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Takeovers: English and American

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  • Geoffrey Miller*

Abstract

Viewed against the backdrop of European company law generally, the UK and US systems of corporate governance are remarkably similar. However, there are several salient differences between the system, including the fact that the UK has a more robust and less regulated takeover market than the USA, while the USA is more permissive towards derivative litigation. This paper explains the differences as a function of politics. In the USA, where corporate law is dominated by state governments, the political forces aligned against hostile takeovers are quite potent, generating legislation and judicial decisions that have suppressed takeover activity. In the UK, with a more unitary system, the political forces play out differently, and the system accordingly generates rules more accommodating to unfriendly takeovers.

Suggested Citation

  • Geoffrey Miller*, 2000. "Takeovers: English and American," European Financial Management, European Financial Management Association, vol. 6(4), pages 533-541, December.
    • Handle: RePEc:bla:eufman:v:6:y:2000:i:4:p:533-541
    DOI: 10.1111/1468-036X.00138
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    Cited by:

    1. Renneboog, L.D.R. & Simons, T., 2005. "Public-to-Private Transactions : LBOs, MBOs, MBIs and IBOs," Other publications TiSEM 3b76799c-591c-4d22-b126-a, Tilburg University, School of Economics and Management.
    2. Renneboog, Luc & Simons, Tomas & Wright, Mike, 2007. "Why do public firms go private in the UK? The impact of private equity investors, incentive realignment and undervaluation," Journal of Corporate Finance, Elsevier, vol. 13(4), pages 591-628, September.
    3. Renneboog, L.D.R. & Simons, T. & Wright, M., 2005. "Leveraged Public to Private Transactions in the UK," Discussion Paper 2005-60, Tilburg University, Center for Economic Research.
    4. Nico Lehmann, 2016. "The role of corporate governance in shaping accruals manipulation prior to acquisitions," Accounting and Business Research, Taylor & Francis Journals, vol. 46(4), pages 327-364, June.
    5. Arturo Bris, 2005. "Do Insider Trading Laws Work?," European Financial Management, European Financial Management Association, vol. 11(3), pages 267-312, June.
    6. Renneboog, Luc & Vansteenkiste, Cara, 2017. "Leveraged Buyouts : A Survey of the Literature," Discussion Paper 2017-015, Tilburg University, Center for Economic Research.

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