Has the EU Takeover Directive Improved Minority Shareholder Protection? The Spanish Evidence



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Alcalde, Nuria and Pérez Soba, Inés (2016) Has the EU Takeover Directive Improved Minority Shareholder Protection? The Spanish Evidence. European Business Organization Law Review, 17 (3). pp. 261-283. ISSN 1741-6205

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Official URL: https://doi.org/10.1007/s40804-016-0049-8


In April 2004, the European Union promulgated the Takeover Directive, which each Member State had to adapt to its national regulations. Up to now, there has been a lack of empirical evidence regarding the effect of the transposition of this Directive on the performance of the market for corporate control. Furthermore, given that the changes introduced have not been the same throughout the countries, it is difficult to extract conclusions from aggregate studies. The aim of this paper is to analyse the Spanish case, trying to determine whether the protection of minority shareholders, one of the Directive’s main goals, has improved in relation to the previous national regulations, a matter that has not been studied from an economic viewpoint. More specifically, we will test whether there are significant changes in the main proxies of minority shareholder protection, i.e., the number of takeovers and the bid premiums, and whether any such changes are due to the changes in regulation, while controlling for other variables. The results seem to show that the European Directive has not contributed to increasing minority shareholder protection in Spain, neither by means of more takeovers, nor through higher bid premiums.

Item Type:Article
Uncontrolled Keywords:Takeover; Regulation; Mandatory bid rule; Shareholder protection; Bid premium.
Subjects:Social sciences > European Union
Social sciences > European Union > Economic and financial policy
Social sciences > Economics > Banks and credit unions
ID Code:56263
Deposited On:09 Jul 2019 09:44
Last Modified:09 Jul 2019 10:52

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