Book contents
- Unfinished Business
- Cambridge University Press
- Unfinished Business
- Copyright page
- Contents
- Notes on Contributors
- Introduction
- Part IFoundation
- Part IIMandatory Bid Rule
- Part IIIResisting Takeovers
- Part IVNew Developments
- 13The Alternative to Takeover Offers in the UK
- 14Change of Control by Merger of Corporations
- 15The Changing Ownership Landscape
- 16Multiple-Voting Rights and Takeovers
- 17Reform of the Takeover Directive
- Index
16 - Multiple-Voting Rights and Takeovers
from Part IV - New Developments
Published online by Cambridge University Press: 20 February 2026
Book contents
- Unfinished Business
- Cambridge University Press
- Unfinished Business
- Copyright page
- Contents
- Notes on Contributors
- Introduction
- Part IFoundation
- Part IIMandatory Bid Rule
- Part IIIResisting Takeovers
- Part IVNew Developments
- 13The Alternative to Takeover Offers in the UK
- 14Change of Control by Merger of Corporations
- 15The Changing Ownership Landscape
- 16Multiple-Voting Rights and Takeovers
- 17Reform of the Takeover Directive
- Index
Summary
The subject of this chapter is takeover bids on firms with share classes with different voting rights or loyalty shares. In the chapter we first describe the general development regarding such structures, as well as the current understanding of multiple-vote share structures in corporate governance and economic research. We then present an overview of the particular takeover issues arising when the target company has a multiple-vote share or loyalty structure drawing on national experiences, including whether a premium should be allowed for multiple-vote shares, whether different forms of considerations should be allowed for different share classes, whether a partial bid should be allowed on a single share class, and whether the effects of vote changes in a firm with MV or loyalty shares could trigger the duty to launch a mandatory bid.
Information
- Type
- Chapter
- Information
- Unfinished BusinessTwo Decades with the EU Takeover Directive, pp. 364 - 391Publisher: Cambridge University PressPrint publication year: 2026
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