CPE :: Lesson 1



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ACTIVITY 3: Choose the right connector in each sentence. You can use them only once. Then check the correct answers.

As you know, gentlemen, Signal Industries Ltd. have made an offer which would result in them acquiring a controlling interest in this company, if it were accepted. , I have called this meeting of the Board. , I am personally inclined not to recommend its acceptance, primarily it would not be to our shareholders' advantage, although of course we are consider it. The offer in itself is hardly generous – only five per cent above the present market price for our shares and the opportunity to purchase Signal shares . , it seems to me that Signal have underestimated our recent recovery and I propose that the Board should resist the bid, partly because of the marked improvement in our trading position but because I don't believe the bid as it stands can be taken seriously.


Open cloze

ACTIVITY 4: Without looking at the original text on the previous page, fill each of the blank spaces with one suitable word. (Some blank spaces accept more than one alternative). Then check the correct answers.


Anyone who glances at the financial pages of British newspapers is bound to across the, term 'take-over bid'. He may also about 'mergers', in practice amount to very the same thing. The only difference is of emphasis, since a merger suggests two companies joining forces for their mutual benefit, while a take-over implies one company control of the other the other likes it or not. At one time, it to be Government policy to favour take-overs on the that the bigger a company , the competitive it would be abroad, an analysis that may sometimes be justified but often overlooks disadvantages, all because one has worked out systematically why the of mergers take . The Government has now sponsored a university enquiry into the effects of mergers, is a very sensible step. A company bidding for another may really want to build up a strong combination of resisting foreign competition but it may simply be interested eliminating a smaller, efficient rival, presence in the home market is embarrassing.


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