The aim of this paper is to explore the conduct of the Board of Directors facing a takeover bid, with a focus on the defensive response towards the takeover, and the different shapes this defence can assume. Thereunder, we will investigate the non-frustration rule, its provision under Portuguese law and Directive 2004/25/EC on takeover bids, as well as the rationale for the importance of this rule in the maintenance of the market for corporate control.
|Date of Award||2 Sept 2020|
- Universidade Católica Portuguesa
|Supervisor||José Engrácia Antunes (Supervisor)|
- Takeover bid
- Defensive conduct
- Board of directors
- Non-frustration rule