Easy Prey: Small Cap Cos. With No Takeover Defenses

Law360, New York (June 10, 2010, 12:21 PM EDT) -- In the world of takeovers, battles for control of small cap companies[1] are the most unpredictable and, from a takeover lawyer's perspective, often the most bizarre. This is largely the case because, for a variety of reasons, small cap companies often leave themselves vulnerable to attack.

Many small cap companies become public through the back door — without conducting a formal initial public offering — either by registering debt, effecting a registered exchange offer, deciding to become listed on an exchange, or triggering U.S. Securities and...
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