The Antecedents and Consequences of Resistance to Take-overs

Rita D. Kosnik and Thomas A. Turk

Chapter 8 in The Management of Corporate Acquisitions, 1994, pp 170-190 from Palgrave Macmillan

Abstract: Abstract In the 1980s, corporate America underwent dramatic structural changes as a result of a new merger wave. Throughout the decade, the number of mergers and acquisitions, and their dollar value, hit record highs. For instance, in the 1985–6 period, over 3000 transactions a year were recorded which, combined, accounted for over $120 billion. Throughout the decade, more than $1.3 trillion was spent on merger and take-over transactions (Business Week 1990). Compared with previous merger waves, the recent merger wave stands out because of three new developments: the size of the merger deals, the controversies created by hostile take-overs, and the proliferation of resistance tactics by the management of target firms.

Keywords: Institutional Investor; Agency Theory; Target Firm; Share Repurchase; Hostile Takeover (search for similar items in EconPapers)
Date: 1994
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-13016-0_8

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DOI: 10.1007/978-1-349-13016-0_8

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