"Takeover Defense Reviews Are no Longer Routine as Unsolicited Bids Become More Mainstream" (The M&A Lawyer, Vol. 13, Issue 6)

June 2009

An article by Frank Aquila titled, "Takeover Defense Reviews Are No Longer Routine as Unsolicited Bids Become More Mainstream," was published in the June 2009 issue of The M&A Lawyer. The article discusses how unsolicited bids are likely to become more prevalent because of the "continuing trend towards global consolidation, the recent precipitous drop in share prices and the growing respectability of unsolicited bids". The article concludes that takeover defense reviews are both timely and essential because of the adverse consequences of "a bare anti-takeover arsenal may have on their company’s future and the vulnerabilities to which it may be exposed in the wake of a well-financed hostile bid."