NASDAQ
Stock quotation system of the National Association of Securities Dealers for stocks that trade over the counter as opposed to being traded on an organized exchange.

National Association of Attorneys General (NAAG)
An organization of state attorneys general.

Negotiated share repurchase
Refers to buying back the stock of a large blockholder (an unwanted acquirer) at a premium over market price (greenmail).

Net operating income (NOI)
Revenues minus all operating costs including depreciation.

Net operating loss carryover
Tax provision allowing firms to use net operating losses to offset taxable income over a period of years before and after the loss. Available to firms that acquire a loss firm only under strictly specified conditions.

Net operating profit after taxes (NOPAT)
Net operating income (NOI) multiplied by one minus the actual cash tax rate applicable to a line of business.

Net present value (NPV)
Capital budgeting criteria that compares the present value of cash inflows of a project discounted at the risk-adjusted cost of capital to the present value of investment outlays (discounted at the risk-adjusted cost of capital).

Niche opportunities
A business strategy that aims at meeting the needs or interests of specific consumer groups.

No-shop agreement
The target agrees not to consider other offers while negotiating with a particular bidder.

Nolo contendere
A legal plea in which a defendant, without admitting guilt, declines to contest allegations of wrongdoing.

Nondiscriminatory poison pill
Antitakeover defense plans that do not penalize acquirers exceeding a given shareholding limit. Include flip-over plans, preferred stock plans, and ownership flip- in plans that permit cash offers for all shares.

Nonleveraged ESOP
An employee stock ownership plan recognized under ERISA that does not provide for borrowing by the ESOR Essentially the same as a stock bonus plan.

Normal return
In event studies, the predicted return if no event took place, the reference point for the calculation? of abnormal, or? excess, return attributable to the event.

 

資料來源：J. Fred Weston, Mark L. Mitchell, and J. Harold Mulherin, “Takeovers, Restructuring, and Corporate Governance”, Forth Edition, Pearson Educational International