Since the boom of hostile activity in the US and the UK during the 1980s, hostile takeovers, as a form of M&A transactions, constitute an integral part of contemporary global business practice and a field of rapid development in the market for corporate control. The purpose of this thesis is to offer a comprehensive analysis of the phenomenon of hostile takeovers, from its creation until its recent developments.
The study begins by presenting the theoretical background which is important for the understanding of the subject. This includes a concrete definition of the notion of hostile takeovers, as well as an analysis of its core elements and the various hostile tactics which may be used, with hostile tender offers being the prominent. Furthermore, the historical background and the rationale of the phenomenon are also presented. The thesis, furthermore, proceeds with the examination of the basic anti-takeover mechanisms, which can be implemented either before or after a hostile tender offer, and discusses their level of effectiveness. The focus, however, of this study is found in the presentation of a comparative analysis of the applicable legal framework on hostile tender offers in the United States and in the European Union, based on the examination of the applicable legal instruments and on the development of case law. In its final chapter, the thesis examines, also, how hostile activity emerged and is regulated in Greece, whereas it concludes by presenting information on the recent takeover activity, along with the final remarks.
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