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Takeover Defenses in the United Kingdom

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  • Isidora Tachmatzidi

Abstract

The present paper provides a framework of takeover defenses in the United Kingdom and analyzes the role of takeover defenses in the UK that has implemented the EU Takeover Directive in its jurisdiction. There is an analysis of UK hostile takeovers and takeover defenses regulation, along with the case law that formulated it. There is a presentation of takeover defenses involving frustrating actions, such as restructuring defenses, target repurchases, litigation, as well as defensive actions, including strategies such as the defense document strategy, lobbying, seeking alternative bids, profit forecasts. The analysis of takeover defenses in cases of hostile takeovers in the UK market aims to enhance the understanding of their application framework and to provide further insight on the way the structure of the economy influences takeover defenses and vice-versa. It, also, intends to provide feedback for the assessment of economic processes on potential restructuring and normalization in the UK as well as the EU, especially in the light of Brexit that will likely create extensive negotiations on future policy implementation both in the UK and EU.

Suggested Citation

  • Isidora Tachmatzidi, 2018. "Takeover Defenses in the United Kingdom," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(4), pages 105-118.
    • Handle: RePEc:ers:ijebaa:v:vi:y:2018:i:4:p:105-118
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    References listed on IDEAS

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    1. Nikolaos G. Theriou, 2015. "Strategic Management Process and the Importance of Structured Formality, Financial and Non-Financial Information," European Research Studies Journal, European Research Studies Journal, vol. 0(2), pages 3-28.
    2. Isidora Tachmatzidi, 2017. "Takeover Defenses in the Greek Economy," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(4), pages 133-145.
    3. Brennan, Niamh M. & Daly, Caroline A. & Harrington, Claire S., 2010. "Rhetoric, argument and impression management in hostile takeover defence documents," The British Accounting Review, Elsevier, vol. 42(4), pages 253-268.
    4. Nikolai Vasilevich Lyasnikov & Evgeniya Evgenevna Frolova & Andrei Alievich Mamedov & Sergei Borisovich Zinkovskii & Natalya Andreevna Voikova, 2017. "Venture Capital Financing as a Mechanism for Impelling Innovation Activity," European Research Studies Journal, European Research Studies Journal, vol. 0(2B), pages 111-122.
    5. Clerc, Christophe & Demarigny, Fabrice & Valiante, Diego & de Manuel, Mirzha, 2012. "A Legal and Economic Assessment of European Takeover Regulation," CEPS Papers 7525, Centre for European Policy Studies.
    6. repec:ers:journl:v:v:y:2017:i:4:p:133-145 is not listed on IDEAS
    7. Dimiter Nenkov Nenkov, 2016. "An Analytical Approach to Comparing Actual Vs. 'Fundamental Price-to-Sales' and “Enterprise Value-to-Sales†Ratios on the European Stock Market," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(4), pages 32-49.
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    Cited by:

    1. Rudi Zulfikar & Nana Nofianti & Kurniasih Dwi Astuti & Meutia Meutia & Aldi Ramadan, 2020. "The Role of Ownership’s Concentration Moderating Dividend Policy Effects on Firm Value," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(2), pages 126-135.
    2. Isidora Tachmatzidi, 2020. "An Overview of Takeover Defenses and the Characteristics of the Economy," International Journal of Finance, Insurance and Risk Management, International Journal of Finance, Insurance and Risk Management, vol. 10(4), pages 40-49.
    3. Dimitrios Maditinos & Alexandra Tsinani & Zeljko Sevic & Jelena Stankeviciene, 2019. "Financially Constrained Firms: The Impact of Managerial Optimism and Diversification on Firms’ Excess Value: The Case of Greece," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 3-15.
    4. Penyugalova A.V. & Platonova Yu.Yu. & Pyshnogray A.P. & Samsonenko V.A., 2019. "Evolution of Banking Mergers and Acquisitions Market in Russia," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(Special 1), pages 501-509.
    5. Isidora Tachmatzidi, 2019. "Comparative Analysis of Takeover Defenses in Strong and Weak Economies: The Paradigm of the UK and Greece," European Research Studies Journal, European Research Studies Journal, vol. 0(2), pages 254-264.

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    More about this item

    Keywords

    Takeover defenses; hostile takeovers; legal framework; economy structure; frustrating actions; defensive actions; restructuring; greenmail; litigation; defense document; lobbying; white knight; white squire; profit forecasts; Brexit.;
    All these keywords.

    JEL classification:

    • K20 - Law and Economics - - Regulation and Business Law - - - General
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • K23 - Law and Economics - - Regulation and Business Law - - - Regulated Industries and Administrative Law

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