The Mandatory Bid Rule in the Takeover Directive: Harmonization Without Foundation?
European Company and Financial Law Review, Vol. 1, No. 4, pp. 440-57, 2004
Posted: 21 Apr 2005
The article critically evaluates the mandatory bid rule in the new EC Takeover Directive. It questions and the rationale and the effectiveness of this central feature in light of the wide discretion left to the Member States, in particular regarding the permissibility of defensive measures, and ends with provocative views on "cui bono?"
Keywords: European Union, Takeover Directive, Mandatory Bid Rule, Market for Corporate Control, Defensive Tactics, Passivity Rule
JEL Classification: K22, G34, G38
Suggested Citation: Suggested Citation