Endnotes

¹ "A Tale of Two Takeovers," Wall Street Journal , July 7, 1989, p. A10. It is noteworthy that both the Takeover Panel and institutional investors in Britain have recently adopted new rules concerning MBOs.

² Hicks, Sir John, Limited Liability: the Pros and Cons at p. 20 of Limited Liability and the Corporation (ed. Tony Orhnial) [Action Society Trust, 1982).

³ It is the practice in the U.S. to engage a firm of "proxy solicitors" to contact the legal owners and to secure sufficient proxies for a quorum and approval of management proposals at the Annual Meeting.

RETURN TO PAPERS & SPEECHES LISTING