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Like Mitchell and Lehn (1990), I classify firms in the sample as hostile targets when they are targets of successful or unsuccessful hostile tender offers, unsolicited and rejected offers, and proxy contests.
A decade ago, we were talking about incentive compensation, strategic planning, management information systems, hostile tender offers, and multinational organizations as the "new" challenges.
The restructuring phenomenon has raised numerous issues involving securities regulation, including the desirability of additional regulation of both bidder and target tactics in hostile tender offers, possible protections for bondholders in restructurings, and the adequacy of disclosure in management buyouts.
Once such an agreement had been arranged, National Starch hired an investment banking firm to evaluate the offer, provide a fairness opinion and assist in the event of any hostile tender offers.
Wee has extensive experience representing investment banking clients in connection with public mergers, friendly and hostile tender offers, and private acquisitions across a broad range of industries.
She began her career at Skadden, Arps in 1980 litigating hostile tender offers and other corporate control battles, and went on to become one of the youngest - and one of the first women - to be named as a litigation partner at the firm.
As a consequence, the legal and economic conditions in the early 1990s may appear to favor proxy contests over hostile tender offers as a means to ensure that managers maximize firm value.
Through early support for buyout funds, hostile tender offers and, later, shareholder resolutions and proxy battles, large investors created the "Institutional Investor Rule.
Both as an advisor to companies and as member of the senior management team, Bob has hands-on experience in managing corporate activities such as initial public offerings, introducing new management, repositioning corporate strategy, turnarounds, acquisitions and divestitures, balance sheet recapitalization, shareholder proxy fights, and hostile tender offers.
In a statement issued after the Board's February meeting, company management said that the rights plan was extended "to protect shareholders against attempts to acquire control of the Company by means of 'creeping' acquisitions in the open market, hostile tender offers made at less than a full and fair price and other takeover tactics that can be used to deprive shareholders of the ability to get a full and fair price for all of their shares in the context of a change in control.
The Rights Agreement adopted by the Board is expected to deter hostile tender offers and creeping takeovers and should operate to preserve and maximize shareholder value in the event of a sale of the Company.
Bob Cronin, Wallace's president and CEO, noted that steps such as these are typically taken by companies that are the targets of unsolicited hostile tender offers based on the need to keep people in place to run the business.