"Beware of Sharks: Top Takeover Defenses" (Law360)

September 11, 2009

Mr. Morphy was quoted in the Law360 article, "Beware of Sharks: Top Takeover Defenses," about the possibility of an increase in hostile bids as economic conditions improve. “The decline of the market combined with rise of shareholder activism and the broad scale dismantling of staggered boards and other takeover defenses makes more publicly held companies vulnerable to a hostile takeover than at any time in the past several decades. One should expect that there are acquirers out there that will act,” said Mr. Morphy. The article discussed actions companies and their boards should take in order to prepare for potential unsolicited bids, such as reviewing their takeover defenses and the strategies of their competitors. “The critical question, and one every director of a public company should have the answer to, is how much time is the board likely to have to deal with an unsolicited bid. That will largely define what alternatives are likely to be available if and when a bid comes,” he said.