Jeanette Gorzala  The Art of Hostile Takeover Defence                                                              IGEL Verlag   

                                              Jeanette Gorzala  The Art of Hostile Takeover Defence  1.Auflage 2010 |  ISBN: 978‐3‐86815‐423‐8  © IGEL Verlag GmbH , 2010. Alle Rechte vorbehalten.   

   

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Table of contents 1. 1.1 1.2

Abstract Purpose and Scope Overview and Structure

1 1 2

2 2.1 2.2 2.2.1 2.2.2 2.2.3.1 2.2.3.2 2.2.3 2.3 2.3.1 2.3.1.1 2.3.1.2 2.3.1.3 2.3.1.4 2.3.1.5 2.3.1.6 2.3.1.7 2.3.1.8 2.3.2 2.3.2.1 2.3.2.2 2.3.2.3 2.3.2.4 2.3.2.5 2.3.2.6 2.3.2.7 2.3.2.8 2.4

Conceptual Framework Historical development of M&A Hostile Takeovers Definition Economic rationale Strategic and Operational Motivations Management Control Takeover Process Anti-Takeover Defence Pre-Bid Defence Staggered Board Super-Majority Provisions Fair Price Amendment Dual-Class Recapitalization Restricted Voting Rights Golden Parachute Poison Pill Poison Put Post-Bid Defence Greenmail Standstill Agreement Asset Restructuring Liability Restructuring White Knight Litigation Pac-Man Defence Suicide Pill Latest Development and Outlook

4 4 7 7 8 9 10 10 12 14 15 15 16 16 16 16 18 19 20 20 21 21 22 22 23 24 24 26

3 3.1 3.2 3.3

Empirical Research Research Approach Sample Definitions and Terminology

30 30 31 32

I

4 4.1 4.1.1 4.1.2 4.1.2.1 4.1.2.2 4.1.3 4.1.3.1 4.1.3.2 4.1.4 4.1.5 4.1.6 4.1.6.1 4.1.6.2 4.1.6.3

Empirical Results Statistical Findings Development Over Time Geographic Distribution Breakdown by Regions Cross-Border vs. Domestic Transactions Sector Distribution Breakdown by Industrial Sectors Inter-Sector vs. Intra-Sector Transactions Transaction Volume Transaction Outcome Defence Strategy Pre-Bid Defence Post-Bid Defence Combined Strategy

35 35 35 36 36 37 38 38 41 42 43 45 46 47 50

5 5.1 5.2

Final Conclusion Key Findings Limitations and Further Research

52 52 54

6 6.1 6.2

Appendix List of Figures List of Tables

56 56 56

7

References

57

II