail particular aspects of Australian racing and breeding, we can well and truly say that the Australian Racing Board’s 1999 vision has been achieved, and the Fact Book has established itself as a useful and reliable source of the broadest range of information relating to Australian thoroughbred racing and breeding. The facts and figures contained in the Fact Book, will speak for themselves. To breathe some life into this statistical record it is useful to briefly touch on some of the stand-out achievements that have occurred during the period under review. Bart Cummings increased his Melbourne Cup tally to 12 in 2008 with Viewed winning the great race and looked destined to further increase his holdings to 13 this year after taking all before him in the spring with Viewed winning the Caulfield Cup, and So You Think winning the Cox Plate. Faint Perfume would also go on to win the VRC Oaks, however it was the Mark Kavanagh trained Shocking who spoilt the party by taking out the 2009 Melbourne Cup. Shocking’s victory in the Melbourne Cup magnified the highs and lows of racing, with Mark Kavanagh previously tasting defeat in the Cox Plate after saddling up the well fancied Whobegotyou, then having to scratch the favorite for the VRC Derby, Shamoline Warrior on the morning of the race.
    [Show full text]