Research Handbook on Representative Shareholder Litigation
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Research Handbook on Representative Shareholder Litigation

Edited by Sean Griffith, Jessica Erickson, David H. Webber and Verity Winship

Written by leading scholars and judges in the field, the Research Handbook on Representative Shareholder Litigation is a modern-day survey of the state of shareholder litigation. Its chapters cover securities class actions, merger litigation, derivative suits, and appraisal litigation, as well as other forms of shareholder litigation. Through in-depth analysis of these different forms of litigation, the book explores the agency costs inherent in representative litigation, the challenges of multijurisdictional litigation and disclosure-only settlements, and the rise of institutional investors. It explores how related issues are addressed across the globe, with examinations of shareholder litigation in the United States, Canada, the United Kingdom, the European Union, Israel, and China. This Research Handbook will be an invaluable resource on this important topic for scholars, practitioners, judges and legislators.
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Chapter 24: A transatlantic perspective on shareholder litigation in public takeovers

Dan Awrey and Blanaid Clarke

Abstract

This chapter compares the regulatory environment facing takeovers in the United States, the United Kingdom, and the Republic of Ireland. After recognizing some commonalities among the jurisdictions, including highly developed stock markets and each jurisdiction’s “market-oriented” approach to corporate governance that seeks to maximize shareholder value, this chapter focuses on the major substantive and procedural differences between the regulatory regimes. This chapter offers a comprehensive analysis of the City Code of the United Kingdom and the corresponding Takeover Rules in Ireland that govern public takeovers and explains how these regimes may be preferable to more litigation-based models of takeovers. Specifically, the authors identify three advantages of these regimes: the responsive and proactive rulemaking system of expert panels, the speediness of review, and cost savings offered by the difference processes.

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