Synopsis
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.
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An Overview of Takeover Defenses (Classic Reprint)
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Paperback. Condition: New. Print on Demand. This insightful book delves into the complex world of corporate takeover defenses, exploring the strategies employed by managers to resist acquisition. The author meticulously analyzes various defenses, ranging from mild measures that influence offer restructuring to severe tactics that grant managers veto power over control changes. The book explores the rationale behind these defenses, considering the impact on shareholder value and the efficacy of each approach. By examining the historical landscape of takeovers and their consequences, the author provides a nuanced understanding of the delicate balance between managerial self-interest and shareholder wealth maximization in corporate governance. This book is essential reading for investors, corporate leaders, and policymakers seeking to navigate the intricate terrain of takeover defenses and their profound implications for corporate decision-making. This book is a reproduction of an important historical work, digitally reconstructed using state-of-the-art technology to preserve the original format. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in the book. print-on-demand item. Seller Inventory # 9781334430688_0
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