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European Company and Financial Law Review

Ed. by Conac, Pierre-Henri / Davies, Paul / Cordt, Yves / Embid Irujo, Jose Miguel / Fernandez de la Gándara, Luis / Ferrarini, Guido / Fleischer, Holger / Hirte, Heribert / Hommelhoff, Peter / Hopt, Klaus J. / Kalss, Susanne / Kroeze, M. J. / Merkt, Hanno / Teichmann, Christoph / Urbain-Parleani, Isabelle / Crone, Hans Caspar / Ventoruzzo, Marco / Wyckaert, Marieke

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Volume 3, Issue 4 (Dec 2006)


White Knights and Black Knights – Does the Search for Competitive Bids always Benefit the Shareholders of “Target” Companies? –

Federico M Mucciarelli
Published Online: 2007-01-26 | DOI: https://doi.org/10.1515/ECFR.2006.018


According to the EC Directive on Takeover Bids, defensive measures should be authorised by the general meeting of the target company. The incumbent board can, nonetheless, search for a competing bid, a so-called “white knight”. The rationale underpinning this exception is that competing bids always benefit target's shareholders. In this paper I will tackle this rationale, arguing that even competing bids could generate a pressure to tender on target's shareholders and, therefore, in this case should not be considered as a benefit for them.

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Published Online: 2007-01-26

Published in Print: 2006-12-19

Citation Information: European Company and Financial Law Review, ISSN (Online) 1613-2556, ISSN (Print) 1613-2548, DOI: https://doi.org/10.1515/ECFR.2006.018.

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