Columns 1 to 5 assess how the probability that a firm might become a hedge fund's target next year is related to each anti-takeover statute
of America, (175) which upheld the validity of an Indiana anti-takeover statute
, at least twenty-nine states have adopted similar provisions.
166) the Supreme Court held that the Illinois anti-takeover statute
violated the Commerce Clause of the U.
Delaware was one of the last states to enact an anti-takeover statute
, and its statute gives managers far less discretion than those rushed into the code books by other state legislatures.
Simon challenged the validity of the family's controlling stake, filing a lawsuit alleging they violated Michigan's anti-takeover statute
These concerns have reinforced the calls of those seeking to restrict hostile takeovers by, for example, anti-takeover statutes
in some American states and proposals for shareholder ratings changes in the UK.
Although proxy contests (also called proxy battles, fights, and wars) were infrequently used as a means of gaining control of publicly traded corporations or of influencing management policy decisions during the 1980s, recent changes in the United States business environment -- the limited availability of financing for corporate takeovers, the collapse of the junk bond market, the passage of anti-takeover statutes
in 40 states and proliferation of anti-takeover defense tactics, and the active role institutional investors are now taking in the governance of American corporations -- the proxy contest has now become a very important and leading tool in battles for corporate influence and control.
While merger and acquisition activity should continue at a somewhat reduced level, proxy contests, which are fertile ground for mismanagement charges, are expected to multiply Virtually all proxy fights spawn associated lawsuits, challenging either the proxy process itself or state anti-takeover statutes
Compared to most states, which have adopted multiple anti-takeover statutes
of ever-increasing ferocity, Delaware's single takeover statute is relatively friendly to hostile bidders.