 Le offerte pubbliche di acquisto a venti anni dal Testo Unico della Finanza (Tender Offers in Italy Twenty Years After the Unified Finance Law)Maria Grazia Iocca and Riccardo Ferretti Centro Studi di Banca e Finanza (CEFIN) (Center for Studies in Banking and Finance) from Universita di Modena e Reggio Emilia, Dipartimento di Economia "Marco Biagi" Abstract: The paper aims to show the evolution of Tender Offers (Offerte Pubbliche di Acquisto – OPA) in Italy for their role played in the efficient allocation of corporate control and the capital market’s integrity. In fact, the analysis of the national regulation regarding OPAs reveals the constant attempt of our legislator to balance the contendibility of corporate control and the need to ensure the equal treatment of all target’s shareholders, for sure one of the key principles of this regulation. Rationalising the sequence of the many regulatory interventions, as well as tracing the trends of Italian OPAs in terms of number, turnover, and prices may be an excercise useful for scholars and professionals. Keywords: Tender Offers; Unified Finance Law; Market for Corporate Control; Breakthrough Rule; Passivity Rule (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:mod:wcefin:0082 Access Statistics for this paper More papers in Centro Studi di Banca e Finanza (CEFIN) (Center for Studies in Banking and Finance) from Universita di Modena e Reggio Emilia, Dipartimento di Economia "Marco Biagi" Contact information at EDIRC. |
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