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Der Deutsche Juristentag (e.V.) – ein der Rechtswissenschaft verpflichteter Akteur der Rechtspolitik
In: Jahrbuch des öffentlichen Rechts der Gegenwart, Band 71, Heft 1, S. 451
ISSN: 2569-4103
Non-frustration Rule and Mandatory Bid Rule – Cornerstones of European Takeover Law?
In: European company and financial law review: ECFR, Band 15, Heft 1, S. 1-40
ISSN: 1613-2556
With the non-frustration rule and the mandatory bid rule, the Takeover Bid Directive contains two principles which have strongly influenced British takeover law for approximately 50 years. However, the changes of the economic and legal framework of the market for corporate control which have occurred since the adoption of the Directive call into question the legitimacy of both principles. Although the non-frustration rule is capable of disciplining board members, it generates misguided incentives and is, at the most, suitable as a disciplining tool of last resort. The dominant idea of relying on increasing shareholder activism and of trusting the shareholders to discipline the board (also in a company with dispersed ownership) is compelling in principle; however, as active shareholders often seek the short-term maximisation of returns, misguided incentives cannot be avoided in this context either. In view of these findings, the article explores the ways of structuring NFR optionality. It submits that only the shareholders should be given the possibility to opt out of the strict NFR – which would continue to serve as the default rule and that such an opt out should only be possible for a limited period of time. With respect to the mandatory bid rule, its justification is becoming increasingly difficult since the exploitation of the offeree company by the controlling shareholder is more or less excluded by obligations to disclose information, by shareholder activism and by the reform of the Shareholder Rights Directive. In view of the foregoing, this paper argues for reform of the Directive's mandatory bid rule making it a mere default rule.
The Non-Frustration Rule and the Mandatory Bid Rule – Cornerstones of European Takeover Law?
In: LSE Legal Studies Working Paper No. 9/2017
SSRN
Working paper
Handwörterbuch des Europäischen Privatrechts. Band I: Abschlussprüfer – Kartellverfahrensrecht. Band II: Kauf – Zwingendes Recht
In: JuristenZeitung, Band 65, Heft 6, S. 296
Glückwunsch: Harm Peter Westermann zum 70. Geburtstag
In: JuristenZeitung, Band 63, Heft 1, S. 34
Keine Anwendung des Verbraucherkreditgesetzes auf "Geschäftsbürgschaften" (BGH v.21. 04. 1998, IX ZR 258-97)
In: Deutsches Steuerrecht: DStR ; Wochenschrift & umfassende Datenbank für Steuerberater ; Steuerrecht, Wirtschaftsrecht, Betriebswirtschaft, Beruf ; Organ der Bundessteuerberaterkammer, Band 36, Heft 25, S. 944-946
ISSN: 0949-7676, 0012-1347
Wirtschaftsrecht - Die Aktionärsklage - Grundlagen, Grenzen und Anwendungsfälle
In: Deutsches Steuerrecht: DStR ; Wochenschrift & umfassende Datenbank für Steuerberater ; Steuerrecht, Wirtschaftsrecht, Betriebswirtschaft, Beruf ; Organ der Bundessteuerberaterkammer, Band 36, Heft 14, S. 533-537
ISSN: 0949-7676, 0012-1347