Abstract
Takeover can be formally defined as ‘acquisition of a certain block of equity capital or controlling interest in a company which enables the acquirer to exercise control over the affairs of the company’ and can be categorized broadly into two types a hostile takeover in the former case and a friendly takeover in the latter. When the takeover takes place in a hostile manner, i.e. against the wishes of the target company, the target company often adopts certain measures to prevent or discourage the acquirer from taking over the target company; these measures are called takeover defenses. Through this paper I would be making an attempt to study and discuss the various takeover defenses adopted by the companies, legal framework regarding takeovers, takeover defenses and their impact on corporate governance, rationale behind adopting each of those defenses, need of these defenses in the present economic scenario. The paper would also contain areas as to when and why companies become vulnerable to hostile takeover bids and the warning signals thereof for any company.
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