CTS: Returning Limited Regulation of Tender Offers to the State
Sandhop, Garland, Jr.
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Examines the constitutionality of state takeover statutes and the limitations that remain on such statutes in the wake of the Supreme Court’s decision in CTS Corp v. Dynamics Corp. of America, particularly with respect to “tender offers” (defined as an invitation made publicly to all corporate shareholders to sell their shares at a specified price). The author concludes that the failure of states to enact “anti-takeover laws” will result in corporations domiciled in those states to relocate to more accommodating legal climes.