European Business Law Review

Volume 22 (2011)

Volume 22 (2011) / Issue 5

Joseph A. McCahery, Erik P.M. Vermeulen, 'The Case Against Reform of the Takeover Bids Directive' (2011) 22 European Business Law Review, Issue 5, pp. 541–557

Abstract

Does the Takeover Bids Directive need revision? The answer to this question will most likely affect the Commission's assessment of the Directive in 2011 and could initiate its revision. Proponents of such a revision urge the Commission to redress the shortcomings of the Directive's implementation in two ways: 1) revising the mandatory provisions of the Directive making them less easily avoidable; and 2) creating new provisions that would weaken incumbent managers' lock on control that would make corporate control more contestable. In this short essay, however, we show that the Commission's opt-out strategy has proved, in practice, to be remarkably popular with Member States and does not need any further discussion.

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ISSN: 0959-6941
ID: EULR2011029