ANTITAKEOVER MEASURES…OBSTRUCTIONS TO THE MARKET FOR CORPORATE CONTROL? COMMENT ON POULSEN and JARRELL
DAVID I. KASS
Poulsen and Jarrell (hereafter PJ) review the literature on hostile takeovers and conclude that such takeovers are beneficial to society in general and to shareholders of the target firm in particular. Their prediction that a coalition of corporate and community leaders will eventually succeed in neutralizing hostile bids does not bode well for the market for corporate control. Despite their assertion as to the social cost of antitakeover measures either regulated by the states or implemented by incumbent management of target firms, PJ do not support intervention to limit abusive practices of target firms. Copyright 1986 Western Economic Association International.
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