A Legal and Economic Assessment of European Takeover Regulation. CEPS Paperbacks. December 2012

Clerc, Christophe and Demarigny, Fabrice and Valiante, Diego and de Manuel Aramendía, Mirzha (2012) A Legal and Economic Assessment of European Takeover Regulation. CEPS Paperbacks. December 2012. Series > Centre for European Policy Studies (Brussels) > CEPS Paperbacks . UNSPECIFIED. ISBN 978-94-6138-234-4

Preview

PDF - Published Version Download (4Mb) | Preview

Abstract

Takeovers are one-off events, altering control and strategy within an organisation. But the chances of becoming the target of a bid, even where remote, daily influence corporate decision-making. Takeover rules are therefore central to company law and the balance of power among managers, shareholders and stakeholders alike. This study analyses the corporate governance drivers underpinning takeover bid regulations and assesses the implementation of the EU Directive on takeover bids and compares it with the legal framework of nine other major jurisdictions, including the US. It finds that similar rules have different effects depending on company-level and country-level characteristics and considers the use of modular legislation and optional provisions to cater for them.

Actions (login required)