Takeover (Ro.: preluare, Fr.: offre publique d’achat (OPA), n.f., Gr.:  εξαγορά, Cz.: skoupení většinového podílu společnosti, Alb.: Marrja në Kontroll) (See also: acquisition, golden parachute, joint venture, poison pill, proxy fight, takeover bid, tender offer) = a type of merger through which one company gains control over another company, by buying its shares.

Hostile ~ (Ro.: preluare ostilă, Fr.: offre publique d’achat (OPA) hostile, n.f.) = a type of takeover which is used as an instrument to gain control in the target public-traded company, against its will, by two main hostile tactics: approaching the shareholders in order to replace the company’s management with one which would agree with the takeover or merger (proxy fight), or approaching the shares by offering a fixed high price per share to the shareholders (making a tender offer).


Useful links

Legislation - Directive 2004/25/EC of the European Parliament and of the Council of 21 April 2004 on takeover bids, EU [English] – Takeovers Act 1993, reprint as at 1 December 2014, New Zealand [English] – Companies Act 2006, UK [English] – Law 297/ 2004 on Capital Market Law, Romania [Romanian]

Albanian Law No. 10236, dated 18.02.2010 "On Takeovers" [Albanian]

Case law - European Commission v. Ryanair Holdings plc., Case T‑342/07, Press release no. 72/2010, General Court of the European Union

Online Publications - Edwards, Jim, 2011, Valeant vs. Cephalon: Putting the 'Hostile' in 'Hostile Takeover', CBSN - Armour, John, Jacobs, Jack B., Milhaupt, Curtis J., 2011, The Evolution of Hostile Takeover Regimes in Developed and Emerging Markets: An Analytical Framework, Harvard International Law Journal - Grabianowski, Ed, How Hostile Takeovers Work, - Small, R. Christopher, 2014, Corporate Takeovers and Economic Efficiency, HLS Forum on Corporate Governance and Financial Regulation - Wang, Xiaofan, 2013, Takeover Law in the UK, US and CHINA: A Comparative Analysis and Recommendations for Chinese Takeover Law Reform, Salford Law School - Magnuson, William, 2009, Takeover Regulation in the United States and Europe: An Institutional Approach, Pace International Law Review - Barusch, R., 2014, Dealpolitik: Controversial Takeover Alliances Unlikely After Court Ruling, The Wall Street Journal - Hoffman, L., 2014, Fending Off Hostile Bids Hasn’t Done Wonders for Stock Prices, The Wall Street Journal - Kotaro, T., 2005, How to Cope with the Threat of Hostile Takeovers: Japanese Corporate Governance at a Crossroads, RIETI - Hostile Takeover, Corporate Law, and the Theory of the Firm, ESRC Centre for Business Research, University of Cambridge - Hostile Takeover Regulations, Law Teacher


Baums, Theodor, 2004, The Regulation of Takeovers under German Law, 15 European Business Law Review, Issue 6, pp. 1453–1460

Collectif Francis Lefebvre, 2013, Fusions & Acquisitions, Collection Mémento expert, Editeur Francis Lefebvre, pp.1383-1384

Duţescu, Cristian, 2009, Legea pieţei de capital comentată, Bucharest, C.H. Beck, pp. 455-469

Menjucq, Michel, Droit international et européen des sociétés, Montchrestien, L.G.D.J - Précis Domat, pp. 245-247

Tomasic, Roman, Bottomley, Stephen, McQueen, Rob, 2002, Corporations Law in Australia, 2nd edition, NSW, The Federation Press


By Diana Buzilă