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Takeover Defenses in the Greek Economy

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  • Isidora Tachmatzidi

Abstract

Takeover defenses are crucial factors for the success of a takeover bid. The European Commission considers takeovers a significant factor for the economic integration strategy of the EU and the Takeover Directive was issued in 2004 to regulate takeover bids.However, it is also important to consider the structural characteristics of the economy in which they operate. There is the concern that EU Member States have different market, legal and cultural structures.The present paper gives a description of takeover defenses and their application in the Greek economy; a weak economy operating in a premature non-contestable market with concentrated ownership structure. It analyzes the role of takeover defenses in Greece that has implemented the EU Takeover Directive in its jurisdiction.Subsequently, the legal framework is examined, followed by relevant case law and takeover activities related to market sectors that include banking, pharmaceutical, shipping, banking as well as privatizations.The examination of takeover defenses in hostile takeovers in the Greek market aims to promote the understanding of the operation of takeover defenses in a weak economy and to offer further understanding on the way economic growth and market structure characteristics influence takeover defenses and vice-versa.It, also, aims to provide feedback on future policy implementation in Greece and the European Union for the advancement of harmonization.

Suggested Citation

  • 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.
  • Handle: RePEc:ers:ijebaa:v:v:y:2017:i:4:p:133-145
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    Citations

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    Cited by:

    1. 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.
    2. repec:ers:journl:v:vi:y:2018:i:4:p:105-118 is not listed on IDEAS
    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. 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.
    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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