Their report includes an index of all 143 hostile bids for control reviewed during the 10-year period -- with breakout information on target industry, market capitalization and deal outcomes.
Among other changes, the new rules will substantially expand the period during which a hostile bid must remain open -- from 35 to 120 days -- and also mandate a minimum tender requirement of a majority of the target company's shares, thereby strengthening the board's hand but leaving the final decision in shareholders' hands in a contest for control.
We are expecting a much larger number of hostile bids this year supported by the huge levels of capital available.
An inappropriate response to a hostile bid can damage share price, investor sentiment or management team credibility so it is important that companies are alert to predatory acquirers.
Although the Livedoor-NBS flap signals that hostile bids
for Japanese companies remain unwelcome, offering M & A advice is acceptable.
NatWest is considering selling some of its assets as a way to fend off the hostile bids
, and its branch network is estimated to be worth 1.
Such a move would be extremely unusual within the software industry where hostile bids
run the risk of alienating the target's key employees.
takeover rules and this has resulted in concerns by some investment managers that their offshore funds may be susceptible to unregulated hostile bids
have traditionally been frowned upon by European companies but attitudes may be changing.
Barclays and National Australia Bank might be more realistic bidders, with an outside chance of Royal Bank of Scotland being interested, but the climate of the UK sector does not feel like it favours hostile bids
Companies pursuing hostile bids
in Ohio, if successful, also face a three-year moratorium on selling off the target company's assets to help pay down acquisition debt.
The Pac-Man defence has become increasingly rare in the States since the 1980s, partly because companies launching hostile bids
now make sure they have their own defensive measures in place before going on the attack.