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The Take-Over Bid By Private Agreement: The Follow-Up Offer Obligation, Bruce Bailey, Purdy Crawford

Dalhousie Law Journal

The acquisition of control of a public corporation by the private purchase of shares from a controlling shareholder' or a control group has been one of the most controversial issues in corporate and securities law and has been the subject of a continuing debate. 2 The purchase of corporate control raises the fundamental issue of the extent to which a controlling shareholder should be permitted to dispose of his shares at a premium without sharing the premium with minority shareholders. Securities law in the United States does not require equal treatment where control is acquired by private agreement, 3 but …