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Beatrice: A Study in the Creation and Destruction of Value

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  • Baker, George P

Abstract

This paper chronicles the history of the Beatrice company from its founding in 1891 as a small creamery, through its growth by acquisition into a diversified consumer and industrial products firm, and its subsequent leveraged buyout and sell-off. The paper analyzes the value consequences and firm's acquisition and divestiture policies, its organizational strategy, and its governance. The analysis sheds light on a number of issues in organization theory, strategy, and corporate finance, including the sources of value in diversifying acquisitions, the cost of overcentralization and weak corporate governance, and the mechanisms of value creation in the market for corporate control. Copyright 1992 by American Finance Association.

Suggested Citation

  • Baker, George P, 1992. "Beatrice: A Study in the Creation and Destruction of Value," Journal of Finance, American Finance Association, vol. 47(3), pages 1081-1119, July.
    • Handle: RePEc:bla:jfinan:v:47:y:1992:i:3:p:1081-119
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