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Regulating takeover defences in China: the UK model in books and the US model in action

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  • Juan Chen

Abstract

This paper argues that the Chinese regulation of takeover defences converges with the UK regulatory approach 'in books'. However, due to the absence of enforceable rules, the Chinese law resemble the US law in action by leaving considerable room for management to adopt defensive measures. The conclusion is further supported by an empirical study of embedded defensive measures used in Chinese company constitutions, as well as post-bid defensive measures used in Chinese practice. Moreover, the paper touches upon an interesting and important issue: divergence generated in the process of legal transplantation.

Suggested Citation

  • Juan Chen, 2014. "Regulating takeover defences in China: the UK model in books and the US model in action," International Journal of Corporate Governance, Inderscience Enterprises Ltd, vol. 5(1/2), pages 43-82.
    • Handle: RePEc:ids:ijcgov:v:5:y:2014:i:1/2:p:43-82
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