Awrey, Dan; Clarke, Blanaid --- "A transatlantic perspective on shareholder litigation in public takeovers" [2018] ELECD 1129; in Griffith, Sean; Erickson, Jessica; Webber, H. David; Winship, Verity (eds), "Research Handbook on Representative Shareholder Litigation" (Edward Elgar Publishing, 2018) 415

Book Title: Research Handbook on Representative Shareholder Litigation

Editor(s): Griffith, Sean; Erickson, Jessica; Webber, H. David; Winship, Verity

Publisher: Edward Elgar Publishing

ISBN: 9781786435330

Section: Chapter 24

Section Title: A transatlantic perspective on shareholder litigation in public takeovers

Author(s): Awrey, Dan; Clarke, Blanaid

Number of pages: 24

Abstract/Description:

This chapter compares the regulatory environment facing takeovers in the United States, the United Kingdom, and the Republic of Ireland. After recognizing some commonalities among the jurisdictions, including highly developed stock markets and each jurisdiction’s “market-oriented” approach to corporate governance that seeks to maximize shareholder value, this chapter focuses on the major substantive and procedural differences between the regulatory regimes. This chapter offers a comprehensive analysis of the City Code of the United Kingdom and the corresponding Takeover Rules in Ireland that govern public takeovers and explains how these regimes may be preferable to more litigation-based models of takeovers. Specifically, the authors identify three advantages of these regimes: the responsive and proactive rulemaking system of expert panels, the speediness of review, and cost savings offered by the difference processes.