| Abstract: | Hostile takeovers have been a distinctive feature of the currentcorporate merger boom. Initial attempts by states to regulatehostile tender offers were found to be unconstitutional. In1987 the U.S. Supreme Court upheld for the first time a statestatute restricting hostile takeovers, and by April 1988 twenty-ninestates had such statutes. While the current focus is on hostileacquisitions, legislation that encourages additional biddersrather than deterring hostile bids is more likely to benefitshareholders. |
