The Myth of Tactical Litigation in UK Takeovers

This paper considers whether the concern that implementation of Directive 2004/25 (Takeover Directive) by the Companies Act 2006 will lead to a culture of litigation that would be detrimental to takeovers is justified, with reference to: (1) the common law approach restricting tactical litigation; and (2) the impact of the Directive's provisions on tactical litigation, as implemented, on this common law position. The paper assesses whether the Directive's rules on split jurisdiction are likely to become a source of litigation