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Defending Against Hostile Takeovers Impact on Shareholder Wealth

Defending Against Hostile Takeovers Impact on Shareholder Wealth Innovations in takeover financing, less restrictive regulatory requirements, and a general desire to enhance market position have led to a substantial increase in corporate takeover and restructuring activity. In response target firm managers have become increasingly active in devising defensive strategies and tactics designed to ward off hostile bidders. It is well documented, however, that large wealth gains accrue to target firm shareholders in mergers and acquisitions. Thus the emergence of such terms as shark repellents, poison pills, and greenmail, raises the question of whose best interests are really being served by antitakeover measures. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Managerial Finance Emerald Publishing

Defending Against Hostile Takeovers Impact on Shareholder Wealth

Managerial Finance , Volume 17 (1): 9 – Jan 1, 1991

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Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
0307-4358
DOI
10.1108/eb013664
Publisher site
See Article on Publisher Site

Abstract

Innovations in takeover financing, less restrictive regulatory requirements, and a general desire to enhance market position have led to a substantial increase in corporate takeover and restructuring activity. In response target firm managers have become increasingly active in devising defensive strategies and tactics designed to ward off hostile bidders. It is well documented, however, that large wealth gains accrue to target firm shareholders in mergers and acquisitions. Thus the emergence of such terms as shark repellents, poison pills, and greenmail, raises the question of whose best interests are really being served by antitakeover measures.

Journal

Managerial FinanceEmerald Publishing

Published: Jan 1, 1991

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