Takeover defenses are crucial factors for the success of a takeover bid. The European Commission considers takeovers a significant factor for the economic integration strategy of the EU and the Takeover Directive was issued in 2004 to regulate takeover bids.
However, it is also important to consider the structural characteristics of the economy in which they operate. There is the concern that EU Member States have different market, legal and cultural structures.
The present paper gives a description of takeover defenses and their application in the Greek economy; a weak economy operating in a premature non-contestable market with concentrated ownership structure. It analyzes the role of takeover defenses in Greece that has implemented the EU Takeover Directive in its jurisdiction.
Subsequently, the legal framework is examined, followed by relevant case law and takeover activities related to market sectors that include banking, pharmaceutical, shipping, banking as well as privatizations.
The examination of takeover defenses in hostile takeovers in the Greek market aims to promote the understanding of the operation of takeover defenses in a weak economy and to offer further understanding on the way economic growth and market structure characteristics influence takeover defenses and vice-versa.
It, also, aims to provide feedback on future policy implementation in Greece and the European Union for the advancement of harmonization.
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Author Name: Isidora Tachmatzidi
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Keywords: Takeover defenses, hostile takeovers, legal framework, economy structure, weak economy, market structure, banking industry, shipping industry, pharmaceutical industry, privatization.