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Prewencyjne taktyki obrony przed wrogimi przejęciami
Preventive Tactics Against Hostile Takeovers

Author(s): Marek Pawlak
Subject(s): Economy
Published by: Towarzystwo Naukowe KUL & Katolicki Uniwersytet Lubelski Jana Pawła II
Keywords: fusions and takeovers; corporate defensive tactics; corporate management

Summary/Abstract: Two categories of preventive tactics to ward off hostile takeovers can be distinguished: a company’s changed status and “poisoned pills”. The former category has a strictly preventive character because it serves only as deterrent for a potential hostile bidder, while the poisoned pills begin to work only when a hostile bidder buys a certain amount of shares. Changed-status tactics can be divided into a dozen categories. They are increasingly used by American public companies. Opinions about such techniques are divided. Some think that they are not in shareholders’ interest.

  • Issue Year: 2012
  • Issue No: 40
  • Page Range: 173-199
  • Page Count: 27
  • Language: Polish