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Shareholder rights plan

A shareholder rights plan, colloquially known as a "poison pill", is a type of defensive tactic used by a corporation's board of directors against a takeover.

In the field of mergers and acquisitions, shareholder rights plans were devised in the early 1980s as a way to prevent takeover bids by taking away a shareholder's right to negotiate a price for the sale of shares directly.

Typically, such a plan gives shareholders the right to buy more shares at a discount if one shareholder buys a certain percentage or more of the company's shares. The plan could be triggered, for instance, if any one shareholder buys 20% of the company's shares, at which point every shareholder (except the one who possesses 20%) will have the right to buy a new issue of shares at a discount. If all other shareholders are able to buy more shares at a discount, such purchases would dilute the bidder's interest, and the cost of the bid would rise substantially. Knowing that such a plan could be activated, the bidder could be discouraged from taking over the corporation without the board's approval, and would first negotiate with the board in order to revoke the plan.

The plan can be issued by the board of directors as an "option" or a "warrant" attached to existing shares, and only be revoked at the discretion of the board.

History
The poison pill was invented by mergers and acquisitions lawyer Martin Lipton of Wachtell, Lipton, Rosen & Katz in 1982, as a response to tender-based hostile takeovers. Poison pills became popular during the early 1980s in response to the wave of takeovers by corporate raiders such as T. Boone Pickens and Carl Icahn. The term "poison pill" derives its original meaning from a poison pill physically carried by various spies throughout history, a pill which was taken by the spies if they were discovered to eliminate the possibility of being interrogated by an enemy.

It was reported in 2001 that since 1997, for every company with a poison pill which successfully resisted a hostile takeover, there were 20 companies with poison pills that accepted takeover offers. The trend since the early 2000s has been for shareholders to vote against poison pill authorization, since poison pills are designed to resist takeovers, whereas from the point of view of a shareholder, takeovers can be financially rewarding.

Some have argued that poison pills are detrimental to shareholder interests because they perpetuate existing management. For instance, Microsoft originally made an unsolicited bid for Yahoo!, but subsequently dropped the bid after Yahoo! CEO Jerry Yang threatened to make the takeover as difficult as possible unless Microsoft raised the price to US$37 per share. One Microsoft executive commented, "They are going to burn the furniture if we go hostile. They are going to destroy the place." Yahoo has had a shareholders rights plan in place since 2001. Analysts suggested that Microsoft's raised offer of $33 per share was already too expensive, and that Yang was not bargaining in good faith, which later led to several shareholder lawsuits and an aborted proxy fight from Carl Icahn. Yahoo's stock price plunged after Microsoft withdrew the bid, and Jerry Yang faced a backlash from stockholders that eventually led to his resignation.

Poison pills saw a resurgence of popularity in 2020 as a result of the global coronavirus pandemic. As stock prices plummeted due to the pandemic, various companies turned to shareholder rights plans to defend against opportunistic takeover offers. In March 2020, 10 U.S. companies adopted new poison pills, setting a new record.

The Twitter Board of Directors unanimously enacted a shareholder rights plan in 2022 following an unsolicited purchase offer from Elon Musk.

Overview
In publicly held companies, there are various "poison pill" methods to deter takeover bids. Takeovers by soliciting proxies against the board or by acquiring a controlling block of shares and using the associated votes to get elected to the board. Once in control of the board, the bidder can manage the target. Currently, the most common type of takeover defense is a shareholder rights plan. Because the board of directors of the company can redeem or otherwise eliminate a standard poison pill, it does not typically preclude a proxy fight or other takeover attempts not accompanied by an acquisition of a significant block of the company's stock. It can, however, prevent shareholders from entering into certain agreements that can assist in a proxy fight, such as an agreement to pay another shareholder's expenses. In combination with a staggered board of directors, however, a shareholder rights plan can be a defense.

The goal of a shareholder rights plan is to force a bidder to negotiate with the target's board and not directly with the shareholders. The effects are twofold:

 * It gives management time to find competing offers that maximize the selling price.
 * Several studies indicate that companies with poison pills (shareholder rights plans) have received higher takeover premiums than companies without poison pills. This results in increased shareholder value. The theory is that an increase in the negotiating power of the target is reflected in higher acquisition premiums.

Preferred stock plan
The target issues a large number of new shares, often preferred shares, to existing shareholders. These new shares usually have severe redemption provisions, such as allowing them to be converted into a large number of common shares if a takeover occurs. This immediately dilutes the percentage of the target owned by the acquirer, and makes it more expensive to acquire 50% of the target's stock.

Flip-in
A "flip-in" permits shareholders, except for the acquirer, to purchase additional shares at a discount. This provides investors with instantaneous profits. Using this type of poison pill also dilutes shares held by the acquiring company, making the takeover attempt more expensive and more difficult.

Flip-over
A "flip-over" enables stockholders to purchase the acquirer's shares after the merger at a discounted rate. For example, a shareholder may gain the right to buy the stock of its acquirer, in subsequent mergers, at a two-for-one rate.

Back-end rights plan
Under this scenario, the target company re-phases all its employees' stock-option grants to ensure they immediately become vested if the company is taken over. Many employees can then exercise their options and then dump the stocks. With the release of the "golden handcuffs", many discontented employees may quit immediately after having cashed in their stock options. This poison pill is designed to create an exodus of talented employees, reducing the corporate value as a target. In many high-tech businesses, attrition of talented human resources may result in a diluted or empty shell being left behind for the new owner.

For instance, PeopleSoft guaranteed its customers in June 2003 that if it were acquired within two years, presumably by its rival Oracle, and product support were reduced within four years, its customers would receive a refund of between two and five times the fees they had paid for their PeopleSoft software licenses. While the acquisition ultimately prevailed, the hypothetical cost to Oracle was valued at as much as US$1.5 billion.

Voting plan
In a voting plan, a company will charter preferred stock with superior voting rights over that of common shareholders. If an unfriendly bidder acquired a substantial quantity of the target firm's voting common stock, it then still would not be able to exercise control over its purchase. For example, ASARCO established a voting plan in which 99% of the company's common stock would only harness 16.5% of the total voting power.

In addition to these pills, a "dead-hand" provision allows only the directors who introduce the poison pill to remove it (for a set period after they have been replaced), thus potentially delaying a new board's decision to sell a company.

Constraints and legal status
The legality of poison pills had been unclear when they were first put to use in the early 1980s. However, the Delaware Supreme Court upheld poison pills as a valid instrument of takeover defense in its 1985 decision in Moran v. Household International, Inc. However, many jurisdictions other than the U.S. have held the poison pill strategy as illegal, or place restraints on their use.

Canada
In Canada, almost all shareholders rights plans are "chewable," meaning they contain a permitted bid concept such that a bidder who is willing to conform to the requirements of a permitted bid can acquire the company by take-over bid without triggering a flip-in event. Shareholder rights plans in Canada are also weakened by the ability of a hostile acquirer to petition the provincial securities regulators to have the company's pill overturned. Generally, the courts will overturn the pill to allow shareholders to decide whether they want to tender to a bid for the company. However, the company may be allowed to maintain it for long enough to run an auction to see if a white knight can be found. A notable Canadian case before the securities regulators in 2006 involved the poison pill of Falconbridge Ltd. which at the time was the subject of a friendly bid from Inco and a hostile bid from Xstrata plc, which was a 20% shareholder of Falconbridge. Xstrata applied to have Falconbridge's pill invalidated, citing among other things that the Falconbridge had had its pill in place without shareholder approval for more than nine months and that the pill stood in the way of Falconbridge shareholders accepting Xstrata's all-cash offer for Falconbridge shares. Despite similar facts with previous cases in which securities regulators had promptly taken down pills, the Ontario Securities Commission ruled that Falconbridge's pill could remain in place for a further limited period as it had the effect of sustaining the auction for Falconbridge by preventing Xstrata increasing its ownership and potentially obtaining a blocking position that would prevent other bidders from obtaining 100% of the shares.

United Kingdom
In the United Kingdom, poison pills are not allowed under the Takeover Panel rules. The rights of public shareholders are protected by the Panel on a case-by-case, principles-based regulatory regime. Raids have helped bidders win targets such as BAA plc and AWG plc when other bidders were considering emerging at higher prices. If these companies had poison pills, they could have prevented the raids by threatening to dilute the positions of their hostile suitors if they exceeded the statutory levels (often 10% of the outstanding shares) in the rights plan. The London Stock Exchange itself is another example of a company that has seen significant stakebuilding by a hostile suitor, in this case the NASDAQ. The LSE's ultimate fate is currently up in the air, but NASDAQ's stake is sufficiently large that it is essentially impossible for a third party bidder to make a successful offer to acquire the LSE.

Takeover law is still evolving in continental Europe, as individual countries slowly fall in line with requirements mandated by the European Commission. Stakebuilding is commonplace in many continental takeover battles such as Scania AB. Formal poison pills are quite rare in continental Europe, but national governments hold golden shares in many "strategic" companies such as telecom monopolies and energy companies. Governments have also served as "poison pills" by threatening potential suitors with negative regulatory developments if they pursue the takeover. Examples of this include Spain's adoption of new rules for the ownership of energy companies after E.ON of Germany made a hostile bid for Endesa and France's threats to punish any potential acquiror of Groupe Danone.

Other takeover defenses
Poison pill is sometimes used more broadly to describe other types of takeover defenses that involve the target taking some action. Although the broad category of takeover defenses (more commonly known as "shark repellents") includes the traditional shareholder rights plan poison pill. Other anti-takeover protections include:

 * Limitations on the ability to call special meetings or take action by written consent.
 * Supermajority vote requirements to approve mergers.
 * Supermajority vote requirements to remove directors.
 * The target adds to its charter a provision which gives the current shareholders the right to sell their shares to the acquirer at an increased price (usually 100% above recent average share price), if the acquirer's share of the company reaches a critical limit (usually one third). This kind of poison pill cannot stop a determined acquirer, but ensures a high price for the company.
 * The target takes on large debts in an effort to make the debt load too high to be attractive—the acquirer would eventually have to pay the debts.
 * The company buys a number of smaller companies using a stock swap, diluting the value of the target's stock.
 * Classified boards with staggered elections for the board of directors. For example, if a company had nine directors, then three directors would be up for re-election each year, with a three-year term. This would present a potential acquirer with the position of having a hostile board for at least a year after the first election. In some companies, certain percentages of the board (33%) may be enough to block key decisions (such as a full merger agreement or major asset sale), so an acquirer may not be able to close an acquisition for years after having purchased a majority of the target's stock. As of December 31, 2008, 47.05% of the companies in the S&P Super 1500 had a classified board. As of March 31, 2020, 27.1% of the companies in the S&P Super 1500 had a classified board.

Shareholder input
A minuscule number of companies are giving shareholders a say on poison pills. As of June 15, 2009, 21 companies that had adopted or extended a poison pill had publicly disclosed they plan to put the poison pill to a shareholder vote within a year. That was up from 2008's full year total of 18, and was the largest number ever reported since the early 1980s, when the pill was invented.

Effect
While there is some evidence that takeover protections allow managers to negotiate a higher purchase price, overall, they reduce firm productivity.

Books

 * Wachtell, Lipton, Rosen & Katz, The Share Purchase Rights Plan in Ronald J. Gilson & Bernard S. Black, "The Law and Finance of Corporate Acquisitions" (2d ed. Supp. 1999)
 * Ross, Westerfield, Jordan & Roberts, Fundamentals of Corporate Finance (6th ed. McGraw-Hill Ryerson) §23: "Mergers and Acquisitions"

title: Shareholder rights plan


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Tierra Amarilla, New Mexico

Tierra Amarilla is a census-designated place in and the county seat of Rio Arriba County, New Mexico, United States.

Tierra Amarilla is Spanish for "Yellow Earth". The name refers to clay deposits found in the Chama River Valley and used by Native American peoples. Tewa and Navajo toponyms for the area also refer to the yellow clay.

History
There is evidence of 5000 years of habitation in the Chama River Valley including pueblo sites south of Abiquiu. The area served as a trade route for peoples in the present-day Four Corners region and the Rio Grande Valley. Navajos later used the valley as a staging area for raids on Spanish settlements along the Rio Grande. Written accounts of the Tierra Amarilla locality by pathfinding Spanish friars in 1776 described it as suitable for pastoral and agricultural use. The route taken by the friars from Santa Fe to California became the Spanish Trail. During the Californian Gold Rush the area became a staging point for westward fortune seekers.

Tierra Amarilla Grant
The Tierra Amarilla Land Grant was created in 1832 by the Mexican government for Manuel Martinez and settlers from Abiquiu. The land grant encompassed a more general area than the contemporary community known as Tierra Amarilla. The grant holders were unable to maintain a permanent settlement due to "raids by Utes, Navajos and Jicarilla Apaches" until early in the 1860s. In 1860 the United States Congress confirmed the land grant as a private grant, rather than a community grant, due to mistranslated and concealed documents. Although a land patent for the grant required the completion of a geographical survey before issuance, some of Manuel Martinez' heirs began to sell the land to Anglo speculators. In 1880 Thomas Catron sold some of the grant to the Denver and Rio Grande Railway for the construction of their San Juan line and a service center at Chama. By 1883 Catron had consolidated the deeds he held for the whole of the grant sans the original villages and their associated fields. In 1950, the descendants of the original grant holders' court petitions to reclaim communal land were rebuked.

Rio Arriba's county seat
In 1866 the United States Army established Camp Plummer just south of Los Ojos (established in 1860) to rein in already decreased Native American activity on the grant. The military encampment was deserted in 1869. Las Nutrias, the site of the contemporary community, was founded nearby c.1862. The first post office in Las Nutrias was established in 1866 and bore the name Tierra Amarilla, as did the present one which was established in 1870 after an approximately two-year absence. In 1877 a U.S. Army lieutenant described the village as "the center of the Mexican population of northwestern New Mexico". The territorial legislature located Rio Arriba's county seat in Las Nutrias and renamed the village in 1880. The Denver and Rio Grande Railway's 1881 arrival at Chama, about ten miles to the north, had profound effects on the development of the region by bringing the area out of economic and cultural isolation.

When Tierra Amarilla was designated as the county seat the villagers set about building a courthouse. This structure was demolished to make way for the present one, which was built in 1917 and gained notoriety fifty years later when it was the location of a gunfight between land rights activists and authorities. The neoclassical design by Isaac Rapp is now on the National Register of Historic Places.

Courthouse raid
The Alianza Federal de Mercedes, led by Reies Tijerina, raided the Rio Arriba County Courthouse in 1967. Attempting to make a citizen's arrest of the district attorney "to bring attention to the unscrupulous means by which government and Anglo settlers had usurped Hispanic land grant properties," an armed struggle in the courthouse ensued resulting in Tijerina and his group fleeing to the south with two prisoners as hostages. Eulogio Salazar, a prison guard, was shot and Daniel Rivera, a sheriff's deputy, was badly injured. The National Guard, FBI and New Mexico State Police successfully pursued Tijerina, who was sentenced to less than three years.

Geography
The Brazos Cliffs are a prominent nearby landmark and attraction. Also nearby are the artificial Heron Lake and El Vado Lake. Tierra Amarilla's elevation is 7,524 feet above sea level.

Layout
The settlement is situated in a cluster of villages along U.S. Route 84 and the Chama River. The layout of the villages, including the one that became Tierra Amarilla, do not follow the urban planning principles of the Laws of the Indies.

Climate
Tierra Amarilla has a humid continental climate (Köppen Dfb) with very cold, snowy, though generally sunny winters, and summers featuring very warm to hot afternoons and cold to cool mornings. During the winter, mornings are frigid, with as many as 26.7 falling to or below 0 F, although maxima top freezing on all but nineteen afternoons during an average winter. The coldest temperature has been −39 F on January 6, 1971. Snowfall is much heavier than in more populated parts of New Mexico as Tierra Amarilla is located on a western slope rather than in a valley: the annual average is 62.2 in with a maximum of 55.9 in in January 1997 and a maximum annual total of 125.5 in between July 1996 and June 1997. The maximum snow depth has been 44 in on 30 November 1983.

The spring season sees the sunniest weather of all and steadily warming temperatures, although over the year as a whole 224.9 mornings fall to or below freezing, with four freezes to be expected as late as June. The summer, although seeing diurnal temperature ranges of over 34 F-change, is the wettest period due to frequent monsoonal thunderstorms. The wettest months have been September 1927 and August 1967 which each saw 5.96 in of precipitation, the wettest calendar year 1986 with 24.85 in, and the driest 1956 with 8.63 in.

Demographics
Tierra Amarilla has the ZIP code of 87575. The ZIP Code Tabulation Area for ZIP Code 87575 had a population of 750 at the 2000 census.

Education
It is within the Chama Valley Independent Schools school district. The two schools in the community are: Tierra Amarilla Elementary School (PreK-6) and Escalante Middle/High School (7-12).

Notable people

 * Walter K. Martinez, New Mexico lawyer and state legislator, was born in Tierra Amarilla.
 * Sabine Ulibarrí, American poet, born in Tierra Amarilla.

license: Creative Commons - Attribution Share-Alike - https://creativecommons.org/licenses/by-sa/4.0/

title: Tierra Amarilla, New Mexico


text:
Takeover

In business, a takeover is the purchase of one company (the target) by another (the acquirer or bidder). In the UK, the term refers to the acquisition of a public company whose shares are publicly listed, in contrast to the acquisition of a private company.

Management of the target company may or may not agree with a proposed takeover, and this has resulted in the following takeover classifications: friendly, hostile, reverse or back-flip. Financing a takeover often involves loans or bond issues which may include junk bonds as well as a simple cash offers. It can also include shares in the new company.

Friendly takeover
A friendly takeover is an acquisition which is approved by the management of the target company. Before a bidder makes an offer for another company, it usually first informs the company's board of directors. Ideally, if the board feels that accepting the offer serves the shareholders better than rejecting it, it recommends the offer be accepted by the shareholders.

In a private company, because the shareholders and the board are usually the same people or closely connected with one another, private acquisitions are usually friendly. If the shareholders agree to sell the company, then the board is usually of the same mind or sufficiently under the orders of the equity shareholders to cooperate with the bidder. This point is not relevant to the UK concept of takeovers, which always involve the acquisition of a public company.

Hostile takeover
A hostile takeover allows a bidder to take over a target company whose management is unwilling to agree to a merger or takeover. The party who initiates a hostile takeover bid approaches the shareholders directly, as opposed to seeking approval from officers or directors of the company. A takeover is considered hostile if the target company's board rejects the offer, and if the bidder continues to pursue it, or the bidder makes the offer directly after having announced its firm intention to make an offer. Development of the hostile takeover is attributed to Louis Wolfson.

A hostile takeover can be conducted in several ways. A tender offer can be made where the acquiring company makes a public offer at a fixed price above the current market price. An acquiring company can also engage in a proxy fight, whereby it tries to persuade enough shareholders, usually a simple majority, to replace the management with a new one which will approve the takeover. Another method involves quietly purchasing enough stock on the open market, known as a creeping tender offer or dawn raid, to effect a change in management. In all of these ways, management resists the acquisition, but it is carried out anyway.

In the United States, a common defense tactic against hostile takeovers is to use section 16 of the Clayton Act to seek an injunction, arguing that section 7 of the act, which prohibits acquisitions where the effect may be substantially to lessen competition or to tend to create a monopoly, would be violated if the offeror acquired the target's stock.

The main consequence of a bid being considered hostile is practical rather than legal. If the board of the target cooperates, the bidder can conduct extensive due diligence into the affairs of the target company, providing the bidder with a comprehensive analysis of the target company's finances. In contrast, a hostile bidder will only have more limited, publicly available information about the target company available, rendering the bidder vulnerable to hidden risks regarding the target company's finances. Since takeovers often require loans provided by banks in order to service the offer, banks are often less willing to back a hostile bidder because of the relative lack of target information which is available to them. Under Delaware law, boards must engage in defensive actions that are proportional to the hostile bidder's threat to the target company.

A well-known example of an extremely hostile takeover was Oracle's bid to acquire PeopleSoft. As of 2018, about 1,788 hostile takeovers with a total value of US$28.86 billion had been announced.

Reverse takeover
A reverse takeover is a type of takeover where a public company acquires a private company. This is usually done at the instigation of the private company, the purpose being for the private company to effectively float itself while avoiding some of the expense and time involved in a conventional IPO. However, in the UK under AIM rules, a reverse takeover is an acquisition or acquisitions in a twelve-month period which for an AIM company would:
 * exceed 100 percent in any of the class tests; or
 * result in a fundamental change in its business, board or voting control; or
 * in the case of an investing company, depart substantially from the investing strategy stated in its admission document or, where no admission document was produced on admission, depart substantially from the investing strategy stated in its pre-admission announcement or, depart substantially from the investing strategy.

An individual or organization, sometimes known as a corporate raider, can purchase a large fraction of the company's stock and, in doing so, get enough votes to replace the board of directors and the CEO. With a new agreeable management team, the stock is, potentially, a much more attractive investment, which might result in a price rise and a profit for the corporate raider and the other shareholders. A well-known example of a reverse takeover in the United Kingdom was Darwen Group's 2008 takeover of Optare plc. This was also an example of a back-flip takeover (see below) as Darwen was rebranded to the more well-known Optare name.

Backflip takeover
A backflip takeover is any sort of takeover in which the acquiring company turns itself into a subsidiary of the purchased company. This type of takeover can occur when a larger but less well-known company purchases a struggling company with a very well-known brand. Examples include:
 * The Texas Air Corporation takeover of Continental Airlines but taking the Continental name as it was better known.
 * The SBC takeover of the ailing AT&T and subsequent rename to AT&T.
 * Westinghouse's 1995 purchase of CBS and 1997 renaming to CBS Corporation, with Westinghouse becoming a brand name owned by the company.
 * NationsBank's takeover of the Bank of America, but adopting Bank of America's name.
 * Norwest purchased Wells Fargo but kept the latter due to its name recognition and historical legacy in the American West.
 * Interceptor Entertainment's acquisition of 3D Realms, but kept the name 3D Realms.
 * Nordic Games buying THQ assets and trademark and renaming itself to THQ Nordic.
 * Infogrames Entertainment, SA becoming Atari SA.
 * The Avago Technologies takeover of Broadcom Corporation and subsequent rename to Broadcom Inc.
 * Overkill Software's takeover of Starbreeze

Funding
Often a company acquiring another pays a specified amount for it. This money can be raised in a number of ways. Although the company may have sufficient funds available in its account, remitting payment entirely from the acquiring company's cash on hand is unusual. More often, it will be borrowed from a bank, or raised by an issue of bonds. Acquisitions financed through debt are known as leveraged buyouts, and the debt will often be moved down onto the balance sheet of the acquired company. The acquired company then has to pay back the debt. This is a technique often used by private equity companies. The debt ratio of financing can go as high as 80% in some cases. In such a case, the acquiring company would only need to raise 20% of the purchase price.

Loan note alternatives
Cash offers for public companies often include a "loan note alternative" that allows shareholders to take a part or all of their consideration in loan notes rather than cash. This is done primarily to make the offer more attractive in terms of taxation. A conversion of shares into cash is counted as a disposal that triggers a payment of capital gains tax, whereas if the shares are converted into other securities, such as loan notes, the tax is rolled over.

All-share deals
A takeover, particularly a reverse takeover, may be financed by an all-share deal. The bidder does not pay money, but instead issues new shares in itself to the shareholders of the company being acquired. In a reverse takeover the shareholders of the company being acquired end up with a majority of the shares in, and so control of, the company making the bid. The company has managerial rights.

All-cash deals
If a takeover of a company consists of simply an offer of an amount of money per share (as opposed to all or part of the payment being in shares or loan notes), then this is an all-cash deal.

The purchasing company can source the necessary cash in a variety of ways, including existing cash resources, loans, or a separate issue of company shares.

In the United Kingdom
Takeovers in the UK (meaning acquisitions of public companies only) are governed by the City Code on Takeovers and Mergers, also known as the 'City Code' or 'Takeover Code'. The rules for a takeover can be found in what is primarily known as 'The Blue Book'. The Code used to be a non-statutory set of rules that was controlled by city institutions on a theoretically voluntary basis. However, as a breach of the Code brought such reputational damage and the possibility of exclusion from city services run by those institutions, it was regarded as binding. In 2006, the Code was put onto a statutory footing as part of the UK's compliance with the European Takeover Directive (2004/25/EC).

The Code requires that all shareholders in a company should be treated equally. It regulates when and what information companies must and cannot release publicly in relation to the bid, sets timetables for certain aspects of the bid, and sets minimum bid levels following a previous purchase of shares.

In particular:
 * a shareholder must make an offer when its shareholding, including that of parties acting in concert (a "concert party"), reaches 30% of the target;
 * information relating to the bid must not be released except by announcements regulated by the Code;
 * the bidder must make an announcement if rumour or speculation have affected a company's share price;
 * the level of the offer must not be less than any price paid by the bidder in the twelve months before the announcement of a firm intention to make an offer;
 * if shares are bought during the offer period at a price higher than the offer price, the offer must be increased to that price;

The Rules Governing the Substantial Acquisition of Shares, which used to accompany the Code and which regulated the announcement of certain levels of shareholdings, have now been abolished, though similar provisions still exist in the Companies Act 1985.

Strategies
There are a variety of reasons why an acquiring company may wish to purchase another company. Some takeovers are opportunistic – the target company may simply be very reasonably priced for one reason or another and the acquiring company may decide that in the long run, it will end up making money by purchasing the target company. The large holding company Berkshire Hathaway has profited well over time by purchasing many companies opportunistically in this manner.

Other takeovers are strategic in that they are thought to have secondary effects beyond the simple effect of the profitability of the target company being added to the acquiring company's profitability. For example, an acquiring company may decide to purchase a company that is profitable and has good distribution capabilities in new areas which the acquiring company can use for its own products as well. A target company might be attractive because it allows the acquiring company to enter a new market without having to take on the risk, time and expense of starting a new division. An acquiring company could decide to take over a competitor not only because the competitor is profitable, but in order to eliminate competition in its field and make it easier, in the long term, to raise prices. Also a takeover could fulfill the belief that the combined company can be more profitable than the two companies would be separately due to a reduction of redundant functions.

Executive compensation
Takeovers may also benefit from a principal-agent problem associated with top executive compensation. For example, it is fairly easy for a top executive to reduce the price of their company's stock due to information asymmetry. The executive can accelerate accounting of expected expenses, delay accounting of expected revenue, engage in off-balance-sheet transactions to make the company's profitability appear temporarily poorer, or simply promote and report severely conservative (i.e. pessimistic) estimates of future earnings. Such seemingly adverse earnings news will be likely to (at least temporarily) reduce the company's stock price. (This is again due to information asymmetries since it is more common for top executives to do everything they can to window dress their company's earnings forecasts.) There are typically very few legal risks to being 'too conservative' in one's accounting and earnings estimates.

A reduced share price makes a company an easier takeover target. When the company gets bought out (or taken private) – at a dramatically lower price – the takeover artist gains a windfall from the former top executive's actions to surreptitiously reduce the company's stock price. This can represent tens of billions of dollars (questionably) transferred from previous shareholders to the takeover artist. The former top executive is then rewarded with a golden handshake for presiding over the fire sale that can sometimes be in the hundreds of millions of dollars for one or two years of work. This is nevertheless an excellent bargain for the takeover artist, who will tend to benefit from developing a reputation of being very generous to parting top executives. This is just one example of a principal-agent problem, otherwise regarded as perverse incentive.

Similar issues occur when a publicly held asset or non-profit organization undergoes privatization. Top executives often reap tremendous monetary benefits when a government owned or non-profit entity is sold to private hands. Just as in the example above, they can facilitate this process by making the entity appear to be in financial crisis. This perception can reduce the sale price (to the profit of the purchaser) and make non-profits and governments more likely to sell. It can also contribute to a public perception that private entities are more efficiently run, reinforcing the political will to sell off public assets.

Debt for equity
Takeovers also tend to substitute debt for equity. In a sense, any government tax policy of allowing for deduction of interest expenses but not of dividends, has essentially provided a substantial subsidy to takeovers. It can punish more-conservative or prudent management that does not allow their companies to leverage themselves into a high-risk position. High leverage will lead to high profits if circumstances go well but can lead to catastrophic failure if they do not. This can create substantial negative externalities for governments, employees, suppliers and other stakeholders.

Golden share
Corporate takeovers occur frequently in the United States, Canada, United Kingdom, France and Spain. They happen only occasionally in Italy because larger shareholders (typically controlling families) often have special board voting privileges designed to keep them in control. They do not happen often in Germany because of the dual board structure, nor in Japan because companies have interlocking sets of ownerships known as keiretsu, nor in the People's Republic of China because many publicly listed companies are state owned.

Tactics against hostile takeover
There are quite a few tactics or techniques which can be used to deter a hostile takeover.

 * Bankmail
 * Crown jewel defense
 * Golden parachute
 * Greenmail
 * Killer bees
 * Leveraged recapitalization
 * Lobster trap
 * Lock-up provision
 * Nancy Reagan defense
 * Non-voting stock
 * Pac-Man defense
 * Poison pill (shareholder rights plan)
 * Flip-in
 * Flip-over
 * Jonestown defense
 * Pension parachute
 * People pill
 * Voting plans
 * Safe harbor
 * Scorched-earth defense
 * Staggered board of directors
 * Standstill agreement
 * Targeted repurchase
 * Top-ups
 * Treasury stock
 * Gray knight
 * White knight
 * Whitemail

title: Takeover


text:
Hispanic

The term Hispanic (hispano) refers to people, cultures, or countries related to Spain, the Spanish language, or Hispanidad broadly. In some contexts, especially within the United States, "Hispanic" is used as an ethnic or meta-ethnic term.

The term commonly applies to Spaniards and Spanish-speaking (Hispanophone) populations and countries in Hispanic America (the continent) and Hispanic Africa (Equatorial Guinea and the disputed territory of Western Sahara), which were formerly part of the Spanish Empire due to colonization mainly between the 16th and 20th centuries. The cultures of Hispanophone countries outside Spain have been influenced as well by the local pre-Hispanic cultures or other foreign influences.

There was also Spanish influence in the former Spanish East Indies, including the Philippines, Marianas, and other nations. However, Spanish is not a predominant language in these regions and, as a result, their inhabitants are not usually considered Hispanic.

Hispanic culture is a set of customs, traditions, beliefs, and art forms in music, literature, dress, architecture, cuisine, and other cultural fields that are generally shared by peoples in Hispanic regions, but which can vary considerably from one country or territory to another. The Spanish language is the main cultural element shared by Hispanic peoples.

Terminology
The term Hispanic derives from the Latin word Hispanicus, the adjectival derivation of Hispania, which means of the Iberian peninsula and possibly Celtiberian origin. In English the word is attested from the 16th century (and in the late 19th century in American English).

The words Spain, Spanish, and Spaniard are of the same etymology as Hispanus, ultimately. Hispanus was the Latin name given to a person from Hispania during Roman rule. The ancient Roman Hispania, which roughly comprised what is currently called the Iberian Peninsula, included the contemporary states of Spain, Portugal, parts of France, Andorra, and the British Overseas Territory of Gibraltar. In English, the term Hispano-Roman is sometimes used. The Hispano-Romans were composed of people from many different Indigenous tribes, in addition to colonists from Italia. Some famous Hispani (plural of Hispanus) and Hispaniensis were the emperors Trajan, Marcus Aurelius, Hadrian, Theodosius I and Magnus Maximus, the poets Marcus Annaeus Lucanus, Martial and Prudentius, the philosophers Seneca the Elder and Seneca the Younger, and the usurper Maximus of Hispania. A number of these men, such as Trajan, Hadrian and others, were in fact descended from Roman colonial families.

Here follows a comparison of several terms related to Hispanic:
 * Hispania was the name of the Iberian Peninsula/Iberia from the 3rd century BC to the 8th AD, both as a Roman Empire province and immediately thereafter as a Visigothic kingdom, 5th–8th century.
 * Hispano-Roman is used to refer to the culture and people of Hispania, both during the Roman period and subsequent Visigothic period.
 * Hispanic is used to refer to modern Spain, to the Spanish language, and to the Spanish-speaking nations of the world, particularly the Americas.
 * Spanish is used to refer to the people, nationality, culture, language and other things of Spain.
 * Spaniard is used to refer to the people of Spain.

Hispania was divided into two provinces: Hispania Citerior and Hispania Ulterior. In 27 BC, Hispania Ulterior was divided into two new provinces, Hispania Baetica and Hispania Lusitania, while Hispania Citerior was renamed Hispania Tarraconensis. This division of Hispania explains the usage of the singular and plural forms (Spain, and The Spains) used to refer to the peninsula and its kingdoms in the Middle Ages.

Before the marriage of Queen Isabella I of Castile and King Ferdinand II of Aragon in 1469, the four Christian kingdoms of the Iberian Peninsula—the Kingdom of Portugal, the Crown of Aragon, the Crown of Castile, and the Kingdom of Navarre—were collectively called The Spains. This revival of the old Roman concept in the Middle Ages appears to have originated in Provençal, and was first documented at the end of the 11th century. In the Council of Constance, the four kingdoms shared one vote.

The terms Spain and the Spains were not interchangeable. Spain was a geographic territory, home to several kingdoms (Christian and Muslim), with separate governments, laws, languages, religions, and customs, and was the historical remnant of the Hispano-Gothic unity. Spain was not a political entity until much later, and when referring to the Middle Ages, one should not be confounded with the nation-state of today. The term The Spains referred specifically to a collective of juridico-political units, first the Christian kingdoms, and then the different kingdoms ruled by the same king. Illustrative of this fact is the historical ecclesiastical title of Primate of the Spains, traditionally claimed by the Archbishop of Braga, a Portuguese prelate.

With the Decretos de Nueva Planta, Philip V started to organize the fusion of his kingdoms that until then were ruled as distinct and independent, but this unification process lacked a formal and juridic proclamation.

Although colloquially and literally the expression "King of Spain" or "King of the Spains" was already widespread, it did not refer to a unified nation-state. It was only in the constitution of 1812 that was adopted the name Españas (Spains) for the Spanish nation and the use of the title of "king of the Spains". The constitution of 1876 adopts for the first time the name "Spain" for the Spanish nation and from then on the kings would use the title of "king of Spain". The expansion of the Spanish Empire between 1492 and 1898 brought thousands of Spanish migrants to the conquered lands, who established settlements, mainly in the Americas, but also in other distant parts of the world (as in the Philippines, the lone Spanish territory in Asia), producing a number of multiracial populations. Today, the varied populations of these places, including those with Spanish ancestry, are also designated as Hispanic.

Definitions in ancient Rome
The Latin gentile adjectives that belong to Hispania are Hispanus, Hispanicus, and Hispaniensis. A Hispanus is someone who is a native of Hispania with no foreign parents, while children born in Hispania of Roman parents were Hispanienses. Hispaniensis means 'connected in some way to Hispania', as in "Exercitus Hispaniensis" ('the Spanish army') or "mercatores Hispanienses" ('Spanish merchants'). Hispanicus implies 'of' or 'belonging to' Hispania or the Hispanus or of their fashion as in "gladius Hispanicus". The gentile adjectives were not ethnolinguistic but derived primarily on a geographic basis, from the toponym Hispania as the people of Hispania spoke different languages, although Titus Livius (Livy) said they could all understand each other, not making clear if they spoke dialects of the same language or were polyglots. The first recorded use of an anthroponym derived from the toponym Hispania is attested in one of the five fragments, of Ennius in 236 BC who wrote "Hispane, non Romane memoretis loqui me" ("Remember that I speak like a Hispanic not a Roman") as having been said by a native of Hispania.

Definitions in Portugal, Spain, the rest of Europe
In Portugal, Hispanic refers to something historical related to ancient Hispania (especially the terms Hispano-Roman and Hispania) or the Spanish language and cultures shared by all the Spanish-speaking countries. Although sharing the etymology for the word (pt: hispânico, es: hispánico), the definition for Hispanic is different between Portugal and Spain. The Royal Spanish Academy (Spanish: Real Academia Española, RAE), the official royal institution responsible for regulating the Spanish language defines the terms "hispano" and "hispánico" (which in Spain have slightly different meanings) as:

Hispano:
 * 1. A native of Hispania [Roman region]
 * 2. Belonging or relating to Hispania
 * 3. Spanish, as applied to a person
 * 4. Of or pertaining to Hispanic America
 * 5. Of or pertaining to the population of Hispanic American origin who live in the United States of America
 * 6. A person of this origin who lives in the United States of America

Hispánico
 * 1. Belonging or relating to ancient Hispania or the people inhabiting the region
 * 2. Belonging or relating to Spain and Spanish-speaking countries

The modern term to identify Portuguese and Spanish territories under a single nomenclature is "Iberian", and the one to refer to cultures derived from both countries in the Americas is "Iberian-American". These designations can be mutually recognized by people in Portugal and Brazil. "Hispanic" is totally void of any self-identification in Brazil, and quite to the contrary, serves the purpose of marking a clear distinction in relation to neighboring countries' culture. Brazilians may identify as Latin Americans, but refute being considered Hispanics because their language and culture are neither part of the Hispanic cultural sphere, nor Spanish-speaking world.

In Spanish, the term "hispano", as in "hispanoamericano", refers to the people of Spanish origin who live in the Americas and to a relationship to Spain or to the Spanish language. There are people in Hispanic America that are not of Spanish origin, such as Amerindians- the original people of these areas, as well as Africans and people with origins from other parts of Europe.

Like in Portugal, in the rest of Europe (and wider world) the concept of 'Hispanic' refers to historical ancient Hispania (especially the term hispano-roman and Hispania during the Roman Empire) or the Spanish language and cultures shared by all the Spanish-speaking countries.

Definitions in the United States
Both Hispanic and Latino are widely used in American English for Spanish-speaking people and their descendants in the United States. While Hispanic refers to Spanish speakers overall, Latino refers specifically to people of Latin American descent. Hispanic can also be used for the people and culture of Spain as well as Latin America. While originally the term Hispanic referred primarily to the Hispanos of New Mexico within the United States, today, organizations in the country use the term as a broad catchall to refer to persons with a historical and cultural relationship with Spain regardless of race and ethnicity. The United States Census Bureau uses Hispanic or Latino to refer to a person of Cuban, Mexican, Puerto Rican, South or Central American, or other Spanish culture or origin regardless of race and states that Hispanics or Latinos can be of any race and any ancestry.

Because of the technical distinctions involved in defining "race" vs. "ethnicity", there is confusion among the general population about the designation of Hispanic identity. Currently, the United States Census Bureau defines six race categories:
 * White or Caucasian
 * Black or African American
 * American Indian or Alaska Native
 * Asian
 * Native Hawaiian or Other Pacific Islander
 * Some Other Race

A 1997 notice by the U.S. Office of Management and Budget defined Hispanic or Latino persons as being "persons who trace their origin or descent to Mexico, Puerto Rico, Cuba, Central and South America, and other Spanish cultures." The United States Census uses the ethnonyms Hispanic or Latino to refer to "a person of Cuban, Mexican, Puerto Rican, South or Central American, or other Hispanic culture or origin regardless of race."

The 2010 census asked if the person was "Spanish/Hispanic/Latino". The United States census uses the Hispanic or Latino to refer to "a person of Cuban, Mexican, Puerto Rican, South or Central American, or other Spanish culture or origin regardless of race." The Census Bureau also explains that "[o]rigin can be viewed as the heritage, nationality group, lineage, or country of birth of the person or the person's ancestors before their arrival in the United States. People who identify their origin as Hispanic, Latino or Spanish may be of any race."

The U.S. Department of Transportation defines Hispanic as, "persons of Mexican, Puerto Rican, Cuban, Central or South American, or other Spanish culture or origin, regardless of race." This definition has been adopted by the Small Business Administration as well as by many federal, state, and municipal agencies for the purposes of awarding government contracts to minority owned businesses. The Congressional Hispanic Caucus and the Congressional Hispanic Conference include representatives of Spanish and Portuguese, Puerto Rican and Mexican descent. The Hispanic Society of America is dedicated to the study of the arts and cultures of the Hispanic and Lusitanic world. The Hispanic Association of Colleges and Universities, proclaimed champions of Hispanic success in higher education, is committed to Hispanic educational success in the United States, and the Hispanic and Lusitanic world.

The U.S. Equal Employment Opportunity Commission encourages any individual who believes that he or she is Hispanic to self-identify as Hispanic. The United States Department of Labor – Office of Federal Contract Compliance Programs encourages the same self-identification. As a result, individuals with origins to part of the Spanish Empire may self-identify as Hispanic, because an employer may not override an individual's self-identification.

The 1970 census was the first time that a "Hispanic" identifier was used and data collected with the question. The definition of "Hispanic" has been modified in each successive census.

In a recent study, most Spanish-speakers of Spanish or Hispanic American descent do not prefer the term Hispanic or Latino when it comes to describing their identity. Instead, they prefer to be identified by their country of origin. When asked if they have a preference for either being identified as Hispanic or Latino, the Pew study finds that "half (51%) say they have no preference for either term." Among those who do express a preference, "'Hispanic' is preferred over 'Latino' by more than a two-to-one margin—33% versus 14%." 21% prefer to be referred to simply as "Americans". A majority (51%) say they most often identify themselves by their family's country of origin, while 24% say they prefer a pan-ethnic label such as Hispanic or Latino.

Culture
The Miguel de Cervantes Prize is awarded to Hispanic writers, whereas the Latin Grammy Award recognizes Hispanic musicians, and the Platino Awards as given to outstanding Hispanic films.

Music
Folk and popular dance and music also varies greatly among Hispanics. For instance, the music from Spain is a lot different from the Hispanic American, although there is a high grade of exchange between both continents. In addition, due to the high national development of the diverse nationalities and regions of Spain, there is a lot of music in the different languages of the Peninsula (Catalan, Galician and Basque, mainly). See, for instance, Music of Catalonia or Rock català, Music of Galicia, Cantabria and Asturias, and Basque music. Flamenco is also a very popular music style in Spain, especially in Andalusia. Spanish ballads "romances" can be traced in Argentina as "milongas", same structure but different scenarios.

On the other side of the ocean, Hispanic America is also home to a wide variety of music, even though Latin music is often erroneously thought of, as a single genre. Hispanic Caribbean music tends to favor complex polyrhythms of African origin. Mexican music shows combined influences of mostly European and Native American origin, while traditional Northern Mexican music—norteño and banda— polka, has influence from polka music brought by Central European settlers to Mexico which later influenced western music. The music of Hispanic Americans—such as tejano music—has influences in rock, jazz, R&B, pop, and country music as well as traditional Mexican music such as Mariachi. Meanwhile, native Andean sounds and melodies are the backbone of Peruvian and Bolivian music, but also play a significant role in the popular music of most South American countries and are heavily incorporated into the folk music of Ecuador and the tunes of Colombia, and in Chile where they play a fundamental role in the form of the greatly followed nueva canción. In U.S. communities of immigrants from these countries it is common to hear these styles. Rock en español, Latin hip-hop, Salsa, Merengue, Bachata, Cumbia and Reggaeton styles tend to appeal to the broader Hispanic population, and varieties of Cuban music are popular with many Hispanics of all backgrounds.

Literature

Spanish-language literature and folklore is very rich and is influenced by a variety of countries. There are thousands of writers from many places, and dating from the Middle Ages to the present. Some of the most recognized writers are:

 * Spain: Miguel de Cervantes Saavedra, Lope de Vega, Calderón de la Barca, Federico García Lorca, Miguel de Unamuno,
 * Philippines: Jose Rizal, Luis Rodriguez Varela, Jesus Balmori
 * Mexico: Carlos Fuentes, Octavio Paz,
 * Guatemala: Miguel Ángel Asturias,
 * U.S.: George Santayana, Sabine Ulibarri,
 * Cuba: José Martí,
 * Colombia: Gabriel García Márquez, Rafael Pombo,
 * Uruguay: Horacio Quiroga, Cristina Peri Rossi,
 * Venezuela: Rómulo Gallegos,
 * Nicaragua: Rubén Darío,
 * Peru: Mario Vargas Llosa, Ciro Alegría
 * Argentina: Luisa Valenzuela, Julio Cortázar, Jorge Luis Borges, Ernesto Sabato
 * Honduras: Roberto Quesada,
 * Chile: Pablo Neruda, Gabriela Mistral,
 * Dominican Republic: Pedro Henríquez Ureña,
 * Equatorial Guinea: Juan Tomás Ávila Laurel,
 * Costa Rica: Joaquin Garcia Monge and
 * Ecuador: Juan León Mera.

Sports
In the majority of the Hispanic countries, association football is the most popular sport. The men's national teams of Argentina, Uruguay and Spain have won the FIFA World Cup a total six times. The Spanish La Liga is one of the most popular in the world, known for FC Barcelona and Real Madrid. Meanwhile, the Argentine Primera División is one of the strongest leagues in the Americas.

However, baseball is the most popular sport in some Central American and Caribbean countries (especially Cuba, Dominican Republic, Puerto Rico, and Venezuela), as well as in the diaspora in the United States. Notable Hispanic teams in early baseball are the All Cubans, Cuban Stars and New York Cubans. The Hispanic Heritage Baseball Museum recognizes Hispanic baseball personalities. Nearly 30 percent (22 percent foreign-born Hispanics) of MLB players today have Hispanic heritage.

Several Hispanic sportspeople have been successful worldwide, such as Diego Maradona, Alfredo di Stefano, Lionel Messi, Diego Forlán, Fernando Torres, Xavi, Andrés Iniesta, Iker Casillas, Xabi Alonso (association football), Juan Manuel Fangio, Juan Pablo Montoya, Eliseo Salazar, Fernando Alonso, Marc Gené, Carlos Sainz Sr. and Carlos Sainz Jr. (auto racing), Ángel Nieto, Dani Pedrosa, Jorge Lorenzo, Marc Márquez, Marc Coma, Nani Roma (motorcycle racing), Emanuel Ginóbili, Pau Gasol, Marc Gasol (basketball), Julio César Chávez, Saúl Álvarez, Carlos Monzón (boxing), Miguel Indurain, Alberto Contador, Santiago Botero, Rigoberto Urán, Nairo Quintana (cycling), Roberto de Vicenzo, Ángel Cabrera, Sergio García, Severiano Ballesteros, José María Olazábal (golf), Luciana Aymar (field hockey), Rafael Nadal, Marcelo Ríos, Guillermo Vilas, Gabriela Sabatini, Juan Martín del Potro (tennis).

Notable Hispanic sports television networks are ESPN Deportes, Fox Deportes and TyC Sports.

Religion
The Spanish and the Portuguese took the Catholic faith to their colonies in the Americas, Africa, and Asia; Catholicism remains the predominant religion amongst most Hispanics. A small but growing number of Hispanics belong to a Protestant denomination. Hispanic Christians form the largest ethno-linguistic group among Christians in the world, about 18% of the world's Christian population are Hispanic (around 430 millions).

In the United States, some 65% of Hispanics and Latinos report themselves Catholic and 21% Protestant, with 13% having no affiliation. A minority among the Catholics, about one in five, are charismatics. Among the Protestant, 85% are "Born-again Christians" and belong to Evangelical or Pentecostal churches. Among the smallest groups, less than 4%, are Jewish.

Christianity
Among the Spanish-speaking Catholics, most communities celebrate their homeland's patron saint, dedicating a day for this purpose with festivals and religious services. Some Spanish-speakers in Latin America syncretize Roman Catholicism and African or Native American rituals and beliefs. Such is the case of Santería, popular with Afro-Cubans, which combines old African beliefs in the form of Roman Catholic saints and rituals. Other syncretistic beliefs include Spiritism and Curanderismo. In Catholic tradition, Our Lady of the Pillar is considered the Patroness of the Hispanic people and the Hispanic world.

Islam
While a tiny minority, there are some Muslims in Latin America, in the United States, and in the Philippines. Those in the Philippines live predominantly in Bangsamoro.

Judaism
There are also Spanish-speaking Jews, most of whom are the descendants of Ashkenazi Jews who migrated from Europe (German Jews, Russian Jews, Polish Jews, etc.) to Hispanic America, particularly Argentina, Uruguay, Peru, and Cuba (Argentina is host to the third-largest Jewish population in the Western Hemisphere, after the United States and Canada) in the 19th century and following World War II. Many Spanish-speaking Jews also originate from the small communities of reconverted descendants of anusim—those whose Spanish Sephardi Jewish ancestors long ago hid their Jewish ancestry and beliefs in fear of persecution by the Spanish Inquisition in the Iberian Peninsula and Ibero-America. The Spanish Inquisition led to many forced conversions of Spanish Jews.

Genetic studies on the (male) Y-chromosome conducted by the University of Leeds in 2008 appear to support the idea that the number of forced conversions have been previously underestimated significantly. They found that twenty percent of Spanish males have Y-chromosomes associated with Sephardic Jewish ancestry. This may imply that there were more forced conversions than was previously thought.

There are also thought to be many Catholic-professing descendants of marranos and Spanish-speaking crypto-Jews in the Southwestern United States and scattered through Hispanic America. Additionally, there are Sephardic Jews who are descendants of those Jews who fled Spain to Turkey, Syria, and North Africa, some of whom have now migrated to Hispanic America, holding on to some Spanish/Sephardic customs, such as the Ladino language, which mixes Spanish, Hebrew, Arabic and others, though written with Hebrew and Latin characters. Ladinos were also African slaves captive in Spain held prior to the colonial period in the Americas. (See also History of the Jews in Hispanic America and List of Hispanic American Jews.)

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Market liquidity

In business, economics or investment, market liquidity is a market's feature whereby an individual or firm can quickly purchase or sell an asset without causing a drastic change in the asset's price. Liquidity involves the trade-off between the price at which an asset can be sold, and how quickly it can be sold. In a liquid market, the trade-off is mild: one can sell quickly without having to accept a significantly lower price. In a relatively illiquid market, an asset must be discounted in order to sell quickly. Money, or cash, is the most liquid asset because it can be exchanged for goods and services instantly at face value.

Overview
A liquid asset has some or all of the following features: It can be sold rapidly, with minimal loss of value, anytime within market hours. The essential characteristic of a liquid market is that there are always ready and willing buyers and sellers. It is similar to, but distinct from, market depth, which relates to the trade-off between quantity being sold and the price it can be sold for, rather than the liquidity trade-off between speed of sale and the price it can be sold for. A market may be considered both deep and liquid if there are ready and willing buyers and sellers in large quantities.

An illiquid asset is an asset which is not readily salable (without a drastic price reduction, and sometimes not at any price) due to uncertainty about its value or the lack of a market in which it is regularly traded. The mortgage-related assets which resulted in the subprime mortgage crisis are examples of illiquid assets, as their value was not readily determinable despite being secured by real property. Before the crisis, they had moderate liquidity because it was believed that their value was generally known.

Speculators and market makers are key contributors to the liquidity of a market or asset. Speculators are individuals or institutions that seek to profit from anticipated increases or decreases in a particular market price. Market makers seek to profit by charging for the immediacy of execution: either implicitly by earning a bid/ask spread or explicitly by charging execution commissions. By doing this, they provide the capital needed to facilitate the liquidity. The risk of illiquidity does not apply only to individual investments: whole portfolios are subject to market risk. Financial institutions and asset managers that oversee portfolios are subject to what is called "structural" and "contingent" liquidity risk. Structural liquidity risk, sometimes called funding liquidity risk, is the risk associated with funding asset portfolios in the normal course of business. Contingent liquidity risk is the risk associated with finding additional funds or replacing maturing liabilities under potential, future-stressed market conditions. When a central bank tries to influence the liquidity (supply) of money, this process is known as open market operations.

Effect on asset values
The market liquidity of assets affects their prices and expected returns. Theory and empirical evidence suggest that investors require higher return on assets with lower market liquidity to compensate them for the higher cost of trading these assets. That is, for an asset with given cash flow, the higher its market liquidity, the higher its price and the lower is its expected return. In addition, risk-averse investors require higher expected return if the asset's market-liquidity risk is greater. This risk involves the exposure of the asset return to shocks in overall market liquidity, the exposure of the asset's own liquidity to shocks in market liquidity and the effect of market return on the asset's own liquidity. Here too, the higher the liquidity risk, the higher the expected return on the asset or the lower is its price.

One example of this is a comparison of assets with and without a liquid secondary market. The liquidity discount is the reduced promised yield or expected return for such assets, like the difference between newly issued U.S. Treasury bonds compared to off the run treasuries with the same term to maturity. Initial buyers know that other investors are less willing to buy off-the-run treasuries, so the newly issued bonds have a higher price (and hence lower yield).

Futures
In the futures markets, there is no assurance that a liquid market may exist for offsetting a commodity contract at all times. Some future contracts and specific delivery months tend to have increasingly more trading activity and have higher liquidity than others. The most useful indicators of liquidity for these contracts are the trading volume and open interest.

There is also dark liquidity, referring to transactions that occur off-exchange and are therefore not visible to investors until after the transaction is complete. It does not contribute to public price discovery.

Banking
In banking, liquidity is the ability to meet obligations when they come due without incurring unacceptable losses. Managing liquidity is a daily process requiring bankers to monitor and project cash flows to ensure adequate liquidity is maintained. Maintaining a balance between short-term assets and short-term liabilities is critical. For an individual bank, clients' deposits are its primary liabilities (in the sense that the bank is meant to give back all client deposits on demand), whereas reserves and loans are its primary assets (in the sense that these loans are owed to the bank, not by the bank). The investment portfolio represents a smaller portion of assets, and serves as the primary source of liquidity. Investment securities can be liquidated to satisfy deposit withdrawals and increased loan demand. Banks have several additional options for generating liquidity, such as selling loans, borrowing from other banks, borrowing from a central bank, such as the US Federal Reserve bank, and raising additional capital. In a worst-case scenario, depositors may demand their funds when the bank is unable to generate adequate cash without incurring substantial financial losses. In severe cases, this may result in a bank run.

Banks can generally maintain as much liquidity as desired because bank deposits are insured by governments in most developed countries. A lack of liquidity can be remedied by raising deposit rates and effectively marketing deposit products. However, an important measure of a bank's value and success is the cost of liquidity. A bank can attract significant liquid funds. Lower costs generate stronger profits, more stability, and more confidence among depositors, investors, and regulators.

Stock market
The market liquidity of stock depends on whether it is listed on an exchange and the level of buyer interest. The bid/ask spread is one indicator of a stock's liquidity. For liquid stocks, such as Microsoft or General Electric, the spread is often just a few pennies – much less than 1% of the price. For illiquid stocks, the spread can be much larger, amounting to a few percent of the trading price.

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Sorghum (genus)

Sorghum or broomcorn is a genus of about 25 species of flowering plants in the grass family (Poaceae). Sorghum bicolor is grown as a cereals for human consumption and as animal fodder.

Phylogeny
The Sorghum genus is closely related to maize within the PACMAD clade of grasses, and more distantly to the cereals of the BOP clade such as wheat and barley.

Taxonomy
The Sorghum genus is in the grass family, Poaceae, in the subfamily Panicoideae, in the tribe Andropogoneae – the same as maize (Zea mays), big bluestem (Andropogon gerardi), and sugarcane (Saccharum spp.). Accepted species recorded include:

• Sorghum amplum – northwestern Australia

• Sorghum angustum – Queensland

• Sorghum arundinaceum – Africa, Indian Subcontinent, Madagascar, islands of the western Indian Ocean

• Sorghum bicolor – cultivated sorghum, also known as durra, jowari, or milo. Native to Sahel region of Africa; naturalized in many places

• Sorghum brachypodum – Northern Territory of Australia

• Sorghum bulbosum – Northern Territory, Western Australia

• Sorghum burmahicum – Thailand, Myanmar

• Sorghum controversum – India

• Sorghum × drummondii – Sahel and West Africa

• Sorghum ecarinatum – Northern Territory, Western Australia

• Sorghum exstans – Northern Territory of Australia

• Sorghum grande – Northern Territory, Queensland

• Sorghum halepense – Johnson grass – North Africa, islands of eastern Atlantic, southern Asia from Lebanon to Vietnam; naturalized in East Asia, Australia, the Americas

• Sorghum interjectum – Northern Territory, Western Australia

• Sorghum intrans – Northern Territory, Western Australia

• Sorghum laxiflorum – Philippines, Lesser Sunda Islands, Sulawesi, New Guinea, northern Australia

• Sorghum leiocladum – Queensland, New South Wales, Victoria

• Sorghum macrospermum – Northern Territory of Australia

• Sorghum matarankense – Northern Territory, Western Australia

• Sorghum nitidum – East Asia, Indian Subcontinent, Southeast Asia, New Guinea, Micronesia

• Sorghum plumosum – Australia, New Guinea, Indonesia

• Sorghum propinquum – China, Indian Subcontinent, Southeast Asia, New Guinea, Christmas Island, Micronesia, Cook Islands

• Sorghum purpureosericeum – Sahel from Mali to Tanzania; Yemen, Oman, India

• Sorghum stipoideum – Northern Territory, Western Australia

• Sorghum timorense – Lesser Sunda Islands, Maluku, New Guinea, northern Australia

• Sorghum trichocladum – Mexico, Guatemala, Honduras

• Sorghum versicolor – eastern + southern Africa from Ethiopia to Namibia; Oman

• Sorghum virgatum – dry regions from Senegal to the Levant.

Seventeen of the 25 species are native to Australia, with the range of some extending to Africa, Asia, Mesoamerica, and certain islands in the Indian and Pacific Oceans.

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Lakota people

The Lakota (pronounced ; ) are a Native American people. Also known as the Teton Sioux (from Thítȟuŋwaŋ), they are one of the three prominent subcultures of the Sioux people, with the Eastern Dakota (Santee) and Western Dakota (Wičhíyena). Their current lands are in North and South Dakota. They speak Lakȟótiyapi—the Lakota language, the westernmost of three closely related languages that belong to the Siouan language family.

The seven bands or "sub-tribes" of the Lakota are:

 * Sičháŋǧu (Brulé, Burned Thighs)
 * Oglála ("They Scatter Their Own")
 * Itázipčho (Sans Arc, Without Bows)
 * Húŋkpapȟa (Hunkpapa, "End Village", Camps at the End of the Camp Circle)
 * Mnikȟówožu (Miniconjou, "Plant Near Water", Planters by the Water)
 * Sihásapa ("Blackfeet” or “Blackfoot")
 * Oóhenuŋpa (Two Kettles)

Notable Lakota persons include Tȟatȟáŋka Íyotake (Sitting Bull) from the Húnkpapȟa, Maȟpíya Ičáȟtagya (Touch the Clouds) from the Miniconjou; Heȟáka Sápa (Black Elk), Maȟpíya Lúta (Red Cloud), and Tamakhóčhe Theȟíla (Billy Mills) - all Oglála; Tȟašúŋke Witkó (Crazy Horse) from the Oglála and Miniconjou, and Siŋté Glešká (Spotted Tail) from the Brulé. Activists from the late twentieth century to present include Russell Means (Oglála).

History

Siouan language speakers may have originated in the lower Mississippi River region and then migrated to or originated in the Ohio Valley. They were agriculturalists and may have been part of the Mound Builder civilization during the 9th–12th centuries CE. Lakota legend and other sources state they originally lived near the Great Lakes: "The tribes of the Dakota before European contact in the 1600s lived in the region around Lake Superior. In this forest environment, they lived by hunting, fishing, and gathering wild rice. They also grew some corn, but their locale was near the limit of where corn could be grown."

In the late 16th and early 17th centuries, Dakota-Lakota speakers lived in the upper Mississippi Region in territory now organized as the states of Minnesota, Wisconsin, Iowa, and the Dakotas. Conflicts with Anishnaabe and Cree peoples pushed the Lakota west onto the Great Plains in the mid- to late-17th century.

Early Lakota history is recorded in their winter counts (Lakota: waníyetu wówapi), pictorial calendars painted on hides, or later recorded on paper. The 'Battiste Good winter count' records Lakota history to 900 CE when White Buffalo Calf Woman gave the Lakota people the White Buffalo Calf Pipe.

Around 1730 Cheyenne people introduced the Lakota to horses, which they called šuŋkawakaŋ ("dog [of] power/mystery/wonder"). After they adopted horse culture, Lakota society centered on the buffalo hunt on horseback. In 1660 French explorers estimated the total population of the Sioux (Lakota, Santee, Yankton, and Yanktonai) at 28,000.

The Lakota population was estimated at 8,500 in 1805; it grew steadily and reached 16,110 in 1881. They were one of the few Native American tribes to increase in population in the 19th century, a time of widespread disease and warfare. By 2010 the number of Lakota had increased to more than 170,000, of whom about 2,000 still spoke the Lakota language (Lakȟótiyapi).

After 1720, the Lakota branch of the Seven Council Fires split into two major sects, the Saône, who moved to the Lake Traverse area on the South Dakota–North Dakota–Minnesota border, and the Oglála-Sičháŋǧu, who occupied the James River valley. However, by about 1750 the Saône had moved to the east bank of the Missouri River, followed 10 years later by the Oglála and Brulé (Sičháŋǧu).

The large and powerful Arikara, Mandan, and Hidatsa villages had long prevented the Lakota from crossing the Missouri River. However, the great smallpox epidemic of 1772–1780 destroyed three-quarters of the members of these tribes. The Lakota crossed the river into the drier, short-grass prairies of the High Plains. These newcomers were the Saône, well-mounted and increasingly confident, who spread out quickly. In 1765, a Saône exploring and raiding party led by Chief Standing Bear discovered the Black Hills (the Paha Sapa), then the territory of the Cheyenne. Ten years later, the Oglála and Brulé also crossed the Missouri. Under pressure from the Lakota, the Cheyenne moved west to the Powder River country. The Lakota made the Black Hills their home.

Initial United States contact with the Lakota during the Lewis and Clark Expedition of 1804–1806 was marked by a standoff. Lakota bands refused to allow the explorers to continue upstream, and the expedition prepared for battle, which never came.

Some bands of Lakota became the first indigenous people to help the United States Army in an inter-tribal war west of the Missouri, during the Arikara War in 1823.

In 1843, the southern Lakota attacked the village of Pawnee Chief Blue Coat near the Loup in Nebraska, killing many and burning half of the earth lodges. The next time the Lakota inflicted a blow so severe to the Pawnee would be in 1873, during the Massacre Canyon battle near Republican River.

Nearly half a century later, after the United States had built Fort Laramie without permission on Lakota land, it negotiated the Fort Laramie Treaty of 1851 to protect European-American travelers on the Oregon Trail. The Cheyenne and Lakota had previously attacked emigrant parties in a competition for resources, and also because some settlers had encroached on their lands. The Fort Laramie Treaty acknowledged Lakota sovereignty over the Great Plains in exchange for free passage for European Americans on the Oregon Trail for "as long as the river flows and the eagle flies".

The U.S. government did not enforce the treaty restriction against unauthorized settlement, and Lakota and other bands attacked settlers and even emigrant trains as part of their resistance to this encroachment. Public pressure increased for the U.S. Army to punish them. On September 3, 1855, 700 soldiers under U.S. Brevet Major General William S. Harney avenged the Grattan massacre by attacking a Lakota village in Nebraska, killing about 100 men, women, and children. A series of short "wars" followed, and in 1862–1864, as Native American refugees from the "Dakota War of 1862" in Minnesota fled west to their allies in Montana and Dakota Territory. After the American Civil War increasing illegal settlement by whites on the Plains resulted in war again with the Lakota.

The Black Hills were considered sacred by the Lakota, and they objected to mining. Between 1866 and 1868 the U.S. Army fought the Lakota and their allies along the Bozeman Trail over U.S. forts built to protect miners traveling along the trail. Oglala Chief Red Cloud led his people to victory in Red Cloud's War. In 1868, the United States signed the Fort Laramie Treaty of 1868, exempting the Black Hills from all white settlement forever. But four years later gold was discovered there, and prospectors descended on the area.

The Lakota attacks on settlers and miners were met by military force conducted by such army commanders as Lieutenant Colonel George Armstrong Custer. General Philip Sheridan encouraged his troops to hunt and kill the buffalo as a means of "destroying the Indians' commissary."

The allied Lakota and Arapaho bands and the unified Northern Cheyenne were involved in much of the warfare after 1860. They fought a successful delaying action against General George Crook's army at the Battle of the Rosebud, preventing Crook from locating and attacking their camp.

A week later they defeated the U.S. 7th Cavalry in 1876 at the Battle of the Greasy Grass at the Crow Indian Reservation (1868 boundaries). Custer attacked an encampment of several tribes, which was much larger than he realized. Their combined forces, led by Chief Crazy Horse, killed 258 soldiers, wiping out the entire Custer battalion in the Battle of the Little Bighorn, and inflicting more than 50% casualties on the regiment.

Thought the Lakota beat Custer's army, the Lakota and their allies did not get to enjoy their victory over the U.S. Army for long. The U.S. Congress authorized funds to expand the army by 2,500 men. The reinforced U.S. Army defeated the Lakota bands in a series of battles, finally ending the Great Sioux War in 1877. The Lakota were eventually confined to reservations, prevented from hunting buffalo beyond those territories, and forced to accept government food distribution. They were largely distributed amongst North and South Dakota, as well as other places around the United States.

In 1877, some of the Lakota bands signed a treaty that ceded the Black Hills to the United States; however, the nature of this treaty and its passage were controversial. The number of Lakota leaders who backed the treaty is highly disputed. Low-intensity conflicts continued in the Black Hills. Fourteen years later, Sitting Bull was killed at Standing Rock reservation on December 15, 1890. The U.S. Army attacked Spotted Elk (aka Bigfoot)'s Minicoujou band of Lakota on December 29, 1890, at Pine Ridge, killing 153 Lakota (tribal estimates are higher), including numerous women and children, in the Wounded Knee Massacre.

Today, the Lakota are found mostly in the five reservations of western South Dakota:

 * Pine Ridge Indian Reservation, home of the Oglála, the most numerous of the Lakota bands.
 * Rosebud Indian Reservation, home of the Upper Sičhánǧu or Brulé.
 * Lower Brule Indian Reservation, home of the Lower Sičhaŋǧu.
 * Cheyenne River Indian Reservation, home of several other of the seven Lakota bands, including the Mnikȟówožu, Itázipčho, Sihásapa, and Oóhenumpa.
 * Standing Rock Indian Reservation, home of the Húŋkpapȟa and to people from many other bands.

Lakota also live on the Fort Peck Indian Reservation in northeastern Montana, the Fort Berthold Indian Reservation of northwestern North Dakota, and several small reserves in Saskatchewan and Manitoba. During the Minnesota and Black Hills wars, their ancestors fled for refuge to "Grandmother's [i.e. Queen Victoria's] Land" (Canada).

Large numbers of Lakota live in Rapid City and other towns in the Black Hills, and in metro Denver. Lakota elders joined the Unrepresented Nations and Peoples Organization (UNPO) to seek protection and recognition for their cultural and land rights.

United States
Legally and by treaty classified as a "domestic dependent nation" within the United States, the federally recognized Lakota tribes are represented locally by officials elected to councils for the several reservations and communities in the Dakotas, Minnesota, and Nebraska. These tribes have government-to-government relationships with the United States federal government, primarily through the Bureau of Indian Affairs in the Department of Interior.

As semi-autonomous political entities, tribal governments have certain rights to independent of state laws. For instance, they may operate Indian gaming on their reservation based on the Indian Gaming Regulatory Act of 1988. They operate with the federal government. These relationship are negotiated and contested.

Most Lakota tribal members are also citizens of the United States. They can vote in local, state/provincial and federal elections. They are represented at the state and national level by officials elected from the political districts of their respective states and Congressional Districts.

Tribal members living both on and off the individual reservations are eligible to vote in periodic elections for that tribe. Each tribe has its own requirements for citizenship, as well its own constitution, bylaws, and elections. or articles of incorporation. Most follow a multi-member tribal council model, with a chairman or president elected at-large, directly by the voters.

 * The current President of the Oglala Sioux, the majority tribe of the Lakota located primarily on the Pine Ridge reservation, is Kevin Killer.
 * The President of the Sičháŋǧu Lakota at the Rosebud reservation is Rodney M. Bordeaux.
 * The Chairwoman of the Standing Rock reservation, which includes peoples from several Lakota subgroups including the Húŋkpapȟa, is Janet Alkire.
 * The Chairman of the Cheyenne River Sioux Tribe at the Cheyenne River reservation, comprising the Mnikȟówožu, Itázipčho, Sihá Sápa, and Oóhenuŋpa bands of the Lakota, is Harold Frazier.
 * The Chairman of the Lower Brule Sioux Tribe (also known as the Lower Sicangu Lakota), is Boyd I. Gourneau.

Canada
Nine bands of Dakota and Lakota reside in Manitoba and southern Saskatchewan, with a total of 6,000 registered members. They are recognized as First Nations but are not considered "treaty Indians". As First Nations they receive rights and entitlements through the Crown–Indigenous Relations and Northern Affairs Canada department. But because they are not recognized as treaty Indians, they did not participate in the land settlement and natural resource revenues. The Dakota rejected a $60-million land-rights settlement in 2008.

Independence movement

The Lakota are among tribal nations that have taken actions, participated in occupations, and proposed independence movements, particularly since the era of rising activism since the mid to late 20th century. They filed land claims against the federal government for what they defined as illegal taking of the Black Hills in the nineteenth century.

In 1980, the Supreme Court ruled in their favor and decided in United States v. Sioux Nation of Indians to award US$122 million to eight bands of Sioux Indians as compensation for their Black Hills land claims. The Sioux have refused the money, because accepting the settlement would legally terminate their demands for return of the Black Hills. The money remains in a Bureau of Indian Affairs account, accruing compound interest. As of 2011, the account has grown to over $1 billion.

In September 2007, the United Nations passed a non-binding Declaration on the Rights of Indigenous Peoples. Canada, the United States, Australia, and New Zealand refused to sign.

On December 20, 2007, a small group of people led by American Indian Movement activist Russell Means, under the name Lakota Freedom Delegation, traveled to Washington D.C. to announce a withdrawal of the Lakota Sioux from all treaties with the United States government. These activists had no standing under any elected tribal government.

Official Lakota tribal leaders issued public responses to the effect that, in the words of Rosebud Lakota tribal chairman Rodney Bordeaux, "We do not support what Means and his group are doing and they don't have any support from any tribal government I know of. They don't speak for us."

Means declared "The Republic of Lakotah", defining it as a sovereign nation with property rights over thousands of square miles in South Dakota, North Dakota, Nebraska, Wyoming and Montana. The group stated that they do not act for or represent the tribal governments "set up by the BIA or those Lakota who support the BIA system of government".

"The Lakota Freedom Delegation" did not include any elected leaders from any of the tribes. Means had previously run for president of the Oglala Sioux tribe and twice been defeated. Several tribal governments – elected by tribal members – issued statements distancing themselves from the independence declaration. Some said that they were watching the independent movement closely. No elected tribal governments endorsed the declaration.

Current activism
The Lakota People made national news when NPR's "Lost Children, Shattered Families" investigative story aired regarding issues related to foster care for Native American children. It exposed what many critics consider to be the "kidnapping" of Lakota children from their homes by the state of South Dakota's Department of Social Services (D.S.S.). It was noted by NPR that over half of the children in foster care in South Dakota were of Native descent. Lakota activists such as Madonna Thunder Hawk and Chase Iron Eyes, along with the Lakota People’s Law Project, have alleged that Lakota grandmothers are illegally denied the right to foster their own grandchildren. They are working to redirect federal funding away from the state of South Dakota's D.S.S. to new tribal foster care programs. This would be a historic shift away from the state's traditional control over Lakota foster children.

A short film, Lakota in America, was produced by Square. The film features Genevieve Iron Lightning, a young Lakota dancer on the Cheyenne River Reservation, one of the poorest communities in the United States. Unemployment, addiction, alcoholism, and suicide are all challenges for Lakota on the reservation.

Ethnonyms
The name Lakota comes from the Lakota autonym, Lakota "feeling affection, friendly, united, allied". The early French historic documents did not distinguish a separate Teton division, instead grouping them with other "Sioux of the West," Santee and Yankton bands.

The names Teton and Tetuwan come from the Lakota name thítȟuŋwaŋ, the meaning of which is obscure. This term was used to refer to the Lakota by non-Lakota Sioux groups. Other derivations and spelling variations include: ti tanka, Tintonyanyan, Titon, Tintonha, Thintohas, Tinthenha, Tinton, Thuntotas, Tintones, Tintoner, Tintinhos, Ten-ton-ha, Thinthonha, Tinthonha, Tentouha, Tintonwans, Tindaw, Tinthow, Atintons, Anthontans, Atentons, Atintans, Atrutons, Titoba, Tetongues, Teton Sioux, Teeton, Ti toan, Teetwawn, Teetwans, Ti-t’-wawn, Ti-twans, Tit’wan, Tetans, Tieton, and Teetonwan.

Early French sources call the Lakota Sioux with an additional modifier, such as Sioux of the West, West Schious, Sioux des prairies, Sioux occidentaux, Sioux of the Meadows, Nadooessis of the Plains, Prairie Indians, Sioux of the Plain, Maskoutens-Nadouessians, Mascouteins Nadouessi, and Sioux nomades.

Today many of the tribes continue to officially call themselves Sioux. In the 19th and 20th centuries, this was the name which the US government applied to all Dakota/Lakota people. However, some tribes have formally or informally adopted traditional names: the Rosebud Sioux Tribe is also known as the Sičháŋǧu Oyáte (Brulé Nation), and the Oglala often use the name Oglála Lakȟóta Oyáte, rather than the English "Oglala Sioux Tribe" or OST. (The alternate English spelling of Ogallala is deprecated, even though it is closer to the correct pronunciation.) The Lakota have names for their own subdivisions. The Lakota also are the most western of the three Sioux groups, occupying lands in both North and South Dakota.

Reservations

Today, one half of all enrolled Sioux live off reservations.

Lakota reservations recognized by the U.S. government include: Some Lakota also live on other Sioux reservations in eastern South Dakota, Minnesota, and Nebraska:
 * Oglala (Pine Ridge Indian Reservation, South Dakota and Nebraska)
 * Sicangu (Rosebud Indian Reservation, South Dakota) & (Lower Brule Indian Reservation, South Dakota)
 * Hunkpapa (Standing Rock Reservation, North Dakota and South Dakota)
 * Miniconjou (Cheyenne River Sioux Reservation, South Dakota)
 * Itazipco (Cheyenne River Sioux Reservation, South Dakota)
 * Siha Sapa (Cheyenne River Sioux Reservation, South Dakota)
 * Ooinunpa (Cheyenne River Sioux Reservation, South Dakota)
 * Santee Indian Reservation, in Nebraska
 * Crow Creek Indian Reservation in Central South Dakota
 * Yankton Indian Reservation in Central South Dakota
 * Flandreau Indian Reservation in Eastern South Dakota
 * Lake Traverse Indian Reservation in Northeastern South Dakota and Southeastern North Dakota
 * Lower Sioux Indian Reservation in Minnesota
 * Upper Sioux Indian Reservation in Minnesota
 * Shakopee-Mdewakanton Indian Reservation in Minnesota
 * Prairie Island Indian Reservation in Minnesota

In addition, several Lakota live on the Wood Mountain First Nation reserve, near Wood Mountain Regional Park in Saskatchewan, Canada.

title: Lakota people