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Defence Strategies of Listed Companies Under the Takeover Code

Author

Listed:
  • Roger S. Casey

    (The Australian Graduate School of Management.)

  • Peter H. Eddey

    (School of Economic & Financial Studies, Macquarie University)

Abstract

This paper reports the results of an investigation into takeover defence strategies used by Australian listed companies since the inception of the Takeover Code in 1981. The results are compared to Trotman's (1981) analysis of defence strategies used while the Companies Act , 1961 was in force. Conclusions are drawn about the effects the Takeover Code and its administration have had on tactics employed by directors to defend a takeover bid.

Suggested Citation

  • Roger S. Casey & Peter H. Eddey, 1986. "Defence Strategies of Listed Companies Under the Takeover Code," Australian Journal of Management, Australian School of Business, vol. 11(2), pages 153-172, December.
    • Handle: RePEc:sae:ausman:v:11:y:1986:i:2:p:153-172
    DOI: 10.1177/031289628601100203
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    References listed on IDEAS

    as
    1. Penman, Stephen H, 1983. "The Predictive Content of Earnings Forecasts and Dividends," Journal of Finance, American Finance Association, vol. 38(4), pages 1181-1199, September.
    2. Fama, Eugene F, 1980. "Agency Problems and the Theory of the Firm," Journal of Political Economy, University of Chicago Press, vol. 88(2), pages 288-307, April.
    3. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
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    Cited by:

    1. Peter M. Clarkson & Allen Craswell & Prue Mackenzie, 2008. "The Effect of Board Independence on Target Shareholder Wealth," Australian Accounting Review, CPA Australia, vol. 18(2), pages 135-148, June.
    2. Niamh Brennan, 1999. "Voluntary Disclosure of Profit Forecasts by Target Companies in Takeover Bids," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 26(7‐8), pages 883-917, September.

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