You have no items in your shopping cart.

Law and Economics of Takeovers: An Acquirer's Perspective

Law and Economics of Takeovers An Acquirer's Perspective

  • Author:
  • Publisher: Hart Publishing
  • ISBN: 9781841136646
  • Published In: June 2008
  • Format: Hardback , 300 pages
  • Jurisdiction: U.K. ? Disclaimer:
    Countri(es) stated herein are used as reference only

List Price: HKD 742.50

HKD 720.23 Save HKD 22.27 (3%)

Delivery Time: around 2-3 weeks
Extra 2-10 working days if shipping address outside Hong Kong
Free delivery Hong Kong?
Hong Kong: free delivery (order over HKD 1000)
OR
  • Description 
  • Author 
  • Reviews
  • Details

    This book studies takeovers from the acquirer's perspective. More precisely the book focuses on the legal and regulatory treatment of the risks faced by the acquiring company shareholders in takeovers. The identified risks are categorised into two main groups: first, risks generated by managerial choices and second, regulatory or external risks. The analysis considers the legal context but also draws on the economic literature, seeking to map the area under consideration and to suggest measures to improve the present position from both law and economics perspective.

    More specifically, the book examines various methods of protecting the acquiring shareholders against value-decreasing or self-interested acquisitions, such as the class transaction rules, fiduciary duties, the acquiring directors' responsibilities under the Takeover Code, the court scheme procedure, the role of institutional shareholders and reward strategies, and methods of making the acquiring directors more exposed to the discipline of the market. The effects of the choice of the medium of payment are also covered.

    In addition, it covers the Code's position with regards to auction situations and seeks to identify ways of addressing the acquiring shareholders' interests in auctions, including auctions where buyout teams or white Knights are involved. Moreover it identifies situations where deviations from horizontal equality rules, which increase takeover premia, are or should be recognised. To that effect the Code's rules on mandatory bids, the determination of the price and the form of payment offered, partial offers and squeeze outs are considered.

    The analysis covers both hostile and friendly situations. In relation to hostile takeovers, the legal and regulatory framework of toehold strategies is analysed (Code's requirements, Disclosure Rules and Companies Act disclosure requirements etc). Market Abuse issues in relation to stake building are also highlighted. In relation to friendly takeovers the operation of lock-up agreements and break fees (Code's requirements, fiduciary law, financial assistance and other contract law concerns), is also explored. Finally, the Panel's position on adverse changes, pre-conditions and conditions on which the offer can be subject to and the bidder's exposure to Material Adverse Change risk are assessed.

    The book discusses recent developments in the area under consideration including the Takeover Code regime after the implementation of the Takeover Directive and the Companies Act 2006.

  • Athanasios Kouloridas is an Attorney at Law, Research and Teaching Associate of the Athens University of Economics and Business and a lawyer with Mouzoulas and Associates in Athens.

  • ...a timely and important contribution to the scholarship in the area of corporate takeovers...the first and only comprehensive book to address acquirer's shareholders' concerns in takeover bids. The book analyses the most neglected aspect of takeovers, protection of acquirer's shareholders...Dr Kouloridas has undertaken an exhaustive and penetrating analysis of both the law and the economics of the risks faced by shareholders of the acquirer's company in takeovers. No stone has been left unturned by the author in meeting the central objective of this book. The book should undoubtedly appeal to both legal and economic readers at all levels interested in aspects of corporate takeovers. This book is a must-read and is highly recommended for those requiring in-depth analysis of the contentious issues in takeover bids including future research and trends in this area.
    Jonathan Mukwiri
    Journal of Business Law
    Vol 3, 2009



    This book is a timely study of the regulatory regime applicable to takeovers in UK capital markets from the perspective of the acquirer...This book is surely essential reading for corporate lawyers, academics and practitioners alike. It draws together economic and legal studies in this neglected area, and draws powerful, if uncomfortable, conclusions. There is a wealth of helpful tables, illustrations and graphs explaining various concepts, much comparative material from other jurisdictions and a full bibliography. Managers, regulators, policymakers and lawyers would all do well to read this noteworthy book.
    John Townsend
    The Modern Law Review
    72.6, November 2009



    The beauty of this book is twofold. First, it has a nice balance of economic and legal analysis. Secondly, it provides some valuable insights into understanding the economic dimension of the law of takeovers with jargon-free language. The analysis is informal, but rigorous; remarks and conclusions are both persuasive and supported by empirical evidence.

    Overall, this book is a valuable contribution to the law and economics literature in general … it is one of the must-read new contributions to scholarship in the area of economics of company law 
    Qi Zhou
    Legal Studies
    Volume 30, No. 1

You may also be interested in these books:

Hong Kong Tax & Accounting Practical Toolkit (Basic Package)
Hong Kong Tax & Accounting Practical Toolkit (Basic Package)
HKD 3,000.00
The Hong Kong Company Secretary's Handbook: Practice and Procedure (11th Edition)
The Hong Kong Company Secretary's Handbook: Practice and Procedure (11th Edition)

List Price: HKD 535.00

HKD 481.00 Save HKD 54.00 (10%)

A Practical Guide to Resolving Shareholder Disputes
A Practical Guide to Resolving Shareholder Disputes

List Price: HKD 1,500.00

HKD 1,455.00 Save HKD 45.00 (3%)

Hong Kong Company Law Online
Hong Kong Company Law Online

List Price: HKD 20,000.00

HKD 19,400.00 Save HKD 600.00 (3%)

Company Law in Hong Kong: Insolvency 2021 (Hardcopy + e-Book)
Company Law in Hong Kong: Insolvency 2021 (Hardcopy + e-Book)

List Price: HKD 3,350.00

HKD 3,249.50 Save HKD 100.50 (3%)

Company Law in Hong Kong: Practice and Procedure 2021 (Hardcopy + e-Book)
Company Law in Hong Kong: Practice and Procedure 2021 (Hardcopy + e-Book)

List Price: HKD 3,350.00

HKD 3,249.50 Save HKD 100.50 (3%)

Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap.32): Commentary and Annotations (2020 Edition) (Hardcopy + e-Book)
Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap.32): Commentary and Annotations (2020 Edition) (Hardcopy + e-Book)

List Price: HKD 1,800.00

HKD 1,746.00 Save HKD 54.00 (3%)

Bullen & Leake & Jacob’s Precedents of Pleadings Hong Kong, 3rd Edition (Hard Copy + e-Book)
Bullen & Leake & Jacob’s Precedents of Pleadings Hong Kong, 3rd Edition (Hard Copy + e-Book)

List Price: HKD 6,100.00

HKD 5,917.00 Save HKD 183.00 (3%)

Law of Evidence in Hong Kong (Hardcopy + e-Book)
Law of Evidence in Hong Kong (Hardcopy + e-Book)

List Price: HKD 1,500.00

HKD 1,455.00 Save HKD 45.00 (3%)

Hong Kong Company Law Cases
Hong Kong Company Law Cases

List Price: HKD 36,000.00

HKD 34,920.00 Save HKD 1,080.00 (3%)

Documentary Evidence in Hong Kong, 2nd Edition (Hardcopy + e-Book)
Documentary Evidence in Hong Kong, 2nd Edition (Hardcopy + e-Book)

List Price: HKD 3,000.00

HKD 2,910.00 Save HKD 90.00 (3%)

Sentencing in Hong Kong, 9th Edition
Sentencing in Hong Kong, 9th Edition

List Price: HKD 2,800.00

HKD 2,716.00 Save HKD 84.00 (3%)

Hong Kong Company Law, 15th Edition
Hong Kong Company Law, 15th Edition

List Price: HKD 492.00

HKD 477.24 Save HKD 14.76 (3%)

Butterworths Hong Kong Company Law Handbook, 22nd Edition
Butterworths Hong Kong Company Law Handbook, 22nd Edition

List Price: HKD 3,500.00

HKD 3,395.00 Save HKD 105.00 (3%)

Butterworths Hong Kong Securities Law Handbook, 6th Edition
Butterworths Hong Kong Securities Law Handbook, 6th Edition

List Price: HKD 3,500.00

HKD 3,395.00 Save HKD 105.00 (3%)

Hong Kong Law of Evidence
Hong Kong Law of Evidence

List Price: HKD 1,680.00

HKD 1,629.60 Save HKD 50.40 (3%)

Hong Kong Directors' Manual, 4th Edition
Hong Kong Directors' Manual, 4th Edition

List Price: HKD 1,800.00

HKD 1,746.00 Save HKD 54.00 (3%)

Personal Injury Tables Hong Kong 2019
Personal Injury Tables Hong Kong 2019

List Price: HKD 1,250.00

HKD 1,212.50 Save HKD 37.50 (3%)

Hong Kong Company Secretary's Practice Manual, 4th Edition
Hong Kong Company Secretary's Practice Manual, 4th Edition

List Price: HKD 999.00

HKD 969.03 Save HKD 29.97 (3%)

Hong Kong Company Secretary Checklist
Hong Kong Company Secretary Checklist

List Price: HKD 788.00

HKD 764.36 Save HKD 23.64 (3%)