Emerging trends and developments of country-specific defense strategies against hostile takeovers

Emerging trends and developments of country-specific defense strategies against hostile takeovers

Business & Finance
Cover of the book Emerging trends and developments of country-specific defense strategies against hostile takeovers by Jan Steinbächer, GRIN Publishing
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: Jan Steinbächer ISBN: 9783638800594
Publisher: GRIN Publishing Publication: August 11, 2007
Imprint: GRIN Publishing Language: English
Author: Jan Steinbächer
ISBN: 9783638800594
Publisher: GRIN Publishing
Publication: August 11, 2007
Imprint: GRIN Publishing
Language: English

Bachelor Thesis from the year 2007 in the subject Business economics - Miscellaneous, grade: 94,0 %, International University of Monaco, 65 entries in the bibliography, language: English, abstract: Objective of this thesis was to identify the trends and developments of country-specific defense strategies against hostile takeovers and their determinants. Thus, it was necessary to analyze which possibilities of corporate defense would actually be feasible in certain countries. Defense strategies were subdivided into preventive and ad-hoc strategies. National characteristics and differentiators were shown and analyzed regarding their suitability as a defense measure. Especially in France and Germany the big influential players have been in a process of change: banks and governments are pursuing different investment strategies and companies loose their 'systematic protection'. The example of Germany illustrates that companies are looking for protective alternatives as old structures like the Rhenish capitalism are breaking up. The growth of M&A activities, especially of hostile takeovers, has affected national legislation to tighten their regulations; France has lifted barriers regarding takeovers (both friendly and hostile) regarding 11 specific industries at the time being. This example illustrates the increasingly protectionist behavior in Europe on a governmental level. Corporate Governance generally takes shareholders more and more into consideration regarding the vote on the adoption of defense measures and golden parachutes. In the US, companies started to diminish golden parachutes as a result of the proposal of activist shareholders. In many European countries, however, there are still enough loopholes to avoid foregone shareholder voting. A contrary trend is to be seen in the US, where poison pills are diminished on a fast pace. In addition, shareholders vote increasingly in favor of declassified boards. Golden parachutes are still prevalent, but not for defense reasons. It was found that their effect is hardly predictable. Shareholders sharply criticize their adoption and increasingly vote against them. A change in Japan's legislation allows hostile takeovers since May 2007. Consequently, Japanese companies are about to set up poison pills to protect themselves.

Jan Steinbächer ist seit 2010 bei IMAP M&A Consultants AG als Projektmanager tätig. Er betreut nationale und internationale Buy- und Sell-side Mandate, hauptsächlich im Automotive-Sektor. Zuvor war Jan Steinbächer zwei Jahre für die mittelstandsfokussierte Investment Bank Silvia Quandt & Cie. AG in Frankfurt tätig. Als Analyst im Bereich Corporate Finance begleitete er sowohl M&A- als auch Kapitalmarkttransaktionen. Jan Steinbächer studierte internationale Betriebswirtschaftslehre an der International University of Monaco, wo er 2007 mit einem Bachelor abschloss. Zusätzlich absolvierte er ein berufsbegleitendes Master-Studium im Bereich Wirtschaftsrecht (LL.M.).

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

Bachelor Thesis from the year 2007 in the subject Business economics - Miscellaneous, grade: 94,0 %, International University of Monaco, 65 entries in the bibliography, language: English, abstract: Objective of this thesis was to identify the trends and developments of country-specific defense strategies against hostile takeovers and their determinants. Thus, it was necessary to analyze which possibilities of corporate defense would actually be feasible in certain countries. Defense strategies were subdivided into preventive and ad-hoc strategies. National characteristics and differentiators were shown and analyzed regarding their suitability as a defense measure. Especially in France and Germany the big influential players have been in a process of change: banks and governments are pursuing different investment strategies and companies loose their 'systematic protection'. The example of Germany illustrates that companies are looking for protective alternatives as old structures like the Rhenish capitalism are breaking up. The growth of M&A activities, especially of hostile takeovers, has affected national legislation to tighten their regulations; France has lifted barriers regarding takeovers (both friendly and hostile) regarding 11 specific industries at the time being. This example illustrates the increasingly protectionist behavior in Europe on a governmental level. Corporate Governance generally takes shareholders more and more into consideration regarding the vote on the adoption of defense measures and golden parachutes. In the US, companies started to diminish golden parachutes as a result of the proposal of activist shareholders. In many European countries, however, there are still enough loopholes to avoid foregone shareholder voting. A contrary trend is to be seen in the US, where poison pills are diminished on a fast pace. In addition, shareholders vote increasingly in favor of declassified boards. Golden parachutes are still prevalent, but not for defense reasons. It was found that their effect is hardly predictable. Shareholders sharply criticize their adoption and increasingly vote against them. A change in Japan's legislation allows hostile takeovers since May 2007. Consequently, Japanese companies are about to set up poison pills to protect themselves.

Jan Steinbächer ist seit 2010 bei IMAP M&A Consultants AG als Projektmanager tätig. Er betreut nationale und internationale Buy- und Sell-side Mandate, hauptsächlich im Automotive-Sektor. Zuvor war Jan Steinbächer zwei Jahre für die mittelstandsfokussierte Investment Bank Silvia Quandt & Cie. AG in Frankfurt tätig. Als Analyst im Bereich Corporate Finance begleitete er sowohl M&A- als auch Kapitalmarkttransaktionen. Jan Steinbächer studierte internationale Betriebswirtschaftslehre an der International University of Monaco, wo er 2007 mit einem Bachelor abschloss. Zusätzlich absolvierte er ein berufsbegleitendes Master-Studium im Bereich Wirtschaftsrecht (LL.M.).

More books from GRIN Publishing

Cover of the book Analysis of James Joyce's short story 'Eveline' by Jan Steinbächer
Cover of the book American Foreign Policy in the Third World Countries by Jan Steinbächer
Cover of the book Critical Evaluation of Internet Advertising by Jan Steinbächer
Cover of the book Ukrainian Contemporary Art - Civil Society, International Organizations and Public Sphere by Jan Steinbächer
Cover of the book Ethics in Human Resource Management by Jan Steinbächer
Cover of the book Mt. Fuji - religion and tourism by Jan Steinbächer
Cover of the book 'The Cement Garden' (Ian McEwan) - Regression: The 'lawless interregnum' by Jan Steinbächer
Cover of the book Using the concepts of reliability and validity, critically examine how confident Human Resource professionals should be in using interviews as an effective selection technique by Jan Steinbächer
Cover of the book Financial Crisis - Impacts and Reactions by Jan Steinbächer
Cover of the book The Extent to which 'Consciousness' poses a problem for the Computational Theory of Mind by Jan Steinbächer
Cover of the book The Representation of Gender in Walt Disney's 'Mulan' by Jan Steinbächer
Cover of the book Changes in Physical Performance of Children with Scoliosis Courtesy of Remedial Exercises Therapy by Jan Steinbächer
Cover of the book Civil society and the European Union: The mutual influence between EU institutions and czech non-Government organisations before and after EU-accession by Jan Steinbächer
Cover of the book Die Insel Panarea by Jan Steinbächer
Cover of the book Loyalty cards in the apparel industry in Germany and Spain by Jan Steinbächer
We use our own "cookies" and third party cookies to improve services and to see statistical information. By using this website, you agree to our Privacy Policy