Takeovers: overview

1
Takeovers overview

• Corporate combinations 13.02
• Asset sale
• Merger
• Acquisition of control
• Proxy contest 13.03
• Control purchase 13.04 (A)
• Tender offer 13.04(B)
• Takeover defenses
• Corporate combinations 14.01
• Proxy contests 14.02
• Tender offers 14.03
• Shareholder approved defenses
• Director approved defenses Poison pills

2
Asset or share purchase
The corporate entity
Share purchase
Asset purchase
3
Merger
Ordinary merger
target
acquirer
Sub shares
Target
Subsidiary
Acquirer
Triangular merger
4
Sale of control related theories

• Trigger theories Shareholder duties
• Insider trading Recapitalization Honigman
• Duty of care Restructuring Jones
• Sale of office Close corporation Donahue
• Corporate opportunity Parent-sub Sinclair
• Controlled merger Weinberger

5
Perlman
MCS
Tender offer
Damages63 premium
Sale
Public shareholders
Feldmann
Wilport