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Permanent link (DOI): https://doi.org/10.7939/R3DD13

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Competing for managerial talent: what antitrust can tell us about antitakeover statutes Open Access

Descriptions

Other title
Subject/Keyword
antitakeover
antitrust
Type of item
Thesis
Degree grantor
University of Alberta
Author or creator
Mikhno, Valeriya
Supervisor and department
Yahya, Moinuddin, A. (Law)
Examining committee member and department
Gregory Clarke (Executive Director, Centre for Constitutional Studies)
O'Byrne, Shannon (Law)
Department
Faculty of Law
Specialization

Date accepted
2009-08-06T16:04:27Z
Graduation date
2009-11
Degree
Master of Laws
Degree level
Master's
Abstract
This thesis looks at the antitrust implications of state antitakeover statutes. After a wave of hostile takeovers in the 1980s, many state legislatures, lobbied by the managerial interests, enacted laws that made it more difficult for outsiders to take over target corporations. This, in turn, has led to inefficient entrenchment of management and adverse consequences for shareholders. This paper argues that such inefficiencies are inconsistent with the aims and purposes of antitrust laws. The thesis will discuss both the theories supporting strong managerial protection and the elimination of hostile takeovers and the theories supporting the claim that takeovers are a productive method of improving the control and management of assets. Such legislation deprives shareholders of a substantial premium, protects inefficient management, and has negative effects on the national economy as a whole. Hence, in so far as antitakeover statutes conflict with the goals of antitrust, the latter should trump the former.
Language
English
DOI
doi:10.7939/R3DD13
Rights
License granted by Valeriya Mikhno (valeriya.mikhno@ualberta.ca) on 2009-08-01 (GMT): Permission is hereby granted to the University of Alberta Libraries to reproduce single copies of this thesis and to lend or sell such copies for private, scholarly or scientific research purposes only. Where the thesis is converted to, or otherwise made available in digital form, the University of Alberta will advise potential users of the thesis of the above terms. The author reserves all other publication and other rights in association with the copyright in the thesis, and except as herein provided, neither the thesis nor any substantial portion thereof may be printed or otherwise reproduced in any material form whatsoever without the author's prior written permission.
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