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Hostile bidders circle.
Big banks, such as Deutsche Bank and Commerzbank, have often helped hostile bidders to accumulate stakes.
Ralcorp is also incorporated in Missouri, whose takeover rules are daunting for hostile bidders.
Coty lacks the main hammer that hostile bidders typically use to push a target to deal.
Other companies with Pyrrhic victories against hostile bidders may be similarly vulnerable.
Simply put, the forces on companies to perform better appear to have worked, leaving fewer undervalued targets for hostile bidders.
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Mr Gold says that he has no intention of bringing in a hostile bidder.
A hostile bidder can subsequently succeed only if the target board votes to redeem the poison pill.
To add insult to injury, the (in this case) hostile bidder, Bank of Scotland, is much smaller than its target.
Speaking in Oxford last night, he said it was not acceptable to simply wait until another hostile bidder emerges.
A hostile bidder's level of knowledge about a target is often a real stumbling block from a valuation perspective.
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