Effective defense methods against hostile takeovers and raiders in Russia

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School of Economics | Master's thesis
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RESEARCH OBJECTIVES This thesis studies effective defense methods against hostile takeovers and raiders in Russia. The main research objective is to examine how enterprises can protect themselves against hostile takeover and raiders on Russian market? The research problem can be further divided into three sub-problems. The first sub-problem is to examine most common schemes of hostile takeovers in Russia. The second sub-problem is to identify already well-known anti-hostile takeover defense methods used in Russia. The third sub-problem is to describe which of above mentioned defense methods or their combinations are effective against which takeover scheme. The main purpose of the thesis is to create some sort of instructions that SME with their limited resources and large entities would be able to use for protecting an entity from potential hostile takeover on its initial stage and during takeover attempt. DATA Two takeover events were chosen for the research. First case is TogliattiAzot takeover event. Second takeover case is Russneft. Togliattiazot and Russneft tend to be critical cases rather representative ones. The critical cases are chosen because they encompass the most concerned issues that I’m interested in, rather than help to attempt statistical generalization. Data used in the research is a combination of several types and sources. First, juridical databases “Consultant”, “Codex” and “Garant” is used to obtain data related to takeover events’ trials. Second, a number of interviews are conducted with participants of the corporate control market. Through interviews it’s expected to obtain data and information related to takeover events not available to the public. RESULTS Theoretical generalizations of results is summarized in Survival Guide part of the research, which is intent to have practical value for entities and serve as an instruction for enterprises in hostile environment. The instruction is focused on steps which could be taken by enterprises to avoid becoming easy target in hostile environment and prevent any hostile behavior towards the company.
Hostile takeovers, Russia, defense against hostile takeovers, raiders
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