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The Mandatory Bid Rule in the Takeover Directive: Harmonization Without Foundation?

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  • Enriques Luca

    (* Professor of Business Law, University of Bologna and ECGI Research Associate. E-mail address: luca.enriques@unibo.it)

Abstract

The following article critically evaluates the mandatory bid rule in the new Takeover Directive. It questions the rationale and the effectiveness of this central feature in light of the wide discretion left to the Member States, in particular regarding the permissibility of defensive measures, and ends with provocative views on “cui bono?”.

Suggested Citation

  • Enriques Luca, 2004. "The Mandatory Bid Rule in the Takeover Directive: Harmonization Without Foundation?," European Company and Financial Law Review, De Gruyter, vol. 1(4), pages 440-457, December.
    • Handle: RePEc:bpj:eucflr:v:1:y:2004:i:4:p:440-457:n:3
    DOI: 10.1515/ecfr.2004.1.4.440
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    Cited by:

    1. Schouten, Michael C., 2009. "The Case for Mandatory Ownership Disclosure," MPRA Paper 14139, University Library of Munich, Germany, revised 13 Mar 2009.
    2. Priya P. Lele & Mathias M. Siems, 2009. "Shareholder Protection: A Leximetric Approach," Chapters, in: Thankom Gopinath Arun & John Turner (ed.), Corporate Governance and Development, chapter 10, Edward Elgar Publishing.
    3. Schouten, Michael C., 2009. "The Case for Mandatory Ownership Disclosure," MPRA Paper 12800, University Library of Munich, Germany.
    4. Santella, Paolo & Baffi, Enrico & Drago, Carlo & Lattuca, Dino, 2008. "A Comparative Analysis of the Legal Obstacles to Institutional Investor Activism in Europe and in the US," MPRA Paper 8929, University Library of Munich, Germany.

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