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Super-majority amendment is a defensive tactic requiring that a substantial majority, usually 67% and sometimes as much as 90%, of the voting interest of outstanding capital stock to approve a merger. This amendment makes a hostile takeover much more difficult to perform. In most existing cases, however, the supermajority provisions have a board-out clause that provides the board with the power to determine when and if the supermajority provisions will be in effect. Pure supermajority provisions would seriously limit management's flexibility in takeover negotiations.
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A shareholder rights plan, colloquially known as a "poison pill", is a type of defensive tactic used by a corporation's board of directors against a takeover.
In business, a takeover is the purchase of one company by another. In the UK, the term refers to the acquisition of a public company whose shares are listed on a stock exchange, in contrast to the acquisition of a private company.
A constitutional amendment is a modification of the constitution of a polity, organization or other type of entity. Amendments are often interwoven into the relevant sections of an existing constitution, directly altering the text. Conversely, they can be appended to the constitution as supplemental additions, thus changing the frame of government without altering the existing text of the document.
The Constitution of South Africa is the supreme law of the Republic of South Africa. It provides the legal foundation for the existence of the republic, it sets out the rights and duties of its citizens, and defines the structure of the Government. The current constitution, the country's fifth, was drawn up by the Parliament elected in 1994 in the South African general election, 1994. It was promulgated by President Nelson Mandela on 18 December 1996 and came into effect on 4 February 1997, replacing the Interim Constitution of 1993. The first constitution was enacted by the South Africa Act 1909, the longest-lasting to date. Since 1961, the constitutions have promulgated a republican form of government.
A supermajority is a requirement for a proposal to gain a specified level of support which is greater than the threshold of more than one-half used for a simple majority. Supermajority rules in a democracy can help to prevent a majority from eroding fundamental rights of a minority, but they can also hamper efforts to respond to problems and encourage corrupt compromises at times when action is taken. Changes to constitutions, especially those with entrenched clauses, commonly require supermajority support in a legislature. Parliamentary procedure requires that any action of a deliberative assembly that may alter the rights of a minority have a supermajority requirement, such as a two-thirds vote. In consensus democracy the supermajority rule is applied in most cases.
An entrenched clause or entrenchment clause of a constitution is a provision that makes certain amendments either more difficult or impossible to pass. Overriding an entrenched clause may require a supermajority, a referendum, or the consent of the minority party. The term eternity clause is used in a similar manner in the constitutions of Brazil, the Czech Republic, Germany, Greece, India, Iran, Italy, Morocco, Norway, and Turkey, but specifically applies to an entrenched clause that can never be overridden. However, if a constitution provides for a mechanism of its own abolition or replacement, like the German Basic Law does in Article 146, this by necessity provides a "back door" for getting rid of the "eternity clause", too.
The Constitution of the State of Tennessee defines the form, structure, activities, character, and fundamental rules of the U.S. State of Tennessee.
A repeal is the removal or reversal of a law. There are two basic types of repeal; a repeal with a re-enactment is used to replace the law with an updated, amended, or otherwise related law, or a repeal without replacement so as to abolish its provisions altogether.
A reverse takeover (RTO), reverse merger, or reverse IPO is the acquisition of a public company by a private company so that the private company can bypass the lengthy and complex process of going public. Sometimes, conversely, the public company is bought by the private company through an asset swap and share issue. The transaction typically requires reorganization of capitalization of the acquiring company.
A reading of a bill is a stage of debate on the bill held by a general body of a legislature.
The Companies Act 2006 is an act of the Parliament of the United Kingdom which forms the primary source of UK company law.
A scheme of arrangement is a court-approved agreement between a company and its shareholders or creditors. It may affect mergers and amalgamations and may alter shareholder or creditor rights.
Management is a type of labor with a special role of coordinating the activities of inputs and carrying out the contracts agreed among inputs, all of which can be characterized as "decision making". Managers usually face disciplinary forces by making themselves irreplaceable in a way that the company would lose without them. A manager has an incentive to invest the firm's resources in assets whose value is higher under him than under the best alternative manager, even when such investments are not value-maximizing.
Proposition 39 was an initiative state constitutional amendment and statute which appeared on the November 7, 2000, California general election ballot. Proposition 39 passed with 5,431,152 Yes votes, representing 53.4 percent of the total votes cast. Proposition 39 was essentially a milder version of Proposition 26, which would have ended the Proposition 13 supermajority vote requirement altogether, but was defeated with 3,521,327 "Yes" votes, representing 48.7 percent of the total votes cast, in the March 7, 2000, California primary election. The measure was funded by Ann and John Doerr, John T. Walton and Reed Hastings; it was opposed by the Howard Jarvis Taxpayers Association.
The amendments of 2008, which were proposed in November 2008 and came into force on 31 December 2008, were the first substantial amendments to the Constitution of Russia of 1993. The amendments extended the terms of the President of Russia and the State Duma from four to six and five years.
In mergers and acquisitions, a mandatory offer, also called a mandatory bid in some jurisdictions, is an offer made by one company to purchase some or all outstanding shares of another company, as required by securities laws and regulations or stock exchange rules governing corporate takeovers. Most countries, with the notable exception of the United States, have provisions requiring mandatory offers.
The following is a glossary which defines terms used in mergers, acquisitions, and takeovers of companies, whether private or public.
The British Virgin Islands company law is the law that governs businesses registered in the British Virgin Islands. It is primarily codified through the BVI Business Companies Act, 2004, and to a lesser extent by the Insolvency Act, 2003 and by the Securities and Investment Business Act, 2010. The British Virgin Islands has approximately 30 registered companies per head of population, which is likely the highest ratio of any country in the world. Annual company registration fees provide a significant part of Government revenue in the British Virgin Islands, which accounts for the comparative lack of other taxation. This might explain why company law forms a much more prominent part of the law of the British Virgin Islands when compared to countries of similar size.
The Illinois general election was held on November 8, 2016.
A general election was held on Tuesday, November 8, 2022, to elect candidates throughout Florida, as part of the 2022 midterm elections. The results of the elections showed strong Republican Party outcomes as nearly every Republican candidate won in a landslide. As a result, Republicans now control every statewide office in the state for the first time since Reconstruction. Political analysts believe the results may be an indication that the state has transitioned from being a swing state into a reliably Republican red state.