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ARTICLE · 02 JUNE 2020

Anti-Takeover Strategies During Covid-19

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Last month, Bermuda partners Tammy Richardson-Augustus and Matthew Ebbs-Brewer shared their thoughts on the use of "poison pill."

BermudaCorporate/Commercial Law
Cameron Adderley
Cameron Adderley
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Last month, Bermuda partners Tammy Richardson-Augustus and Matthew Ebbs-Brewer shared their thoughts on the use of "poison pill" shareholder rights agreements as an anti-takeover mechanism of particular interest during the period of economic uncertainty caused by the COVID-19 pandemic. This week we revisit their advice, which has proven prescient, taking a broader offshore perspective on anti-takeover strategies in our core jurisdictions.

The unprecedented market volatility and substantial declines in stock prices that we have witnessed in recent weeks increase the probability of corporate invaders seeking to capitalise on price dislocation and shareholders' liquidity needs.

Helpfully, companies in offshore jurisdictions generally have broad flexibility to adopt various defence mechanisms, whether in their constitutional documents or other contractual arrangements with their shareholders. Defence mechanisms therefore tend to be somewhat bespoke and tailored to

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