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- January 2022 (Revised April 2025)
- Case
Steem Versus Hive: Testing Blockchain Governance
By: Shikhar Ghosh and Shweta Bagai
This case examines a pivotal governance conflict that occurred in 2020 when Justin Sun, founder of the TRON blockchain, acquired Steemit Inc., the company behind a popular social media platform operating on the Steem blockchain. Steem, launched in 2016 by Daniel... View Details
- April–May 2021
- Article
Labor Mobility and Antitakeover Provisions
By: Aiyesha Dey and Joshua White
How do firms protect their human capital? We test whether firms facing an increased threat of being acquired strengthen their antitakeover provisions (ATPs) in order to bond with their employees. We use the adoption of the Inevitable Disclosure Doctrine (IDD) by U.S.... View Details
- November 12, 2020
- Article
What We Can Learn About Unity from Hostile Takeovers
In the wake of the recent election, the United States faces a fraught, difficult transfer of power. What we know about hostile takeovers in business can provide help in finding a path forward. Leaders on the winning side of the more successful acquisitions emphasized... View Details
- March 2018 (Revised January 2021)
- Case
China Vanke: Battle for Control (A)
By: Lynn S. Paine, Charles C.Y. Wang, Dawn H. Lau and Anthony K. Woo
In June 2016, the board of China Vanke, one of China’s largest and best-known private residential real estate developers, must vote on a proposed acquisition that is opposed by its largest shareholders, state-owned China Resources Co. and the lesser-known property... View Details
- March 2018
- Supplement
China Vanke: Battle for Control (B)
By: Lynn S. Paine, Charles C.Y. Wang, Dawn H. Lau and Anthony K. Woo
China Resources expresses disagreement over the validity of the results of the board vote as announced by China Vanke. It further raises objections to Vanke's handling of the announcement as well as reiterates its doubts about the strategic rationale of the proposed... View Details
- March 2018
- Supplement
China Vanke: Battle for Control (C)
By: Lynn S. Paine, Charles C.Y. Wang, Dawn H. Lau and Anthony K. Woo
Baoneng calls for the removal of China Vanke's board of directors, citing as reasons the directors' mishandling of the Shenzhen Metro proposal as well as the company's various breaches of corporate governance requirements. Vanke defends itself against Baoneng's... View Details
- July 2017 (Revised April 2018)
- Case
Keurig: Hostile Takeover (A)
By: Paul W. Marshall, John H. Lynch, David J. Donahue and Philip B. Rich
- July 2017 (Revised April 2018)
- Teaching Note
Keurig: Hostile Takeover (A) & (B)
By: Paul W. Marshall
Teaching Note for HBS Nos. 918-401 and 918-402. View Details
- July 2017 (Revised April 2018)
- Supplement
Keurig: Hostile Takeover (B)
By: Paul W. Marshall, John H. Lynch, David J. Donahue and Philip B. Rich
- March 2016 (Revised October 2023)
- Case
Central European Distribution Corporation: Hostile Takeover, Bankruptcy Makeover
By: Stuart C. Gilson and Sarah L. Abbott
In early 2013, Central European Distribution Corporation (CEDC), a large publicly traded producer and distributer of vodka and spirits in Eastern and Central Europe, has suffered significant declines in its financial performance, is at risk of defaulting on its debt,... View Details
- November 2015 (Revised March 2018)
- Case
Air Products' Pursuit of Airgas (A)
By: Charles C.Y. Wang, Paul M. Healy, Penelope Rossano and Kyle Thomas
This case centers around the Air Products' hostile takeover attempt of Airgas in 2010. Air Products argued that its offer of a 38% premium is generous given Airgas' poor performance, which Air Products attributed to underperforming and entrenched managers at Airgas. On... View Details
- November 2010
- Article
A New Era for Raiders
The article presents information on corporate methods of preventing hostile takeovers by corporate raiders, such as the poison pill strategy. It is noted that some of these techniques have become less popular and effective. An argument is presented that Section 203 of... View Details
- May 2010
- Article
Is Delaware's Antitakeover Statute Unconstitutional? Evidence from 1988-2008
By: Guhan Subramanian, Steven Herscovici and Brian Barbetta
Delaware's antitakeover statute, codified at Section 203 of the Delaware corporate code, is by far the most important antitakeover statute in the United States. When it was first enacted in 1988, three bidders challenged its constitutionality under the Commerce Clause... View Details
- March 2009 (Revised September 2010)
- Case
HOYA Corporation (A)
By: W. Carl Kester and Masako Egawa
In 2007, HOYA of Japan must decide whether to change its friendly exchange offer for Pentax into a hostile cash tender offer. A surprising sequence of events had caused a friendly merger agreement to fall apart, resulting in a boardroom coup at Pentax and the... View Details
- October 2007 (Revised December 2008)
- Background Note
Evaluating M&A Deals: How Poison Pills Work
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
- October 2007 (Revised July 2016)
- Teaching Note
Gordon Bethune at Continental Airlines
By: Anthony J. Mayo
A $385 million loss for the final months of fiscal year 1994 signaled Continental might go bankrupt. Could new CEO Gordon Bethune turn Continental around? Continental was in dire straits because the deregulation of the commercial airline industry in 1978 ushered in a... View Details
- January 2006 (Revised July 2016)
- Case
Gordon Bethune at Continental Airlines
By: Nitin Nohria, Anthony Mayo and Mark Benson
A $385 million loss for the final months of fiscal year 1994 signaled Continental might go bankrupt. Could new CEO Gordon Bethune turn Continental around? Continental was in dire straits because the deregulation of the commercial airline industry in 1978 ushered in a... View Details
- August 2005
- Background Note
Dual Class Share Companies
By: Samuel L. Hayes III, Lynn S. Paine and Christopher Bruner
Provides a brief historical overview of dual class share companies in the United States, focusing on the New York Stock Exchange's evolving position on dual class structures since the 1920s, the impact of hostile takeovers on their use since the 1980s, and recent... View Details
- 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
- July 2003 (Revised February 2004)
- Background Note
M&A Legal Context: Hostile Takeovers
By: Carliss Y. Baldwin, Constance E. Bagley and James Quinn
Introduces students to the main tactical maneuvers used by hostile bidders, including bear hugs, proxy fights, tender offers, and toeholds. Also describes how, in the United States, tender offers are regulated by the federal government via the Williams Act. View Details