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Aware of the danger of an immediate feeding frenzy, and the sweeping layoffs and economic dislocation that might result, regulators in the home states -- Massachusetts, New York and New Jersey -- of the three big companies have thrown up barriers to takeover for at least two or three years after they go public.
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The number has dropped each year since, with just 42 companies in 2007 erecting barriers to takeovers for the first time.
With virtually no barrier to takeovers and lots of eager and cheap money available, private equity deals announced this year have already exceeded $2 trillion, more than the total in 2004 and 60% higher than in the same months of 2006.
This is a high threshold, though, and there are lots of other barriers to the takeover bid.
As governor of the Bank of Italy, Mr. Draghi has taken an antiprotectionist stance, encouraging bank consolidation and removing barriers to foreign takeovers.
However, Ryanair remains a potential barrier to the takeover through its near 30% stake in Aer Lingus.
That structure, currently used by Belo and many other media companies, forms a high barrier to hostile takeovers.
Asked to share their most recent acquisition experiences, those chief executives most often cited incompatibility of top management as a potential barrier to successful takeovers.
Selling the newspapers, or spinning them off into a new company in which News Corp. maintained a minority stake, would remove the main barrier to the BSkyB takeover.
The snub immediately revived speculation that SAB would become a takeover target itself, especially as one of the potential barriers to it being swallowed by its larger rival had been removed.
REUTERS Hermes Cleared for Takeover Defense | Hermes scored a major legal win Thursday in its bid to stave off a potential takeover by LVMH when a French court approved the luxury brand's plans to create a holding company that will erect substantial barriers to any hostile acquirer.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com