Transition and Current Situation of
Hostile Takeovers in Japan
Upon being notified of its rejected offer, Newmont immediately began taking actions to thwart the Homestake merger and launch a
hostile takeover of Santa Fe.
The measures against
hostile takeover bids include the so-called poison pill system to issue equity warrants for the purpose of diluting
hostile takeover bidders' equity stakes to ward off their bids.
Fearing the possibility of
hostile takeover bids, Daido Steel last year announced a plan to introduce anti-takeover measures including a request for bidders to specify their objectives and other details.
The petitions delivered to Senators reportedly say: 'I oppose US Airways'
hostile takeover bid for Delta Air Lines because it would be bad for everyone.
said it rejected Pilgrim's Pride Corp.'s
hostile takeover bid of about $1 billion and filed a lawsuit to stop the rival poultry producer from trying to elect its own officers to Gold Kist's board of directors.
Newly-appointed Xstrata Nickel CEO Ian Pearce and Xstrata CFO Trevor Reid toured the company's recently-acquired Falcon-bridge assets, in late August, while meeting with employees and community leaders to outline their "value-creating" growth strategy, and allay any fears associated with a
hostile takeover.
Fighting off a
hostile takeover bid by Italian electricity company Enel, French utility group Suez lodged a complaint with the European Commission on 27 March concerning the Italian law which shields its national energy champion from a foreign takeover.a"The Italian state has excessive rights over Enel, meant to protect it from any change in the control of the capital by limiting other shareholders to 3% of the voting rights", claimed Suez.
* French and Luxemburg government resistance against the
hostile takeover bid by Mittal Steel, the world's largest steelmaker, on behalf of its French/Luxembourg rival Arcelor;
The implacable Lion Nathan Ltd has extended its $420 million (Australian)
hostile takeover offer for Coopers Brewery Ltd to March.
NEW YORK-Mark Wattles, Ultimate Electronics' chairman and chief executive officer, may be eyeing competitor Tweeter Home Entertainment Group as a potential acquisition target, as was made evident by a request for the company to drop its
hostile takeover guard.
Though the bid was ultimately withdrawn, its reverberations will be felt for many years to come, as similarly
hostile takeover bids are now inevitable.
