Reinforcing the Market for Corporate Control
Blanaid J. Clarke
The market for corporate control forms part of the basis of Directive 2004/25/EC on Takeover Bids. Article 20 of the Directive provides that the European Commission in 2011 must examine the Directive “in the light of the experience acquired in applying” it and, if necessary, propose its revision. The paper considers whether in revising the Directive, greater support should be given for the market for corporate control by counteracting the existing barriers to takeovers. In particular, the paper focuses on the barriers to takeovers which are introduced by target boards, by shareholders and by derivative holders.
UCD Working Papers in Law, Criminology & Socio-Legal Studies Research Paper No. 39/2010
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1661620