Mergers and Acquisitions (M&A)

9.

Takeover Tactics and Defenses

9.1.

Hostile Takeover Strategies

9.1.1.

9.1.1.1.

Direct Offers to Shareholders

9.1.1.2.

Minimum Acceptance Conditions

9.1.1.3.

Regulatory Requirements

9.1.2.

9.1.2.1.

Soliciting Shareholder Votes

9.1.2.2.

Replacing Board Members

9.1.2.3.

Activist Campaigns

9.1.3.

Creeping Acquisition

9.1.3.1.

Gradual Share Accumulation

9.1.3.2.

Disclosure Thresholds

9.2.

Defensive Measures

9.2.1.

Pre-Offer Defenses

9.2.1.1.

9.2.1.2.

Staggered Board of Directors

9.2.1.3.

Supermajority Provisions

9.2.1.4.

Dual-Class Share Structures

9.2.1.5.

Golden Parachutes

9.2.1.6.

Fair Price Provisions

9.2.2.

Post-Offer Defenses

9.2.2.1.

9.2.2.2.

9.2.2.3.

Pac-Man Defense

9.2.2.4.

Crown Jewel Defense

9.2.2.5.

Leveraged Recapitalization

9.2.2.6.

Litigation and Regulatory Challenges

9.2.3.

Board Duties in Takeover Situations

9.2.3.1.

Fiduciary Responsibilities

9.2.3.2.

Business Judgment Rule

9.2.3.3.

Enhanced Scrutiny Standards

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8. Negotiation and Definitive Agreements

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10. Regulatory and Legal Framework