Takeovers and Value Creation: Comparative Perspectives

Despite much talk about sustainability, business as usual is still a very certain path towards a very uncertain future. On April 26, 2019, SMART will join colleagues at UC Davis to discuss how the consideration of sustainability in takeowers may have an impact on business far beyond the rare cases of uninvited takeovers.

UC Davis School of Law and SMART are organising a workshop at UC Davis on takeovers and sustainable value creation. In the takeover context, underlying tension between short-term and long-term, between maximization of returns for shareholders and the creation of sustainable value for business, society and the environment, comes to a head.

On both sides of the Atlantic, a major topic which has escaped the ongoing takeover debates is how laws can be set in place to maintain or create sustainable value. And although focus has been placed on the target board’s role vis-a-vis takeover defenses, focus has not been given to how the board can help in the objective of maintaining or creating value. Meanwhile the bidder board’s role has been largely ignored, despite reports of uninvited takeovers being undertaken for a number of other reasons than rational business assessments, including hubris and desire for the business to grow to avoid being the target of a takeover.

With an increasing focus on the importance of ensuring the contribution of business and finance to sustainability, it is time to revisit the evolution of takeovers through a comparative lens. The aim of the workshop is to facilitate an in-depth comparative analysis of the relationship between takeovers and value creation and participation is limited to the presenters. 

 

Draft programme

9-9.15am:  Welcome by the organizers
9.15-10: Takeovers, protections, and long-termism, Jeroen Veldman, Cass Business School (virtual participation)
10-10.45: All companies are equal, but some companies are more equal than others. Economic Nationalism and Sustainability as grounds for alternatives in regulating takeovers: the UK Paradigm, Georgina Tsagas, University of Bristol Law School
10.45-11: Coffee/tea break
11-11.45: Long Term Value Creation as a legal enforceable norm in a hostile takeover situation, Jelle Nijland and Tim Verdoes, Leiden University Law School, The Netherlands
11.45-12.30: The Past, Present and Future of VIEs in China’s Cross-border Acquisition Deals – A Political Economy Perspective, Shen Wei, Shanghai Jiao Tong University Law School / University of Michigan Law School (TBC)
12.30-1.30pm:  Lunch
1.30-2.15: Sustainability – An accretive tool or a tactical defense in takeovers? Some reflections from the recent Canadian experience, Ravipal S. Bain, McMillan LLP (Canada)
2.15-3: The Market for Corporate Value Destruction: A feminist analysis of takeovers and value creation, Beate Sjåfjell, University of Oslo Faculty of Law / UC Berkeley Haas Business School
3-3.15: Coffee/tea break
3.15-4: Women and M&A, Afra Afsharipour, UC Davis School of Law
4-4.45: #MeToo Is Transforming Corporate Governance, Amelia Miazad, UC Berkeley School of Law
4.45-5: Coffee/tea break
5-5.45: Concluding discussion
6 pm- Workshop dinner at KetMoRee

Organizers

 

For any enquiries about this event, please contact:

  • Afra Afsharipour, Professor of Law, and Martin Luther King, Jr. Hall Research Scholar at University of California, Davis School of Law 
  • Beate Sjåfjell, Professor of Law at the University of Oslo, coordinator of the SMART Project, and Fulbright Visiting Scholar at UC Berkeley

 

Published Apr. 9, 2019 1:23 PM - Last modified Apr. 10, 2019 8:14 AM