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Takeovers Regulation in Italy: Empirical Analysis and Recent Developments

Takeovers Regulation in Italy: Empirical Analysis and Recent Developments. Marco Ventoruzzo Bocconi University. Takeovers Regulation in Italy: Empirical Analysis and Recent Developments. Overview of Recent Developments Mandatory Bids (Art. 106 TUF) Board Neutrality (Art. 104 TUF)

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Takeovers Regulation in Italy: Empirical Analysis and Recent Developments

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  1. TakeoversRegulation in Italy: EmpiricalAnalysis and RecentDevelopments Marco Ventoruzzo Bocconi University

  2. TakeoversRegulation in Italy: EmpiricalAnalysis and RecentDevelopments • OverviewofRecentDevelopments • MandatoryBids (Art. 106 TUF) • BoardNeutrality (Art. 104 TUF) • BreakthroughRule (Art. 104-bis TUF) • EmpiricalAnalysis (1998-2008) • Assessmentof the New RegulatoryFramework

  3. Costof the Mandatory Tender Offer: NumberofShares 1998 T.U.F. 2007 XIII directive 30% 30% full votingshares full votingshares (sharesvoting on a/r ofdirectors) limitedvotingshares limitedvotingshares

  4. Minimum Price of the Mandatory Tender Offer: e.g., Takeoverof Edison by EDF (October 2005) P P(hp) 2.18 ~ 417 mil. euro P(mm) 1.86 P(to) P(ma) 1.53 outstanding full-votingshares (1.303.010.879) Q

  5. Source: Galliani, Ghezzi, Mosca, Ventoruzzo (2008)

  6. BoardNeutrality and BreakthroughRules

  7. Source: Maul, Muffat-Jeandet, Simon (2008), Italy updated

  8. TakeoversRegulation in Italy: EmpiricalAnalysis and RecentDevelopments • OverviewofRecentDevelopments • MandatoryBids (Art. 106 TUF) • BoardNeutrality (Art. 104 TUF) • BreakthroughRule (Art. 104-bis TUF) • EmpiricalAnalysis (1998-2008) • Assessmentof the New RegulatoryFramework

  9. Source: Galliani, Ghezzi, Mosca, Ventoruzzo (2008) & Malberti (2008)

  10. Source: Galliani, Ghezzi, Mosca, Ventoruzzo (2008) & Malberti (2008)

  11. Source: Galliani, Ghezzi, Mosca, Ventoruzzo (2008)

  12. Source: Galliani, Ghezzi, Mosca, Ventoruzzo (2008)

  13. Source: Galliani, Ghezzi, Mosca, Ventoruzzo (2008)

  14. Source: Galliani, Ghezzi, Mosca, Ventoruzzo (2008)

  15. Source: Galliani, Ghezzi, Mosca, Ventoruzzo (2008)

  16. Source: Galliani, Ghezzi, Mosca, Ventoruzzo (2008)

  17. Source: Galliani, Ghezzi, Mosca, Ventoruzzo (2008)

  18. Bidderlisted corporation Source: Galliani, Ghezzi, Mosca, Ventoruzzo (2008)

  19. Price of the Tender Offer P P(hp) P(to) P(mm) P(ma) t

  20. Source: Galliani, Ghezzi, Mosca, Ventoruzzo (2008)

  21. Source: Van derElst (2004)

  22. TakeoversRegulation in Italy: EmpiricalAnalysis and RecentDevelopments • OverviewofRecentDevelopments • MandatoryBids (Art. 106 TUF) • BoardNeutrality (Art. 104 TUF) • BreakthroughRule (Art. 104-bis TUF) • EmpiricalAnalysis (1998-2008) • Assessmentof the New RegulatoryFramework

  23. 1998 TUF • Protecting Minorities in Friendly Takeovers, Compromise with Excessive Cost of Takeover; • Acknowledging and Addressing Conflict of Interests in the Adoption of Defensive Measures; • Harmonizing Regulatory Framework • 2008 TUF • Takeovers Potentially More Expensive for Bidders; • Abolition of Mandatory Board Neutrality and Breakthrough

  24. Source: Bianchi, Bianco (2006)

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