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- W2022039495 abstract "The issue of defensive tactics lies at the very heart of the debate over tender offer. This is not surprising, as few policy choices imply trade-offs as drastic as the ones implied in this area: Allow too much resistance, in hypothesis resistance without limits, and managers will dig trenches outside their offices and play cards inside; Allow too little resistance, in hypothesis no resistance, and takeovers will resemble a private taking, thus intuitively clashing against the protection of property rights. In a somewhat more technical way, excessive resistance by targets might negatively affect the overall level of takeover activity, which in turn would mean less external monitoring of firms and increased managerial slack. On the other hand, preventing or seriously restraining the targets’ ability to resist a hostile bid appears at odds with the idea that owners of assets are usually entitled to bargain with potential acquirers of those assets. Defensive tactics regulation thus suffers from the underlying tension between these diametrically opposing interests. It is not surprising that different scholars, emphasizing one or the other aspect of resistance, have reached radically different conclusions on the wisdom of allowing defensive tactics. The issue has been extremely debated in the American literature, where the spectrum of opinions runs the full gamut from the “absolute passivity” advocated by Easterbrook, Fischel, and Schwartz, to the cry in favor of “just saying no” of Lipton. Italy has recently seen a rather radical change in the legal regime of defensive tactics. The first comprehensive regulation of tender offers, implemented in 1992, introduced a rule of “absolute passivity.” In 1998, this rule was abandoned in favor of a rule that states that once" @default.
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- W2022039495 date "2000-12-01" @default.
- W2022039495 modified "2023-09-27" @default.
- W2022039495 title "The decision to adopt defensive tactics in Italy" @default.
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