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A legal and economic assessment of European takeover regulation

Author: Christophe ClercFabrice DemarignyDiego ValianteMirzha de Manuel AramendíaMarccus Partners (Firm),All authors
Publisher: Paris, France : Marccus Partners, The Mazars Group : Pinsent Masons, Brussels, Belgium : Centre for European Policy Studies, [2012] [2012] ©2012
Edition/Format:   Print book : EnglishView all editions and formats
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Document Type: Book
All Authors / Contributors: Christophe Clerc; Fabrice Demarigny; Diego Valiante; Mirzha de Manuel Aramendía; Marccus Partners (Firm),; Pinsent Masons (Firm),; Centre for European Policy Studies (Brussels, Belgium),
ISBN: 9461382340 9789461382344
OCLC Number: 824733647
Notes: "This book is an abridged version of a comprehensive study carried out by the law firm Marccus Partners and the Centre for European Policy Studies for the European Commission and supplemented by additional policy recommendations."--Page 4 of cover.
"This publication is based on the study undertaken for the European Commission, The Takeover Bids Directive Assessment Report (2012), in connection with the review of the Takeover Bids Directive."--Title page verso.
Description: iii, 277 pages : illustrations, maps ; 24 cm
Contents: Machine generated contents note: pt. I Legal Analysis and Survey --
1. Introduction --
1.1. History and adoption of the Directive --
1.2. The study --
1.3. The report from the Commission --
1.4. Twelve key results --
1.5. Eight key proposals --
2. Status and quality of transposition --
2.1. Status of transposition --
2.2. General assessment of whether the objectives have been reached --
3. Broader aspects and implications of takeover regulation --
3.1. Some theoretical bases of corporate governance --
3.2. Broader issues of corporate governance --
4. National legal framework and operation of the Directive --
4.1. Transpositions, loopholes and gold-plating --
4.2. Developments not directly linked to transposition --
4.3. General principles of the Directive --
4.4. Exemptions to the Directive --
4.5. Perception --
5. Mandatory bid rule --
5.1. The mandatory bid --
A takeover-hostile provision? --
5.2. Transposition --
5.3.Comparison with major non-EU jurisdictions 5.4. Perception --
6. Takeover defences, control structures and barriers not covered by the Directive --
6.1. Objectives and background --
6.2. Transposition --
6.3. Control structures and barriers not covered by the Directive --
6.4.Comparison with major non-EU jurisdictions --
6.5. Perception --
7. Squeeze-out and sell-out rules --
7.1. Objectives --
7.2. Transposition --
7.3.Comparison with major non-EU jurisdictions --
7.4. Perception --
8. Other issues --
8.1. Disclosure of information --
8.2. Supervisory authority, enforcement and litigation --
9. Mapping the potential reforms --
9.1. Major reforms --
9.2. Technical reforms --
10. Conclusions --
10.1. The Directive is at the centre of broader corporate governance and economic debates --
10.2. Assessing the Directive --
pt. II Economic Analysis --
11. The economics of takeover regulation --
11.1. Introduction --
11.2. The takeover bid process --
11.3. Rationales for takeover regulation --
11.4. Designing takeover regulation 12. The economics of the Directive --
12.1. The mandatory bid rule --
12.2. The board neutrality rule --
12.3. Taxonomy of defensive measures --
12.4. The breakthrough rule --
12.5. Squeeze-out and sell-out rules --
12.6. Empirical analysis --
12.7. Conclusions --
13. Impact of the Directive on competitiveness --
13.1. Defining competitiveness --
13.2. Takeovers and competitiveness --
13.3. The Directive and competitiveness --
13.4. Empirical analysis --
14. Impact of the Directive on employment and employees --
14.1. Approach to labour market efficiency --
14.2. Effects of takeovers on employment --
14.3. Employment provisions in the Directive.
Responsibility: Christophe Clerc, Fabrice Demarigny, Diego Valiante, Mirzha de Manuel Aramendía.

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