The Price Isn't Right: Event Studies In M&A Suits

Law360, New York (December 10, 2010, 1:04 PM EST) -- Hostile takeover attempts almost always result in litigation, especially in the U.S. Targets may litigate to delay the takeover and buy time to find a white knight, while raiders may litigate to overcome takeover defenses.

Targets often make disclosures seeking to demonstrate that the hostile offer does not offer adequate value. For example, a target may disclose better-than-expected financial results or increase guidance subsequent to the announcement of a hostile bid to claim that the extant offer does not compensate for events subsequent to the announcement...
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