antitakeover measure

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Antitakeover Measure

Periodic or continual measures a firm's management takes to discourage unwanted or hostile takeovers. One example of an antitakeover measure is the macaroni defense, in which the company issues a large number of bonds with the proviso that they must be redeemed at a high price if the company is taken over. See also: Shark Watcher.

antitakeover measure

An action by a firm's management to block or halt a takeover by another party. Examples of antitakeover measures include a fairprice amendment, staggered terms of office for directors, and a requirement for an increased number of affirmative votes from shareholders to approve a takeover. See also show stopper.
References in periodicals archive ?
Brickley, Lease, and Smith, 1988, on voting patterns on shark repellent amendments).
Thus, the number of adoptions in a firm's industry and among a firm's interlock partners was measured as of the beginning of each quarter (spell); the financial measures (market value, market return, market-to-book ratio) and the shark repellent indicator were measured annually and lagged one year; presence of a golden parachute was measured for 1984, 1986, and 1987; and the other independent measures were assumed to be constant over the sample period.
However, firms that had already adopted a shark repellent and those owned proportionally more by institutions adopted at a significantly higher rate.
Laboratory experiments with shark repellents. Proc.
I wrote the President a memorandum suggesting that we try to develop a shark repellent" (Field, 1953:329).