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Financial Tunnelling and the Mandatory Bid Rule
Tom Kirchmaier University of Manchester - Division of Marketing, International Business and Strategy; FMG / London School of Economics (LSE) Jeremy Grant University of Geneva - Graduate Institute of International Studies (HEI) Jodie Kirschner London Business School January 2009 FMG Discussion Paper No. 536 Abstract: In this paper we use clinical studies to document how dominant shareholders have circumvented mandatory bid rules to appropriate wealth from minority shareholders. Dominant shareholders are numerous in continental Europe. Creative compliance with mandatory bid rules reveals the failure of boards and regulators to protect minority shareholders and the difficulties of legislating in this area. We propose enhanced means for protecting their interests.
Keywords: mandatory bid Rule, MBR, minority shareholders, financial tunneling, block holder, corporate governance JEL Classifications: G34, G32 Working Paper SeriesDate posted: November 04, 2004 ; Last revised: January 30, 2009Suggested CitationContact Information
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