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  • March 1988
  • Case

Richardson-Vicks--1985 (B)

Considers takeover defenses erected by Richardson-Vicks. The objective is to determine whether these defenses can by breached by a determined suitor, like Unilever. View Details
Keywords: Mergers and Acquisitions; Consumer Products Industry
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  • December 2003 (Revised August 2004)
  • Case

Circon (A) (Abridged)

By: Brian J. Hall, Christopher Rose and Guhan Subramanian
In 1996, U.S. Surgical launched a hostile takeover bid against Circon Corp. CEO Richard Auhll recruited an old HBS friend, George Cloutier, to the Circon board to help him defend the company. Circon's primary defenses include a "poison pill" and a staggered board and... View Details
Keywords: Motivation and Incentives; Governing and Advisory Boards; Executive Compensation; Trust; Relationships; Acquisition; Business and Shareholder Relations; Medical Devices and Supplies Industry; United States
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  • March 2001 (Revised December 2003)
  • Case

Circon (A)

By: Brian J. Hall, Guhan Subramanian and Christopher A Rose
In 1996, U.S. Surgical launched a hostile takeover bid against Circon Corp. After building the company for 20 years, CEO Richard Auhll takes a defensive stand that includes inviting an old HBS friend (George Cloutier) to join the fight as a director of Circon. A... View Details
Keywords: Motivation and Incentives; Corporate Governance; Medical Devices and Supplies Industry; United States
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  • October 2007 (Revised December 2008)
  • Background Note

Evaluating M&A Deals: How Poison Pills Work

By: Carliss Y. Baldwin
The poison pill defense against hostile takeovers was invented in 1982 by Martin Lipton, of Wachtell, Lipton, Rosen and Katz. Pills are considered the most effective of all the normal defenses against a hostile bidder. Describes the two basic types of poison pills... View Details
Keywords: Negotiation Deal; Mergers and Acquisitions
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  • July 1999 (Revised April 2001)
  • Case

Quickturn Design Systems, Inc. (A)

By: Jay W. Lorsch and Katharina Pick
Quickturn Design Systems, Inc. faces a hostile takeover bid from its competitor, Mentor Graphics. Mentor makes the bid at a moment when Quickturn's stock price is depressed and the company is defending against a patent suit filed by Mentor. The two companies have a... View Details
Keywords: Patents; Governing and Advisory Boards; Behavior; Lawsuits and Litigation; Organizations; Acquisition; Corporate Governance; Service Industry
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  • March 1988 (Revised July 1990)
  • Case

Walt Disney Productions: Greenmail

Considers a firm whose investment strategies have essentially run out. Walt Disney's original visions and goals have all been fulfilled and after his death no new ones are forthcoming. Disney faces repeated takeover attacks and is forced to either set new corporate... View Details
Keywords: Corporate Strategy; Crisis Management; Acquisition; Financial Strategy; Entertainment and Recreation Industry; United States
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  • Web

Named Fellowship Funds - Alumni

including positions at the Children's Defense Fund and the White House Conference on Families. As vice president of the Atlanta chapter of the National Council of Jewish Women, Frances developed the first screening program for Tay-Sachs... View Details
  • 09 May 2017
  • What Do You Think?

Should Management Be Primarily Responsible to Shareholders?

align managers’ interests with those of shareholders), a reduction in the defenses against hostile takeovers (that typically increase short-term value for owners of the acquired company), increased merger... View Details
Keywords: by James Heskett
  • 01 Oct 1997
  • News

High Fives

he's wrong.' I did. The rest is history.” Investment outlook over the next five years: “It's hard to be bullish on the U.S. equity market, which continues to go up. We're not going to be in a permanent expansion with little inflation forever. So Sanford Bernstein has... View Details
  • Web

Meet the PRIDE Club - MBA

Business & Environment Career Change Career and Professional Development Case Method Clubs Curriculum Digital Entrepreneurship FIELD Financial Aid Health Care Instagram Takeover JD/MBA Leadership Letters to Classmates MBA/MPP & MBA/MPA-ID... View Details
  • 20 Aug 2001
  • Research & Ideas

Making an Ally of Uncle Sam

The Value Net Government rule makers and referees shape businesses' ability both to initiate and to defend against these strategies—to play offense or defense in value-net games. Specifically, the ability to make game-changing moves is... View Details
Keywords: by Michael Watkins, Mickey Edwards & Usha Thakrar
  • 04 Dec 2007
  • First Look

First Look: December 4, 2007

accretion or dilution to expect based on the terms of a deal. Purchase this note: http://www.hbsp.harvard.edu/b01/en/common/item_detail.jhtml?id=208059 Evaluating M&A Deals—How Poison Pills Work Harvard Business School Note 208-061 The poison pill View Details
Keywords: Martha Lagace
  • 09 Nov 2010
  • First Look

First Look: November 9, 2010

Era for Raiders Author:Guhan Subramanian Publication:Harvard Business Review 88, no. 11 (November 2010) Abstract The article presents information on corporate methods of preventing hostile takeovers by corporate raiders, such as the... View Details
Keywords: Sean Silverthorne
  • 10 Jan 2005
  • Research & Ideas

Motivation and the Cross-Sector Alliance

can provide a powerful leverage for optimizing the competitive positioning of an organization, both from the private and the third sectors. While risk-management is not necessarily absent in this group, what these organizations sought was to go beyond that View Details
Keywords: by James Austin, Ezequiel Reficco & SEKN research team