Contested takeovers in Danish law: a comparative analysis based on a law and economics approach
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | Undetermined |
| Veröffentlicht: |
Copenhagen
Gad
1991
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | Zugl.: K/obenhavn, Univ., Diss., 1991 |
| Beschreibung: | 488 S. |
| ISBN: | 8712021148 |
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| 245 | 1 | 0 | |a Contested takeovers in Danish law |b a comparative analysis based on a law and economics approach |c Jan Schans Christensen |
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Datensatz im Suchindex
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|---|---|
| adam_text | Table of contents
Preface 15
Commonly used abbreviations 19
Introduction 21
1. Background and purpose 21
2. Plan of book 22
3. Limitations of scope 23
I. Methodology 25
1. Introduction choice of methodology 25
2. Economics of law 25
2.1. Background 25
2.2. Basic concepts 26
2.3. The economic approach as a tool for analyzing
legal issues and problems 31
2.3.1. Economic and legal analyses 31
2.3.2. Further particular aspects of economic
analysis 33
2.3.3. Efficiency and equity 34
2.3.4. The notion of justice or equity 35
3. Making the choice of method 40
II. Historical background and structure
of contested takeovers 43
1. Historical background 43
2. Structure of contested takeovers 49
III. The public interest in an organized stock market
and its regulation 55
IV. Economic impact of contested takeovers 59
1. Introduction 59
2. Empirical evidence from contested takeovers
in the United States 59
2.1. Introduction 59
2.2. The impact on target shareholders 60
5
Table of contents
2.3. The impact on the acquiror and its shareholders 62
2.4. Target performance after transfer of control 64
3. The debate on the enonomic impact of contested
takeovers in the United States 65
3.1. Introduction two ways of looking at the stock
market 65
3.2. Views in favor of contested takeovers 67
3.3. Views that disfavor contested takeovers 71
3.4. Proposals for reform 74
3.5. Recent developments 78
4. Preliminary conclusions 80
V. Are contested takeovers beneficial for
the Danish society? 83
1. Introduction 83
2. The role and interests of shareholders 83
2.1. Shareholder passiveness 83
2.2. Division of ownership and control 84
2.3. Shareholders interests versus the interests of
the managers and the board 87
2.4. The shareholder an owner or an investor? 92
2.5. The American discussion 92
2.6. Pursuing the interests of shareholders 98
2.7. Shareholders interest in contested takeovers 101
3. Society s intererest in contested takeovers 103
VI. Sources of takeover regulation 109
1. Danish law 109
1.1. Introduction Danish sources and basic structure
of regulation 109
1.2. EC Regulation 113
1.3. Preliminary observations 116
2. The United States 116
3. GreatBritain 118
4. France 122
5. The Federal Republic of Germany 124
6. The Netherlands 125
7. Switzerland 127
8. Sweden 128
9. Danish law revisited 128
6
Table of contents
9.1. Introduction 128
9.2. Public and private law 130
9.3. The functions of the Copenhagen Stock Exchange . 131
9.3.1. Rule making 132
9.3.2. Decision making 134
9.3.3. Some further aspects 136
9.4. Penalties 137
9.5. Conclusions 139
VII. Stock acquisitions 141
1. The existing Danish regulation of stock acquisitions 141
1.1. Introduction 141
1.2. Privately negotiated stock acquisitions 141
1.2.1. The Disclosure Directive 144
1.3. Public offers 146
1.4. Preliminary observations 149
2. Regulation of stock purchases under
the United States federal law 150
2.1. Introduction 150
2.2. Rules pertaining to all stock purchases 150
2.3. Rules pertaining to tender offers only 152
2.3.1. What is a tender offer? 152
2.3.2. Disclosure obligations in connection
with tender offers 154
2.3.3. Substantive protection of the shareholders
of the target company 156
3. Preliminary deliberations 158
3.1. Introduction 158
3.2. Disclosure obligations 159
3.3. The need for separate regulation of public offers .... 160
3.4. Minority protection issues 162
4. Danish regulation revisited 162
4.1. Introduction 162
4.2. General requirements regarding stock purchases .... 162
4.2.1. Disclosure obligations 162
4.2.1.1. Thresholds 162
4.2.1.2. Interests to be included when
calculating the threshold 164
4.2.1.3. Contents of obligation to disclose .. 166
4.2.1.4. When to disclose 168
7
Table of contents
4.2.2. Is there a further need for regulating
stock acquisitions by means other than
public offers? 170
4.3. Public offers 172
4.3.1. Introduction 172
4.3.2. Before an offer is made 173
4.3.3. Communicating the offer 177
4.3.4. Terms and conditions of the offer 178
4.3.4.1. Basic requirements 178
4.3.4.2. The price 179
4.3.4.3. Offering period 181
4.3.4.4. Conditions of offers 183
4.3.4.5. Information regarding existing
shareholdings, dealings and
cooperation with others 185
4.3.4.6. Information regarding the acquirer s
plans and expected effects of
acquisition 189
4.3.4.7. Other kinds of information 191
4.3.5. Role of advisors 192
4.3.6. Rights of withdrawal and revision of offer .. 194
4.3.7. After the expiry of the offer period 200
VIII. Protection of minority shareholders
in the takeover context 205
1. Introduction the Companies Act 205
1.1. Specific provisions protecting minority
shareholders 206
1.2. The general standard in § 80 208
2. The Stock Exchange Act and the rules
promulgated thereunder 210
2.1. Rule 4 of the Stock Exchange Rules of Ethics 211
2.1.1. Introduction 211
2.1.2. Triggering events 211
2.1.3. The obligation to offer equal terms 214
2.1.4. Exceptions to Rule 4 217
2.1.5. Cooperation 219
2.1.6. Interrelation between Rule 4 and § 20 b of the
Companies Act 220
2.1.7. Preliminary observations 221
8
Table of contents
2.1.8. Comparative aspects 222
2.1.9. The Draft Takeover Directive 225
2.1.10.Evaluation of the mandatory bid
requirement 226
3. Alternative means by which to protect
minority shareholders 231
3.1. Introduction 231
3.2. Target shareholder approval as a condition
for public offer 231
3.3. Eliminating or limiting the voting rights of
the acquirer 232
3.4. Business combination moratorium provisions 233
3.5. Fair price provisions 235
3.6. Disgorgement provisions 235
4. Conclusions 236
4.1. Introduction 236
4.2. The acquirer accumulates shares by purchasing in
the market through privately negotiated transactions
and without having initiated attempts to acquire
control 237
4.3. The acquirer attempts to acquire control by means of
privately negotiated transactions or a public offer .. 237
4.4. The acquirer has obtained control and now exercises
his influence 240
IX. Financial and tax aspects 245
1. Introduction 245
2. The prohibition in § 115, Subsection 2, of the Companies Act
against target financed acquisitions 245
2.1. Background 245
2.2. Scope of § 115, Subsection 2 247
2.3. Granting of loans and credits 247
2.4. Making funds available and providing security 248
2.5. Determining the purpose of a transaction 248
2.6. Subsequent merger of acquirer and
target company 249
2.7. Relationship between § 115, Subsection 2, and other
provisions of the Companies Act 250
2.8. Economic impact of § 115, Subsection 2 251
3. Tax issues of relevance for contested takeovers 252
9
Table of contents
3.1. Introduction economic impact of tax laws 252
3.2. Taxation of the acquiror and the target company
on a consolidated basis (carry overs) 253
3.3. Taxation of target shareholders 256
3.4. Tax treatment of mergers 260
3.4.1. Taxable mergers 260
3.4.2. Non taxable mergers 261
3.4.3. Electing the tax treatment 263
X. Standards for managerial behavior when responding to
hostile takeover attempts or threats 265
1. Introduction 265
2. Duties of board and managers under Danish law 266
2.1. Generally 266
2.2. The takeover context 270
2.3. Preliminary observations 273
3. American and British law 274
3.1. American law 274
3.1.1. Introduction 274
3.1.2. The business judgment rule 275
3.1.3. Situations not covered by the
business judgment rule 282
3.2. British law 283
3.2.1. Introduction 283
3.2.2. Before a public offer becomes imminent 284
3.2.3. Once a public offer becomes imminent 285
4. Danish law revisited 287
4.1. Introduction 287
4.2. The business judgment rule and the proper
purpose test 288
4.3. What interests may be pursued by management? .... 289
4.3.1. Introduction 289
4.3.2. The role and responsibilities of companies
the Anglo Saxon debate 290
4.3.3. Danish law proposing a model 294
10
Table of contents
4.4. Target management s specific rights and
obligations 300
XI. Specific defensive devices and strategies 307
1. Introduction 307
2. Shark repellents 308
2.1. Introduction 308
2.1.1. American law 308
2.1.1.1. Proxy contests 308
2.1.2. Danish law 310
2.1.2.1. Proxy contests 311
2.2. Delaying or thwarting an acquirer s attempt to gain
control at an extraordinary shareholders meeting .. 313
2.2.1. American law 313
2.2.2. Danish law 315
2.3. Supermajority voting requirements 318
2.3.1. American law 318
2.3.2. Danish law 319
2.4. Dual class stock, capped and disparate
voting rights 327
2.4.1. American law 327
2.4.2. Danish law 330
2.5. Elections to the board of directors 333
2.5.1. American law 333
2.5.2. Danish law 336
2.6. Increased authority to management 337
2.6.1. American law 337
2.6.2. Danish law 338
2.7. Anti green mail provisions 338
2.7.1. American law 338
2.7.2. Danish law 339
2.8. Special repellents which may be considered under
Danish law: consent to transfer, ownership limitations
and rights of first refusal 339
2.9. Economic impact of shark repellents 343
3. Poison pills 345
3.1. American law 345
3.1.1. The call pill 346
3.1.2. The put pill 347
3.1.3. Poison pills in the courts 348
11
Table of contents
3.2. Danish law 350
3.2.1. The call pill 350
3.2.2. The put pill 351
3.3. Economic impact of poison pills 351
4. The vitamin pill 353
4.1. American law 353
4.2. Danish law 354
5. The people poison pill 355
5.1. American law 355
5.2. Danish law 356
6. The pac man defense 356
6.1. American law 356
6.2. Danish law 357
7. Repurchase of shares and green mail 357
7.1. American law 357
7.2. Danish law 359
7.3. Economic impact of repurchase of shares and
green mail 363
8. Issue and allocation of stock 364
8.1. American law 364
8.2. Danish law 367
9. Management buy outs 373
9.1. American law 373
9.2. Danish law 375
10. Leveraged buy outs 377
10.1. American law 377
10.2.Danish law 378
11. Golden parachutes and other contingent obligations 379
11.1. American law 379
11.2.Danish law 382
12. Lock ups and other agreed restrictions on
target management 385
12.1. American law 385
12.2.Danish law 387
13. Liquidation, sale of target assets and spin offs 388
13.1.American law 388
13.2.Danish law 389
14. Target litigation 390
14.1. American law 390
14.2.Danish law 390
12
Table of contents
15. Changing the stock market valuation of the
target company 392
15.1. American law 392
15.2.Danish law 394
16. Are regulatory changes desirable? 395
16.1. Introduction 395
16.2.EC initiatives 396
16.3.Proposing changes 398
16.3.1 .A and B shares and the notion of
one share one vote 398
16.3.2.The voting power of shareholders 401
16.3.3.Limitations on ownership and consents
to acquisitions 402
16.3.4.Other takeover defenses 402
XII. Control of corporate acquisitions 407
1. Introduction economic rationale for
controlling corporate acquisitions 407
2. The Danish Competition Act 408
3. EC control of concentrations 409
3.1. Background 409
3.2. The Regulation 411
3.2.1. Concentrations 411
3.2.2. Community Dimension 412
3.2.3. Notification, suspension and appraisal 413
3.2.4. Enforcement 415
3.2.5. Intervention by the EC Commission in cases
where the thresholds have not been met 415
3.2.6. Residual effects of Articles 85 and 86 of the
Treaty of Rome 416
4. Conclusion on Danish law 417
5. Comparative aspects 417
XIII. The Danish market for takeovers
some broader implications 423
1. Introduction the Danish market for takeovers 423
2. Structure of ownership 424
2.1. Denmark 424
2.2. Comparative aspects 426
2.3. Some further reflections 428
13
Table of contents
3. Stock exchange capitalization and liquidity 430
3.1. Denmark 430
3.2. Comparative aspects 430
3.3. Some further reflections 431
4. Regulatory constraints 431
4.1. Denmark ..„....„„,..„.. 431
4.2. Comparative aspects . ;. ..,*Ji**.....). W........ 432
4.3. Some further reflections ^...,......u.;.i:. .:...,. : 433
5. Prevalence of takeover defenses 434
5.1. Denmark 434
5.2. Comparative aspects 437
5.3. Some further reflections 442
6. Some concluding thoughts on the Danish market for
takeovers viewed comparatively 443
Summary in Danish (Sammenfatning pa dansk) 447
Table of court decisions 461
List of references 469
Index 485
14
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| indexdate | 2024-07-09T16:15:07Z |
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| isbn | 8712021148 |
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| spelling | Schans Christensen, Jan Verfasser aut Contested takeovers in Danish law a comparative analysis based on a law and economics approach Jan Schans Christensen Copenhagen Gad 1991 488 S. txt rdacontent n rdamedia nc rdacarrier Zugl.: K/obenhavn, Univ., Diss., 1991 Takeover (DE-588)4213995-8 gnd rswk-swf Recht (DE-588)4048737-4 gnd rswk-swf Dänemark (DE-588)4010877-6 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Dänemark (DE-588)4010877-6 g Takeover (DE-588)4213995-8 s Recht (DE-588)4048737-4 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=002840568&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Schans Christensen, Jan Contested takeovers in Danish law a comparative analysis based on a law and economics approach Takeover (DE-588)4213995-8 gnd Recht (DE-588)4048737-4 gnd |
| subject_GND | (DE-588)4213995-8 (DE-588)4048737-4 (DE-588)4010877-6 (DE-588)4113937-9 |
| title | Contested takeovers in Danish law a comparative analysis based on a law and economics approach |
| title_auth | Contested takeovers in Danish law a comparative analysis based on a law and economics approach |
| title_exact_search | Contested takeovers in Danish law a comparative analysis based on a law and economics approach |
| title_full | Contested takeovers in Danish law a comparative analysis based on a law and economics approach Jan Schans Christensen |
| title_fullStr | Contested takeovers in Danish law a comparative analysis based on a law and economics approach Jan Schans Christensen |
| title_full_unstemmed | Contested takeovers in Danish law a comparative analysis based on a law and economics approach Jan Schans Christensen |
| title_short | Contested takeovers in Danish law |
| title_sort | contested takeovers in danish law a comparative analysis based on a law and economics approach |
| title_sub | a comparative analysis based on a law and economics approach |
| topic | Takeover (DE-588)4213995-8 gnd Recht (DE-588)4048737-4 gnd |
| topic_facet | Takeover Recht Dänemark Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=002840568&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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