Prof. David Kershaw

This course is available on the MSc in Law and Accounting, Master of Laws and Master of Laws (extended part-time study). This course is available with permission as an outside option to students on other programmes where regulations permit.

This course is capped at 90 students. Students must apply through Graduate Course Choice on LSEforYou.

This course will look at the regulation of the market for corporate control and corporate restructurings in the United Kingdom and the United States. The course will look at the regulation of the bid process and at takeover defence regulation in the UK and the US. The course will also look at the development of the private equity industry and at typical fund and transaction structures used in private equity deals. Lent Term Introduction to the market for corporate control Takeover process regulation The extra-territorial effects of US process regulation Takeover defence regulation Private equity and management buyouts: fund structures; deal structures; value strategies Regulating conflicts of interest in going private transactions Financial assistance regulation Effectiveness of the market for corporate control

20 hours of seminars in the MT. 2 hours of seminars in the ST.

There will be a Reading Week in week 6 of MT

1,500 word essay.

A full reading list will be made available via Moodle at the beginning of the course. Background material can be found in RD Kershaw, Company Law in Context (2012), Web Chapter A R. Kraakman et al, The Anatomy of Corporate Law (2004), Chapter 7; B. Black, The Law and Finance of Corporate Acquisitions (1995); and W. Carney, Mergers and Acquisitions (2003).

Exam (100%, duration: 2 hours, reading time: 15 minutes) in the LT week 0.