search query: @indexterm DEFENCE / total: 237
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| Author: | Schoenberg, R. Thornton, D. |
| Title: | The impact of bid defences in hostile acquisitions |
| Journal: | European Management Journal
2006 : APR-JUN, VOL 24:2-3, p. 142-150 |
| Index terms: | MERGERS bidding individual behaviour executives defence united kingdom |
| Freeterms: | acquisition hostile takeovers hostile acquisitions bid premium |
| Language: | eng |
| Abstract: | There are many available defence strategies for hostile takeovers, many of them controversial and potentially uneffective. This article introduces an empirical investigation into the use and effect of post-bid takeover defences within recent UK hostile acquisitions. Specifically, the study examines the influence of individual defence tactics on the outcome of the takeover attempt, the bid premium offered to shareholders and the level of executive retention in the target company. The results indicate that 'white knights' and 'management buy outs' were the most effective defences, and that the capacity of executives to use defences either to assert themselves or to enhance the bid premium for shareholders was limited. |
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