An Overview Of Takeover Defenses
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An Overview Of Takeover Defenses Classic Reprint
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Author : Richard S. Ruback
language : en
Publisher: Forgotten Books
Release Date : 2018-02-13
An Overview Of Takeover Defenses Classic Reprint written by Richard S. Ruback and has been published by Forgotten Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-02-13 with Business & Economics categories.
Excerpt from An Overview of Takeover Defenses In summary, takeover resistance motivated by first rationale of hidden values and the second rationale of inducing an auction can benefit target shareholders. However, the managers' natural bias is likely to result in opposition to some takeovers that would benefit target shareholders. The third reason for takeover defenses, managerial self-interest, benefits the stockholders only if resistance happens by chance to be the appropriate action for one of the first two reasons. These three reasons for takeover defenses are not mutually exclusive combinations of the three are often present in defense strategies. For example, managers may use takeover defenses because they prefer friendly, negotiated transactions. This combines elements of the three reasons for takeover defenses. Negotiated acquisitions enable the target managers to share ideas and information with the bidding firm. Consistent with the first and second reasons, this may increase the offer price. It also increases the chances of retaining the target's management team, which is consistent with the third reason. Finally, a negotiated transaction is generally more civilized: to the managers that is like an increase in compensation. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
An Overview Of Takeover Defenses
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Author : Richard S Ruback
language : en
Publisher: Palala Press
Release Date : 2015-09-09
An Overview Of Takeover Defenses written by Richard S Ruback and has been published by Palala Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-09-09 with categories.
This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
The Art Of Hostile Takeover Defence
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Author : Jeannette Gorzala
language : en
Publisher: Igel Verlag
Release Date : 2010-03
The Art Of Hostile Takeover Defence written by Jeannette Gorzala and has been published by Igel Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-03 with Business & Economics categories.
The market for corporate control had been the playfield of bust-up artists and speculators seeking short-time profits during the 1980s. This had also encouraged many innovations in the art of hostile takeover defence. Until today anti-takeover defence has reached a very sophisticated level and most companies have erected formidable defences to counter aggressive corporate raiders. With her book Jeanette Gorzala provides a global perspective on hostile take-over defence during the latest merger wave. The focus lies on firstly determining the most common anti-takeover defence strategies and then in a second step evaluating their effectiveness to ward off corporate raiders. For this purpose the underlying concepts of the formal theory are presented in order to serve as a fundamental basis for an empirical study. In order to underline the theory with empirical evidence a sample of 335 hostile takeover bids launched in the timeframe from January 1, 2003 to December 31, 2008 has been analyzed. The key findings of the study are presented along two vital research questions reflecting the purpose of this book.
Takeover Defense
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Author : Fleisher
language : en
Publisher: Aspen Publishers
Release Date : 2009-12-01
Takeover Defense written by Fleisher and has been published by Aspen Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-12-01 with Law categories.
Takeover Defense, Mergers and Acquisitions is the must-have resource for attorneys representing any target--or potential target--of takeover activities. This one-of-a-kind reference provides: In-depth analysis of all significant laws, rules, cases, issues and tactics State-of-the-art practical guidance, including valuable forms and exhibits A truly unique focus on the concerns of public companies facing challenges by activists, hostile bids, or those planning strategic mergers and acquisitions Expanded full treatment of merger and sale transactions Takeover Defense, Mergers and Acquisitions, the re-titled Seventh Edition of Takeover Defense is the only treatise on corporate acquisitions written specifically from the viewpoint of the target corporation. And the new change of title reflects the expanded full treatment of merger and sale transactions --whether or not triggered by a hostile takeover bid. Providing authoritative guidance on every aspect of planning for an M&A transaction, or defending against, and seeking alternatives to a hostile takeover, this resource stands out as the most comprehensive and up-to-date guide currently available. If you don't have the answers to these crucial questions--you might have trouble: In the brave new world of government bail-outs, what are the rules for executive compensation and how should boards react? What is the new paradigm for acquisition agreements to address financing difficulties? How are reverse breakup fees, damage parameters and financing outs used and drafted? How has an SEC rule change caused a resurgence of tender offers? What is new in tender offer rules and tactics, including the use of top-up options? How should management and boards deal with the proxy advisory firms and institutional investors? How have shark repellents been attacked and dismantled by activists? What are the consequences and what are the board's options? Can the board resort to self-help in adopting by-law changes without a shareholder vote? What type of advance notice by-law should the company have? Proxy contests, both traditional and "short-slate" campaigns, have become much more frequent--how should boards prepare and respond? What is the effect of having a "majority voting" standard and how should it be defined? What will be the effect of proxy access and elimination of broker discretionary voting? What are the current rules defining the fiduciary duties of directors in considering unsolicited bids or strategic mergers and what courses of action are available to the board? What are the permissible techniques for selling a company? When do "go-shops" make sense? Can a buyer "lock-up" a deal with a control shareholder? How do antitrust considerations affect the board's options and strategy? What is the state of the art in poison pills? What is the utility and appropriateness of adopting an NOL (net-operating loss) poison pill?
A Critical Analysis Of Whether Allowing Directors To Implement Anti Takeover Defences Is Beneficial For All Corporate Constituencies
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Author : Thomas Böhm
language : en
Publisher: GRIN Verlag
Release Date : 2019-06-19
A Critical Analysis Of Whether Allowing Directors To Implement Anti Takeover Defences Is Beneficial For All Corporate Constituencies written by Thomas Böhm and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-06-19 with Business & Economics categories.
Essay from the year 2018 in the subject Business economics - General, grade: A, University of Edinburgh (Edinburgh Law School), course: Corporation Law and Economics, language: English, abstract: This essay examines the question whether allowing directors to implement anti-takeover defences is beneficial for all corporate constituencies. Beginning with the classification of the topic in the law and economics context of the market for corporate control in Chapter 2, I will briefly outline in Chapter 3 the scenarios in which anti-takeover defences usually come into operation, namely hostile takeovers. Chapter 4 presents the most common anti-takeover defences and sets out the legal framework to what extent directors are permitted to adopt such defences in accordance with the applicable law. A distinction is made between UK and US law, with the latter focussing on Delaware law, where more than a half of all US publicly traded corporations are established. The Delaware Court of Chancery and Supreme Court have developed an extraordinary body of jurisprudence concerning corporate takeovers and anti-takeover defences. Chapter 5 points out potential impacts on the various constituencies of a company and deals with the fact why their interests have to be regarded in the takeover context. Finally, Chapter 6 critically evaluates anti-takeover defences from different stakeholder perspectives and concludes that these are not beneficial for all corporate constituencies, but for directors only.
Hostile Takeovers The Use Of Attack And Defence Strategies
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Author : Panagiotis Papadopoulos
language : en
Publisher: GRIN Verlag
Release Date : 2011-11
Hostile Takeovers The Use Of Attack And Defence Strategies written by Panagiotis Papadopoulos and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-11 with Business & Economics categories.
Doctoral Thesis / Dissertation from the year 2011 in the subject Business economics - Accounting and Taxes, grade: 70, University of Westminster (Westminster Business School), course: MSc Finance and Accounting - Master Dissertation, language: English, abstract: The attack and defence strategies are of critical importance for the situation of a takeover-bid from the view of the target company or the investor (raider). They can be crucial factor whether the acquisition is successful or not. Several strategies are discussed and are evidenced on the basis of practical examples. Of special importance is the development of the bid premia during the takeover process and the impact to the shareholders wealth. It can be observed that through decades and several takeover waves in the 20th century specific defence strategies pointed out as favourites in use for target managers. This project reviews the motivations for hostile takeovers, structures the random literature in this field, discusses the effects and impacts of popular attacks and defences and showcases several high-profile takeover bids.
Takeover Defenses
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Author : Jordan M. Barry
language : en
Publisher:
Release Date : 2019
Takeover Defenses written by Jordan M. Barry and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
Takeover defenses have long been a topic of considerable interest to scholars of finance and corporate law. Yet the significant amount of attention that researchers have lavished on the topic have produced surprisingly little scholarly consensus. This chapter considers a number of major topics related to takeover defenses, including the importance and effects of poison pills and staggered boards, the causes and consequences of firms' varied levels of takeover defenses, the connection between takeover defenses and corporate myopia, and the implications of empty voting for takeover defense law and policy. In doing so, it provides an overview of some of the major results and ongoing debates in this sphere, some of the works driving those debates, and areas that seem likely to receive increased attention in the future.
Hostile Takeovers The Use Of Attack And Defence Strategies
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Author : Panagiotis Papadopoulos
language : en
Publisher: GRIN Verlag
Release Date : 2011-11-22
Hostile Takeovers The Use Of Attack And Defence Strategies written by Panagiotis Papadopoulos and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-11-22 with Business & Economics categories.
Master's Thesis from the year 2011 in the subject Business economics - Accounting and Taxes, grade: 70, University of Westminster (Westminster Business School), course: MSc Finance and Accounting - Master Dissertation, language: English, abstract: The attack and defence strategies are of critical importance for the situation of a takeover-bid from the view of the target company or the investor (raider). They can be crucial factor whether the acquisition is successful or not. Several strategies are discussed and are evidenced on the basis of practical examples. Of special importance is the development of the bid premia during the takeover process and the impact to the shareholders wealth. It can be observed that through decades and several takeover waves in the 20th century specific defence strategies pointed out as favourites in use for target managers. This project reviews the motivations for hostile takeovers, structures the random literature in this field, discusses the effects and impacts of popular attacks and defences and showcases several high-profile takeover bids.
Takeover Defense
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Author : Shriver & Jacobson Fried
language : en
Publisher: Aspen Publishers
Release Date : 2017-12-20
Takeover Defense written by Shriver & Jacobson Fried and has been published by Aspen Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-12-20 with Consolidation and merger of corporations categories.
Takeover Defense, Mergers and Acquisitions is the must-have resource for attorneys representing any target--or potential target--of takeover activities. Written by leading attorneys who have represented parties and advisors in numerous major, complex takeovers, it remains the most comprehensive treatise on the law and practice of takeover defense and mergers and acquisitions. This one-of-a-kind reference provides: In-depth analysis of all significant laws, rules, cases, issues and tactics; A truly unique focus on the concerns of public companies facing challenges by activists, hostile bids, or those planning strategic mergers and acquisitions; Expanded full treatment of merger and sale transactions; State-of-the-art practical guidance. The Eighth Edition provides a complete analysis of the recent transformation of Delaware M&A law. There is in-depth analysis of the background and import of the recent seminal judicial decisions--Corwin, MFW, C&J Energy, Cornerstone and Trulia--that represent the most dramatic developments in M&A since the advent of modern M&A in the 1980s. With state-of-the-art M&A analysis, historical perspective and specific practice points, the authors provide authoritative guidance for directors of both bidders and targets, as well as their financial and legal advisors, on various subjects, including: Judicial approach; Director liability; M&A litigation; Corporate governance and takeover defenses; Hostile and activist activity; Banker issues; Sale process and deal mechanics; and Appraisal.
Takeover Defense
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Author : Arthur Fleischer
language : en
Publisher: Aspen Publishers
Release Date : 1990
Takeover Defense written by Arthur Fleischer and has been published by Aspen Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with Business & Economics categories.