2020, vol. 23, br. 89-90, str. 29-38
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Metode odbrane korporacija od neprijateljskog preuzimanja
Corporate opportunities in the process of defense against hostile takeovers
Sažetak
Metode i taktike odbrane od nepoželjnog preuzimanja u praksi predstavljaju veoma složen proces. Uopšteno se mogu klasifikovati u tri osnovne grupe: preventivne, aktivne i univerzalne. Preventivnim merama odbrane postavljaju se prepreke mogućem nepoželjnom preuzimanju, a to su: dvojna kapitalizacija, rekapitalizacija, ESOP akcije, otrovne tablete, izmene u statutu korporacije, zlatni i srebrni padobrani, promena mesta registracije. Ukoliko preventivne mere nisu dovoljno efikasne i ipak se uputi nepoželjna ponuda za preuzimanje ciljanoj korporaciji, onda se primenjuju aktivne mere odbrane: beli vitez, ubeđivanje akcionara, zelena pošta, sporazum o mirovanju, izmena strukture kapitala, parničenje, Pak-Man odbrana. Pojedine metode odbrane od preuzimanja imaju univerzalnu primenu.
Abstract
The methods and tactics of defending against hostile takeover in practice are a very complex process. In general, they can be classified into three basic groups: preventive, active and universal. Preventive defense measures impose barriers to possible hostile takeovers, such as: dual capitalization, recapitalization, ESOP shares, poison pills, changes to corporate statutes, gold and silver parachutes, change of place of registration. If preventative measures are not effective enough and an unwanted takeover bid is sent to the target corporation, then active defense measures are in place: White Knight, shareholder persuasion, green mail, standstill agreement, capital structure change, litigation, Pak-Man defense. Some anti-takeover methods have universal application.
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