Disclosure Laws and Takeover Bids
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- Author(s): S. J. GROSSMAN, O. D. HART
- Published: Apr 30, 2012
- Pages: 323-334
- DOI: 10.1111/j.1540-6261.1980.tb02161.x
The securities and exchange act not only prohibits the making of false statements, but also requires that parties to a takeover bid make positive disclosures. This paper discusses some of the effects of requiring positive disclosure as opposed to simply outlawing the making of false statements.