EU Takeover Regulation: One Size Can't Fit All

Georgina Tsagas

Research output: Contribution to journalArticle (Academic Journal)peer-review

Abstract

The failure of the EU Takeover Directive to meet the European
Commission’s goal of harmonising takeover laws as a means of monitoring
corporate performance is a fact. As the Directive’s revision date in 2011 is
approaching, it is current and essential to identify the reasons that have made
the Directive the subject of such debate and outline the variables that affect its
effective implementation. As national divergence in this field remains a
problem, it is important to shed some light on why the ‘one size fits all’
approach introduced by the Commission is not a viable option. A historical
overview of the Directive and its deficiencies as a harmonising instrument will
be provided. The board neutrality rule of article nine and the ‘breakthrough’
rule of article 11 will be the two main provisions discussed. The paper will
refer to the significance of takeover activity and refer to practical problems that
arise from the takeover’s ambiguous nature. It will suggest that studies linking
owner identity to company objectives and performance may provide innovative
information that will lead the takeover regulation reform debate in a positive
direction.
Original languageEnglish
Pages (from-to)171
Number of pages184
JournalInternational Journal of Private Law
Volume4
Issue number1
Publication statusPublished - 2011

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