Defence strategies

Duncan N. Angwin

Chapter 44 in Elgar Encyclopedia of Mergers and Acquisitions, 2026, pp 115-117 from Edward Elgar Publishing

Abstract: Takeover defences are necessary to protect a firm against a hostile bid. Before a bid a firm may improve operational efficiency, restructure, change ownership structure, engage stakeholders, and use crown jewel, scorched earth and greenmail strategies. Once a bid has been made, the target can reject and criticise the bid, use a white knight defence, litigation, lobbying, restructuring, a Pac-Man defence, standstill agreements and buybacks. Evidence suggests defence strategies destroy value but may lead to better post deal innovation.

Keywords: Takeover defences; Operational efficiency; Restructuring; Governance; Economic performance; Innovation performance; Regulation (search for similar items in EconPapers)
Date: 2026
ISBN: 9781800880856
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.elgaronline.com/doi/10.4337/9781800880863.00050 (application/pdf)
Our link check indicates that this URL is bad, the error code is: 403 Forbidden

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:elg:eechap:20450_44

Ordering information: This item can be ordered from
http://www.e-elgar.com

Access Statistics for this chapter

More chapters in Chapters from Edward Elgar Publishing
Bibliographic data for series maintained by Jack Sweeney ().