| Abstract: | Although many articles have been written on how to take over a company, comparatively few have explained how to resist take-over in the U.K. This article seeks to redress the literature imbalance. The worst time to mount a defence is after a bid has been received. Accordingly, a large part of this article is concerned with advance preparation. The topics covered are: the need for advance preparation; identifying take-over targets; valuing a firm; defences prior to a bid; detecting an imminent bid; the Take-over Code; defences after a bid. |
