This paper examines the interplay between takeover defenses and shareholder activism. Using a comprehensive sample of … shareholder activism events between 2006 and 2014, I find a differential impact of takeover defense measures on the likelihood of … in place are more likely to become targets. Activists are more likely to demand removal of takeover defense measures and …

I analyze the allocation of the power to decide on hostile takeovers between directors and shareholders. My … contribution is to show who actually has power in a takeover and what factors are at work to give such power. Although directors … are traditionally considered to be in charge in deciding the outcome of a hostile takeover of a Delaware corporation …