Defensive strategies against hostile takeovers . Th e analysis of selected case studies

  • Marcin Puziak, Maciej Martyniuk
  • Published 2015

Abstract

Since the 1970s and 1980s mergers and acquisitions (M&A) have been a regular part of the American capital market. As the American capital market is considered to be the most developed one in the world, processes that take place there started to occur at other markets, including the Polish market. One of the most interesting aspect of M&A is the issue of hostile takeover, which is a situation when the takeover occurs against the will of existing company’s board of directors and its current shareholders. Th e aim of this article is to present the possible strategies, which can be used by resisting companies against hostile takeovers, and the assessment of their infl uence on a company in the context its restructurisation. In the part devoted to the analysis of cases, description of three processes of hostile takeovers is presented. Each of these took place at a diff erent market and, which is the most important feature, each of these ended with diff erent result. Th e discussed cases encompass the unsuccessful takeover of Gillette company at the American market, the attempt at takeover of Th yssen by Krupp-Hoesch, which resulted in a merger, and the history of the hostile takeover of Kruk company by Vistula. Th e below analysis enabled to assess the defensive strategies in the context of restructuring results, which occur in the situation of hostile takeovers.

Cite this paper

@inproceedings{Puziak2015DefensiveSA, title={Defensive strategies against hostile takeovers . Th e analysis of selected case studies}, author={Marcin Puziak and Maciej Martyniuk}, year={2015} }