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An anti-takeover strategy by limitation of voting rights: A model and a numerical approach

Author

Listed:
  • Bruno-Laurent Moschetto

    (CRIISEA - Centre de Recherche sur les Institutions, l'Industrie et les Systèmes Économiques d'Amiens - UR UPJV 3908 - UPJV - Université de Picardie Jules Verne)

  • Frédéric Teulon

    (IPAG - Institut de Préparation à l'Administration et à la Gestion - IPAG Business School)

Abstract

This study develops a new trade-off view of corporate governance from an examination of rules that limit voting rights as a defensive measure against a hostile takeover attempt. The theoretical framework concerns a listed company, the capital of which is mainly detained by atomistic shareholders and the power of which is in the hands of a minority shareholders, the hard core. The latter wants to block any hostile takeover and constructs a device based on two parameters allowing it to act on the limitation of the voting rights: a threshold and a scale-down coefficient .

Suggested Citation

  • Bruno-Laurent Moschetto & Frédéric Teulon, 2018. "An anti-takeover strategy by limitation of voting rights: A model and a numerical approach," Post-Print hal-04929399, HAL.
    • Handle: RePEc:hal:journl:hal-04929399
    DOI: 10.7202/1045355ar
    as

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