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| Author: | Caytas, I. G. |
| Title: | Conflicts of legal and strategic secrecy issues in mergers. |
| Journal: | Unternehmung
1989 : MAY, VOL. 43:3, p. 150-154 |
| Index terms: | CORPORATE FINANCE MERGERS NEGOTIATION (SALES) DISCLOSURE OF INFORMATION |
| Language: | eng |
| Abstract: | Corporations involved in confidential negotiations face highly adverse effects imposed by the prevailing USA concept of material disclosure to the investing public of relevant corporate developments. The legal regulations are reviewed. Although it virtually never possible to preserve secrecy around corporate financial transactions, there is a growing consensus that clear lines have to be drawn somewhere, and soon. USA stock exchange requirements are discussed. The exchanges' acceptance of delayed disclosure - in case of merger negotiations for example - may demonstrate their awareness that damage to shareholders resulting from premature disclosure would probably outweigh the benefits of disclosure. |
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