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1、10TakeoverDefensesSHARONHANNESCHAPTEROBJECTIVESHighlightsthedifferentanti-takeoverdefensesSummarizestheempiricalfindingsontheimpactoftakeoverdefensesonshareholdervalueIntroductionUnsolicitedcontroltransactions,otherwiseknownashostiletakeovers,becameprevalenti
2、nthe1980s.Theuniqueanddefiningfeatureofahostiletakeoveristhattheboardofdirectorsofthefirmtobeacquiredopposestheproposedtransaction.Thus,inordertoovercomethisopposition,thebiddermustappealtotheshareholdersofthecorporatetarget.Whilethetakeoverwaveofthe1980swasno
3、tthefirstwaveoftakeoversintheUSandthemarketforcorporatecontrolwasfamouslydescribedmuchearlierintheseminalworkofHenryManne,1itwascertainlythefiercestwave.Duringthe1980s,anunbelievable30percentoftheFortune500companiesweresubjectedtotakeoverbids.21HenryManne.1965
4、.MergersandtheMarketforCorporateControl.TheJournalofPoliticalEconomy,73:110.2GeraldD.andS.Stout.1992.OrganizationTheoryandtheMarketforCorporateControl:ADynamicAnalysisoftheCharacteristicsofLargeTakeoverTargets,198090.AdministrativeScienceQuarterly,37:605,608
5、.TakeoverDefenses249Bylaw,directorsareeitherelectedordismissedfromofficebytheshareholdersvotes,whichtakesplaceatcertaintimesoruponcertaineventsandincertainforms.However,ifabiddercansuccessfullyacquireamajorityofsharesofthetargetfirm,itwouldonlybeaquestionoftim
6、ebeforeshewouldusethevotingmechanismtoreplacetheopposingdirectors.Inpractice,therefore,followingasuccessfultakeover,theincumbentdirectorstendertheirresignationwithoutwaitingfortheinevitablevote.3Forthisreason,thevotingmechanismwasleftvirtuallyuntouchedbytheh
7、ostiletakeoversoftheearly1980s.Subsequently,however,innovativelegaldeviceswhichwereeventuallyupheldbylandmarkjudicialprecedents,permanentlyalteredthelandscapeonwhichhostiletakeoverbattleswerewaged.4Inordertoimpedehostilemarkettransactions,corporatetargetsimp
8、lementedagardenvarietyofanti-takeovermanoeuvres.Atthepeakofsuchmanoeuvres,corporateattorneyscraftedshareholderrightsplanswhichwerenotoriouslyreferredtoaspoisonpills.Underthetermsofsuchplans,thep
