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TABLE OF CONTENTS<br/><br/>PREFACE<br/>ACKNOWLEDGMENTS<br/>TABLE OF CASES <br/><br/>PART I. THE SOURCE OF GAINS IN BUSINIESS COMBINATIONS<br/><br/>Chapter. One. The History of Business Combinations<br/>1.Introduction<br/>2. Acquisitions and the Problem of Monopoly<br/>Industrial Market Structure and Market Performance <br/>Economic Report of the President Together With the Annual Report of the Council ofEconomic Advisers<br/>3. The History of Securities Laws and Acquisitions <br/> Tender Offers for Corporate Control<br/>4. State Responses to Acquisitions—from Enabling Corporation Laws to Antitakeover Statutes<br/>5. A Primer on Acquisition Techniques <br/>A. Market Techniques—tender Offers <br/>B. Negotiated Transactions: the Choice of Mergers or Asset Sales <br/><br/>Chapter Two. Economic Justifications for Acquisitions <br/>1. Theories of Business Valuation<br/>2. Efficient Capital Markets<br/> Signalling and Causation in Insider Trading <br/>3. Theories About Motivations for Acquisitions<br/>Mergers and the Market for Corporate Control<br/>The EVA Financial Management System <br/>4. Efficient Markets and the Paradox of the Search for Bargains<br/>Two-Tier Tender Offers and Shark Repellents<br/>Taking Discounts Seriously: The Implications of "Discounted" Share Prices as an Acquisition Motive<br/>Note on Event Studies<br/> Bidder Overpayment in Takeovers <br/><br/>PART II. DUTIES AND RISKS OF SELLERS<br/><br/>Chapter Three. Duties of the Board of Directors <br/>1. Introduction <br/>2. LoyaltyDutiesofDirectors <br/>Unocal Corporation v. Mesa Petroleum Co<br/>Note<br/>Note on Williams v. Geier<br/><br/>2. Loyalty Duties of Directors—Continued<br/>Mills Acquisition Co. v. MacMillan, Inc<br/>Problem<br/>3.The Economics of Defeated Bjds <br/>The Market for Corporate Control: The Scientific Evidence<br/>Takeover Bids in the Target's Boardroom<br/>Do Targets Gain From Defeating Tender Offers2 <br/>Long-Term Results ofDefeated Tender Offers <br/>4.Contractual Approaches to Loyalty Issues <br/>Controlling Management Opportunism in the Market for Corporate <br/>Control: An Agency Cost Model <br/>Note on Taxation of Golden Parachutes<br/>Gaillard v. Natomas Company<br/>Note on Tin Parachutes<br/>Corporate Directors and the "Social Costs of Takeovers" Reflections on the Tin Parachute <br/>5.InformationalDutiesofDirectors <br/>Smith v. Van Gorkom <br/>Note on Post-Trans Union Developments <br/>Problem<br/>Revlon, Inc. v. MacAndrews & Forbes Holdings, Inc<br/>Problems<br/>Barkan v. Amsted Industries, Incorporated<br/>Problem<br/>In Re Fort Howard Corporation Shareh.lders Litigation <br/>Note on Emerson Radio Corp. v. International Jensen, Inc<br/>In Re RJR Nabisco, Inc. Shareholders Litigation<br/>Note<br/>Problems<br/>Paramount Communications, Inc. v. Time Incorporated<br/>Note on the Application of Time—Paramount <br/>Problems<br/>Note on Mendel v. Carroil <br/>6.The Saie of Control <br/>Essex Universal Corporation v. Yates <br/><br/>Chapter Four. Risks of Selling Too Cheaply<br/>1.Providing Bargaining Power for Target Management <br/>A.Shark Repelients <br/>Two-Tier Tender Offers and Shark Repellents<br/>Seibert v. Gulton Industries, Inc<br/>Note on Shark Repelients and Differential Voting<br/>B.Protecting the Board from Proxy Fights<br/>Blasius Industries, Inc. v. Atlas Corporation<br/>Problem<br/>Note on Defenses to Proxy Fights <br/>Note on Staggered Board Provisions<br/>Note on Delaware Law on Filling Vacancies on the Board <br/>C.New Stock Issues<br/>Note on Condec Corporation v. Lunkenheimer Co<br/>Telvest, Inc. v. Olson <br/>1. Providing Bargaining Power for Target Management-Continied<br/>D.Poison Pills <br/>Rev. Rul.90-11 <br/>Moran v. Household International, Inc<br/>Problem<br/>The Amalgamated Sugar Company v. NL Industries, Inc<br/>Note on the Stock Price Effects of-Rights Plans <br/>Note on the Application of Unocal to Redemption of Rights <br/>Invacare Corporation v. Healthdyne Technologies, Inc<br/>International Brotherhood of Teamsters General Fund v. Fiem- <br/>ing Companies, Inc<br/>Note<br/>Carmody v. Toli Brothers, Inc<br/>Quickturn Design Systems, Inc. v. Shapiro <br/>Note on "Continuing Director" or "Dead Hand" Provisions in <br/>RightsPlans <br/>Note on the Convergence of Biasius and Unocal Doctrines <br/>E.Stock Repurchases <br/>AC Acquisitione Corp. v. Anderson, Clayton & Co<br/>Note on In re Unitrin, Inc. Shareholders Litigation<br/>F.Employee Stock Ownership Plans <br/>ESOPs: What They Are and How They Work <br/>Note on Business Combination Statutes<br/>Shamrock Holdings, Inc. v. Polaroid Corporation (In Re Polar- <br/>oid Shareholders Litigation) <br/>Note<br/>G. Confidentiality, Standstill Agreements and White Squires <br/>Ivanhoe Partne v. Newmont Mining Corporation <br/>2.Disclosure Issues in Takeover Defenses<br/>Disclosure in Proxy and Information Statements: Anti-Takeover or <br/>Similar Proposais <br/>Problem<br/>3.Appraisal Rights of Dissenting Shareholders<br/>A.The Development of Appraisal Rights<br/>B.The Methodology of Valuation <br/>Note on the Delaware Biock Method of Valuation<br/>Comment: Valuation in the Context of Share Appraisal<br/>C.Statutory Constraints on Valuation<br/>Cede & Co. v. Technicolor, Inc<br/>Note on Cavalier 0i1 Corp. v. Harnett<br/>Rapid-American Corporation v. Harris <br/>4.Takeouts and Fairness <br/>Singer v. the Magnavox Company<br/>Note on the Business Purpose Test <br/>Weinberger v. UOP, Inc <br/>Problem<br/>Note on the Limits of Special Committees <br/>Rosenblatt v. Getty <br/>Rabkin v. Phiiip A. Hunt Chemical Corporation <br/>Note on Schnell v. Chris-Craft Industries, Inc<br/>Kahn v. Lynch Communication Systems, Inc<br/>Note on Kahn v. Tremont Corporation<br/>4. Takeouts and Fairness—Continued<br/>Grace Bros. v. Farley Industries, Inc<br/>5. The Risks of Selling at Too High a Price <br/>Note on Contractual and Statutory Creditor Protection <br/>Smith & Warner, On Financial Contracting: An Analysis of Bond Covenants<br/>Wieboldt Stores, Inc. v. Schottenstein <br/>Matter of Munford, Inc., d.b.a. Majik Market, Debtor<br/><br/>Chapter Five. State Takeover Laws <br/>1.First Generation Disclosure and "Fairness" Statutes<br/>Edgarv. MITE Corp<br/>2. Second Generation Statutes, the Williams Act and the Commerce <br/>Clause<br/>CTS Corp. v. Dynamics Corporation ofAmerica <br/>Problem<br/>3. Third Generation Statutes, the Williams Act and the Commerce <br/>Clause<br/>Amanda Acquisition Corporation v. Universal Foods Corporation <br/>Note on Business Combination Statutes<br/>4. The Proxy Rules and Federal Preemption of State Takeover Statutes<br/>A. The Preemption Doctrine and the Proxy Regulations; the Pur poses of Federal Regulation<br/>Securities and Exchange Commission v. Transamerica Corporation<br/>National City Lines, Inc. v. LLC Corporation <br/>Problems<br/>The Business Roundtable v. Securities and Exchange Commission<br/>B.Disgorgement Statutes <br/>Note, How Do Pennsylvania Directors Spell Relief? Act 36 <br/>The Genius ofAinerican Corporate Law <br/>C.Director Protection Statutes<br/>D."Other Constituency" Statutes<br/>Note<br/><br/>PART III. BUYERS' RISKS IN ACQUISITIONS <br/><br/>Chapter Six.Risks of Losing the Target<br/>The Acquisition Mating Dance and Other Essays on Negotiating<br/>1.What Is the Effect of a Letter of Intent?<br/>United Acquisition Corp. v. Banque Pari bas<br/>Drafting A Letter oflntent <br/>Precontractual Liability and Preliminary Agreements: Fair Dealing and Failed Negotiations<br/>Note on Arnold Palmer Golf Company v. Fuqua Industries, Inc California Natural, Inc. v. Nestle Holdings, Inc<br/>2. Best Efforts Clauses, No-Shop Clauses and the Board's Power and Duties<br/>ConAgra, Inc. v. Cargill, Incorporated<br/>3.Providing Enforceability<br/>Samjens Partners I v. Burlington Industries, Inc<br/>Brazen v. Beli Atlantic Corporation <br/>Note on Lock-up Options and Break-Up Fees <br/>Note on Paramount Communications, Inc. v. QVC Network, Inc.<br/>Problem<br/>Jewel Companies, Inc. v. Pay Less Drug Stores Northwest, Inc<br/>Note<br/>4.Tortious Interference Claims<br/>NBT Bancorp Inc. u. Fleet/Norstar Financial Group, Inc<br/><br/>Chapter Seven. Getting What You Pay For: The Buyer's <br/>Search for Information<br/>1.The Due Diligence Process Buying, Selling and Merging Businesses<br/>Due Diligence Checklists<br/>The Due Diligence Revim Memorandum Corporate Review in Connection WithMergers and Acquisitions <br/>Escott v. BarChris Construction Corporation<br/>Note<br/>Due Diligence Problems<br/>2. The Acquisition Agreement <br/>Problem<br/>John Borders v. KRLB, -Inc <br/>Espianade 0i1 & Gas, Inc. v. Templeton Energy Income Corporation<br/>US Airways Group, Inc. v. British Airways PLC <br/><br/>Chapter Eight. The Process of Obtaining Consent<br/>1.Background Considerations <br/>A.Tax Issues <br/>i.Taxable Transactions<br/>ii.Tax-Free Reorgarnzations <br/>B.Accountinglssues <br/>2.Mergers <br/>A.The Statutes <br/>New York Stock Exchange Listed Company Manual <br/>Note on Voting Rules for Acquiring Corporations<br/>B.Variations in Voting Rules <br/>Schreiberv. Carney <br/>Note<br/>3.Triangular Mergers <br/>Kirschner Brothers Ou, Inc. v. Natomas Company <br/>4.Asset Sales <br/>Gimbel v. The Signal Companies, Inc<br/>Katz v. Bregman <br/>4. Asset Sales—Continued<br/>Note on Sales of Assets<br/>The Structure ofthe Corporation: A Legal Analysis<br/>Corporate Governance- <br/>5. Asset Transactions and De Facto Mergers <br/>Farris v. Glen Alden Corporation <br/>Hariton v. Arco Electronics, Inc<br/>Note on Independent Legal Significance<br/>Problem<br/>6.Successor Liability in Asset Purchases <br/>Bulk Transfer Laws <br/>A.De Facto Mergers Revisited<br/>B.Product Une Liabiities <br/>Ramirez v. Amsted Industries, Inc<br/>Note on Product Line Successor Liabiiity <br/>C.Assumed Liabilities<br/>Antiphon, Inc. v. LEP Transport, Inc<br/>D.Environmental Law Liabiities <br/>E.Labor Relations Obligations <br/>7.Tender Offers <br/><br/>PART IV. THE SECURITIES LAWS<br/><br/>Chapter Nine. Securities Law Issues iii Seiler Fivancing and Mergers<br/>1.CoverageoftheSecuritiesLaws-<br/>Reves u. Ernst & Young <br/>2.The Timing of Registration and Disclosure<br/>Chris-Craft Industries, Inc. v. Bangor Punta Corporation <br/>Note<br/>3.Exemptions From Registration <br/>Bowers v. Columbia General Corporation <br/>Note<br/>4. Rule 145 and Registration Rights of Control Persons <br/>5.State Regulation <br/>6.Short Swing Profits <br/>7.Investment Company Act Issues <br/><br/>Chapter Ten. The Williams Act <br/>1.Federal Disclosure Regulation <br/>2.Overview of the Williams Act<br/>Toward a More Perfect Market for Corporate Control<br/>3.Buyers' Obligations<br/>A.Schedule 13D Filings<br/>i.What is a "Person"9 <br/>GAF Corporation u. Milstein <br/>Note on Group Formation <br/>Problem<br/>ii.Purposes of Group Formation <br/>Problem---<br/>iii.What is "Beneficial Ownership?" <br/>3. Buyers' Obligations—Continued<br/>Problem<br/>iv. Calculating 5% of a Class of Equity Security <br/>v.Disclosure Obligations<br/>Problem<br/>B.Beginning a Tender Offer and Schedule 14D-1 Filings<br/>Weliman v. Dickinson<br/>Hanson Trust PLC v. SCM Corporation <br/>Note on the Beginning and End of Tender Offers <br/>C.Disclosures at the Takeout<br/>Flynn v. Bass Brothers Enterprises, Inc<br/>Note on Disclosure Duties<br/>Problem<br/>Howing Co. v. Nationwide Corporation<br/>Problem<br/>4.Target's Obligations<br/>A.Disclosure Obligations<br/>Basic Incorporated v. Levinson<br/>Starkman v. Marathon Oil Company<br/>Note on State Law Disclosure Duties<br/>B.Litigation Strategies<br/>Piper u. Chris-Craft Industries, Inc<br/>Liberty National Insurance Holding Company u. The Charter <br/>Company<br/>Note: Implied Rights of Action under the Williams Act<br/>Note on Remedies <br/>Schreiber v. Burlington Northern, Inc<br/>United States u. O'Hagan<br/>Problem<br/>Appendix A. Glossary<br/>Appendix B. Shark Rcpellent Amendment<br/>Appendix C. Due Diligence Checklist<br/>Appendix D. Merger Agreement and Plan of Reorganization <br/>Appendix E. Sample Opinion Letter<br/><br/>INDEX<br/><br/> |
