Edited by Sean Griffith, Jessica Erickson, David H. Webber and Verity Winship
Chapter 24: A transatlantic perspective on shareholder litigation in public takeovers
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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