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9 J. Bus. Entrepreneurship & L. 1 (2015)

handle is hein.journals/jbelw9 and id is 1 raw text is: POISON PILLS: RECENT NEGATIVE ECONOMIC EFFECTS JUSTIFY REPEALING THE RELATED LEGISLATION AND INCREASING SHAREHOLDER OWNERSHIP RIGHTS WILTON ROBINSON- I. Introduction .................................... .............. 1 II. Background ................................... .......... 4 A. Brief History of Hostile Takeovers and Related Regulations...........4 1. Hostile Takeover Overview .................. .........4 2. New Delaware Fiduciary Doctrines ........... ..........5 B. Negative Impact on Market Participants .....................5 1. Tension Between the Raiders and the Business Roundtable ......... 6 2. Recent Negative Impact............... ..............7 III. Analysis..............................................12 A. Poison Pills Provide Boards Too Much Control. ...............12 1. Executive Compensation............................14 2. Politicians as Fiduciaries.............................15 B. Remedying the Problem: Reeling in the Power. ................17 1. Statutory Regimes................................17 2. Shareholder Voting .................................18 IV. Conclusion.............................................20 I. INTRODUCTION The hostile takeover regulatory regime has evolved in response to proxy Wilton Robinson holds a Tax L-L.M., completed in May 2015. He also holds a Juris Doctor and a Bachelor of Science in Accountancy and Business Administration, Honors in Business. Robinson currently teaches undergraduate Accounting at Pepperdine University's Seaver College.