Copyright2013 copyright2013 propertyorsocialequity

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Unformatted text preview: 2013 Property or Social Equity Duty of Loyalty in a hostile takeover – Do we believe in the efficient market theory? – If so ­­­ The premium in a hostile takeover bid adds shareholder value? “Evaluating the deal” – How can directors justify fighting a takeover on the theory that the takeover price undervalues the shareholder interest? Why believe these directors will create value if they have failed to do so to date? Copyright 2013 Copyright 2013 Property or Social Equity: Con’t Can boards justify: Anti­takeover measures? Green mail, etc. – How can/should investors react? Legal Trend ­ Boards can consider the interests of all stakeholders when exercising corporate power “What will discipline board behavior?” Do they have the cover to act in their self Copyright 2013 Copyright 2013 interest? FOR CONSIDERATION!!! The legal primacy of the creation of the shareholder value is eroding The sources and flavors of new capital are expanding Is there a remaining source of discipline for directors when they are free to chose where they do business based on the most hospitable political environment...
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This document was uploaded on 01/28/2014.

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