A Takeover Too Far: Can the UK Prohibition on Board Defensive Action Be Justified Any Longer?

25 Pages Posted: 22 Nov 2011

See all articles by Rhys Pippard

Rhys Pippard

affiliation not provided to SSRN

Date Written: November 20, 2011

Abstract

This essay seeks to prove that the UK Takeover Panel's infamous board neutrality rule is neither ethically defensible nor legally justifiable. Within the context of the current Kraft-Cadbury controversy, the current statutory framework is appraised, before both English and Commonwealth jurisprudence is critically evaluated. The findings lead to the conclusion that the Panel's continued prohibition on board defensive action is in conflict with both common law and statute – and therefore lacks any continued legitimacy.

Keywords: company, law, uk, city, code, panel, takeover, hostile, board, neutrality

Suggested Citation

Pippard, Rhys, A Takeover Too Far: Can the UK Prohibition on Board Defensive Action Be Justified Any Longer? (November 20, 2011). Available at SSRN: https://ssrn.com/abstract=1962291 or http://dx.doi.org/10.2139/ssrn.1962291

Rhys Pippard (Contact Author)

affiliation not provided to SSRN ( email )

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