Defending against a hostile bid a defence support manual for SWX Exchange Listed Companies
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| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Zürich [u.a.]
Schulthess
2004
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| Schriftenreihe: | Schriften zum neuen Aktienrecht
20 |
| Online-Zugang: | Inhaltsverzeichnis |
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| LEADER | 00000nam a2200000 cb4500 | ||
|---|---|---|---|
| 001 | BV021480949 | ||
| 003 | DE-604 | ||
| 005 | 20050323 | ||
| 007 | t| | ||
| 008 | 050214s2004 xx |||| 00||| eng d | ||
| 020 | |a 3725547742 |9 3-7255-4774-2 | ||
| 035 | |a (DE-599)BVBBV021480949 | ||
| 040 | |a DE-604 |b ger |e rakwb | ||
| 041 | 0 | |a eng | |
| 049 | |a DE-M382 | ||
| 100 | 1 | |a Röthlisberger, Alain P. |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Defending against a hostile bid |b a defence support manual for SWX Exchange Listed Companies |c by Alain P. Röthlisberger ; Esther Nägeli |
| 264 | 1 | |a Zürich [u.a.] |b Schulthess |c 2004 | |
| 300 | |a VIII, 170 S. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 490 | 1 | |a Schriften zum Aktienrecht |v 20 | |
| 700 | 1 | |a Nägeli Kellerhals, Esther |d 1962- |e Verfasser |0 (DE-588)128544848 |4 aut | |
| 830 | 0 | |a Schriften zum neuen Aktienrecht |v 20 |w (DE-604)BV008226984 | |
| 856 | 4 | 2 | |m SWB Datenaustausch |q application/pdf |u http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014702058&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |3 Inhaltsverzeichnis |
| 943 | 1 | |a oai:aleph.bib-bvb.de:BVB01-014702058 | |
Datensatz im Suchindex
| _version_ | 1819779769382731776 |
|---|---|
| adam_text | TABLE OF CONTENTS
I. INTRODUCTION 1
A. BACKGROUND 1
B. OBJECTIVE 3
C. STRUCTURE 5
II. TAKE-OVER REGULATION 7
A. GENERAL 7
1. GENESIS OF TAKE-OVER REGULATION 7
2. PURPOSE OF TAKE-OVER REGULATION 8
A) PURPOSE OF TAKE-OVER REGULATION 8
B) RELATED PROVISIONS 9
3. EFFECTS OF TAKE-OVER REGULATION 10
4. TAKEOVER BOARD 12
B. PUBLIC BIDS AND MANDATORY OFFERS 13
1. SCOPE OF APPLICATION 13
A) TARGET COMPANIES 13
B) PUBLIC TAKE-OVER BIDS 14
C) REPURCHASE OF SHARES 15
D) MANDATORY OFFERS 16
(1) GENERAL 16
(2) OPTING-UP AND OPTING-OUT 17
2. TRANSACTIONS NOT SUBJECT TO TAKE-OVER REGULATION 20
A) GENERAL 20
B) EXEMPTIONS FROM MANDATORY OFFER RULES 21
(1) GENERAL EXEMPTIONS 21
(2) SPECIAL EXEMPTIONS 22
(3) CONCLUSION 23
3. RULES ON TAKE-OVER BIDS 24
A) TRUE AND COMPLETE INFORMATION 24
B) EQUAL TREATMENT OF SHAREHOLDERS 24
(1) PUBLIC TAKE-OVER BIDS 24
(2) MANDATORY OFFERS 26
(3) PARTIAL OFFERS 27
4. CONDITIONAL OFFERS 27
(1) PUBLIC TAKE-OVER BIDS 27
(2) MANDATORY OFFERS 28
(3) WITHDRAWAL OF A TAKE-OVER BID 29
5. COMPETING OFFERS 29
C. TAKE-OVER PROCEDURES 30
1. PRIOR ANNOUNCEMENT OF A TAKE-OVER BID 31
2. TIMING AND KEY DATES OF A TAKE-OVER BID 33
A) PUBLIC TAKE-OVER BIDS 33
B) MANDATORY OFFERS 35
C) COMPETING OFFERS 36
3. SPECIAL DISCLOSURE OBLIGATIONS 37
4. SQUEEZE-OUT 38
5. NON-COMPLIANCE AND SANCTIONS 38
V
TABLE OF CONTENTS
D. DEFENCE MEASURES AGAINST A HOSTILE BID 40
1. OBLIGATIONS OF THE TARGET COMPANY 41
2. OBLIGATION TO INFORM: REPORT OF THE BOARD OF DIRECTORS 42
A) ART. 29 O-TB ( PRINCIPLES ) 42
B) ART. 30 O-TB ( SPECIFIC INFORMATION ) 43
C) ART. 31 O-TB ( CONFLICTS OF INTEREST ) 44
D) ART. 32 O-TB ( PUBLICATION OF THE REPORT ) 44
E) FAIRNESS OPINION 45
F) CONCLUSION 46
3. OBLIGATION OF NEUTRALITY: RESTRICTIONS ON DEFENCE MEASURES 48
A) ART. 29 PARA. 2 SESTA 48
B) ART. 34 O-TB ( OBLIGATION TO NOTIFY ) 49
C) ART. 35 O-TB ( UNLAWFUL DEFENCE MEASURES ) 50
D) ART. 36 O-TB ( IMPROPER DEFENCE MEASURES ) 52
E) CONCLUSION 53
4. OBLIGATION OF EQUAL TREATMENT OF COMPETING OFFERS 54
5. DEFENCE MEASURES OF THE TARGET COMPANY 56
A) GENERAL 56
B) DEFENCE MEASURES PRIOR TO A BID: MEASURES BASED ON THE ARTICLES OF
INCORPORATION 58
(1) REGISTERED SHARES 59
(2) TRANSFER RESTRICTIONS ON REGISTERED SHARES 59
(3) LIMITATION OF VOTING RIGHTS 63
(4) SHARES WITH ENHANCED VOTING RIGHTS 65
(5) QUALIFIED MAJORITY FOR THE DISMISSAL OF BOARD MEMBERS 67
(6) OPTING-UP , OPTING-OUT AND OPTING-IN 68
(7) ISSUE OF AUTHORISED OR CONTINGENT CAPITAL 68
(8) PROTECTION OF DEFENCE PROVISIONS 69
C) DEFENCE MEASURES PRIOR TO A BID: MEASURES OUTSIDE THE ARTICLES OF
INCORPORATION 70
(1) LOYAL SHAREHOLDER BASE
70
(2) SHAREHOLDERS RESOLUTION ON INDEPENDENCE 71
(3) CHANGE OF CONTROL CLAUSES
7
(4) GOLDEN PARACHUTES 72
D) DEFENSIVE MEASURES FOLLOWING THE ANNOUNCEMENT OF A BID 74
(1) SEEK A WHITE KNIGHT OR WHITE SQUIRE 74
(2) REPURCHASE OF OWN SHARES 75
(3) DISPOSAL AND ACQUISITION OF SIGNIFICANT ASSETS 76
(4) LOCK-UP CLAUSES 77
(5) FURTHER DEFENSIVE MEASURES 78
III. PLANNING AND IMPLEMENTATION OF STRATEGIC DEFENCE
81
A. GENERAL 81
B. DEFENCE STRATEGY AND DEFENCE MEASURES
82
1. OBJECTIVES 82
2. CONTINUOUS ANALYSIS OF BUSINESS AND ENVIRONMENT 83
3. BUSINESS AND CORE COMPETENCES 83
4. VALUE OF THE POTENTIAL TARGET COMPANY AND ITS PERCEPTION IN THE
MARKET 85
A) GENERAL 85
B) MARKET COMPARABLES AND PERFORMANCE IN THE MARKET 86
(1) EARNINGS PER SHARE
86
VI
TABLE OF CONTENTS
(2) PRICE-TO-EARNINGS RATIO 87
(3) PRICE-TO-BOOK RATIO 87
(4) YIELDS 88
(5) CAPITAL ASSET PRICING MODEL 89
(6) MARKET COMPARABLES 89
C) SHAREHOLDER VALUE 89
D) STAKEHOLDER VALUE 91
5. SHAREHOLDER BASE 92
A) GENERAL 92
B) LOYAL SHAREHOLDER BASE 93
C) TRACKING SHAREHOLDERS 94
D) TRANSFER RESTRICTIONS ON REGISTERED SHARES 95
E) LIMITATION OF VOTING RIGHTS 95
F) SHARES WITH ENHANCED VOTING RIGHTS 95
G) OPTING-UP , OPTING-OUT AND OPTING-IN 96
6. CORPORATE GOVERNANCE 96
7. REGULATORY ISSUES 98
8. SEEK A WHITE KNIGHT OR WHITE SQUIRE 99
9. POTENTIAL PREDATORS 100
10. TECHNICAL DEFENCE MEASURES 100
A) GENERAL 100
B) CHANGE OF CONTROL CLAUSES 101
C) POISON PILLS 102
D) GOLDEN PARACHUTES 102
11. CORPORATE COMMUNICATION 103
A) VALUE REPORTING 103
B) INSTITUTIONALISED REPORTING PROCESS 104
C) INTERNET AS A COMMUNICATION MEDIUM 105
D) MEDIA WATCHDOG BODY 105
E) ORGANISATIONAL STRUCTURE 105
F) MEDIA INFORMATION TOOL 106
C. PREPARATION IN ADVANCE OF A HOSTILE BID 107
1. OBJECTIVES 107
2. TECHNICAL DEFENCE MEASURES 107
3. DEFENCE PROJECT ORGANISATION 107
4. DEFENCE MANUAL 110
A) OBJECTIVES 110
B) CONTENT 111
C) BLACK BOOK 111
D. DEFENDING AGAINST A HOSTILE BID 112
1. OBJECTIVES 112
2. TIMETABLE AND STEP PLAN 113
3. RECEIPT OF A HOSTILE TAKE-OVER BID 114
A) ANTICIPATION OF A HOSTILE BID 114
B) COMMUNICATION OF A HOSTILE BID 114
C) ACTIVATING DEFENCE PROJECT ORGANISATION 114
4. ALTERNATIVE COURSES OF ACTION TO A HOSTILE TAKE-OVER BID 115
5. ASSESSMENT OF A HOSTILE TAKE-OVER BID 116
A) ASSESSMENT OF THE PRICE OFFER OF A HOSTILE BID 116
B) MONEY AS A DECISIVE FACTOR 117
C) COUNTER-ARGUMENTS AGAINST A HOSTILE BID 117
VII
TABLE OF CONTENTS
(1) PRICE OFFER UNDERVALUES SHARES
(2) PROFIT FORECASTS
(A) CONSIDERATIONS
(B) CONTENT AND VALIDATION
(3) STRATEGY AND CORE COMPETENCES
(4) STAKEHOLDERS
(5) MUD-PACK DEFENCE REGARDING PREDATOR
6. COMMUNICATION
A) INITIAL ANNOUNCEMENT
B) CORPORATE COMMUNICATION
(1) UNIFORM AND CONSISTENT CORPORATE COMMUNICATION
(2) COMMUNICATION WITH SHAREHOLDERS
(3) COMMUNICATION WITH EMPLOYEES
7. TECHNICAL DEFENCE MEASURES
8. REPORT OF THE BOARD OF DIRECTORS
IV. CONCLUSION
BIBLIOGRAPHY
ABBREVIATIONS
ANNENDICES
117
118
118
118
119
119
120
121
121
121
121
122
122
123
123
125
129
137
141
VIII
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| any_adam_object | 1 |
| author | Röthlisberger, Alain P. Nägeli Kellerhals, Esther 1962- |
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| author_facet | Röthlisberger, Alain P. Nägeli Kellerhals, Esther 1962- |
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| indexdate | 2024-12-23T19:15:25Z |
| institution | BVB |
| isbn | 3725547742 |
| language | English |
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| physical | VIII, 170 S. |
| publishDate | 2004 |
| publishDateSearch | 2004 |
| publishDateSort | 2004 |
| publisher | Schulthess |
| record_format | marc |
| series | Schriften zum neuen Aktienrecht |
| series2 | Schriften zum Aktienrecht |
| spellingShingle | Röthlisberger, Alain P. Nägeli Kellerhals, Esther 1962- Defending against a hostile bid a defence support manual for SWX Exchange Listed Companies Schriften zum neuen Aktienrecht |
| title | Defending against a hostile bid a defence support manual for SWX Exchange Listed Companies |
| title_auth | Defending against a hostile bid a defence support manual for SWX Exchange Listed Companies |
| title_exact_search | Defending against a hostile bid a defence support manual for SWX Exchange Listed Companies |
| title_full | Defending against a hostile bid a defence support manual for SWX Exchange Listed Companies by Alain P. Röthlisberger ; Esther Nägeli |
| title_fullStr | Defending against a hostile bid a defence support manual for SWX Exchange Listed Companies by Alain P. Röthlisberger ; Esther Nägeli |
| title_full_unstemmed | Defending against a hostile bid a defence support manual for SWX Exchange Listed Companies by Alain P. Röthlisberger ; Esther Nägeli |
| title_short | Defending against a hostile bid |
| title_sort | defending against a hostile bid a defence support manual for swx exchange listed companies |
| title_sub | a defence support manual for SWX Exchange Listed Companies |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014702058&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| volume_link | (DE-604)BV008226984 |
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