Recognizing the potential for conflicts between managements self-interest in preserving the independence of a target company and the directors decision to accept or reject a takeover bid, Lipton advocated the following best practices: In this section of the article, Lipton began to embrace a more assertive role for independent directors and advisors. The Detroit Jewish News Digital Archives - May 16, 2003 - Image 163 And I used the opinion in that case to write an article called Takeover Bids in the Targets Boardroom.22. McGraw-Hill must not lose its independence.18. 60 The Deal Staff, Martin Lipton and the Dark Arts of Defense, The Deal Pipeline (Apr. . The 87-year-old attorney who created the "Poison Pill," a corporate strategy to protect against hostile takeovers, has not stepped away from his 31 st . A founding partner of Wachtell, Lipton, Rosen & Katz, Martin Lipton was dubbed one of the "100 Most Influential Lawyers in America" by the National Law Journal. When Lipton entered NYU in autumn 1952, the law school building had been named Vanderbilt Hall after the former Dean. To that end, Lipton attended and graduated from the Wharton School of Business at the University of Pennsylvania in 1952. As he put it, You didnt just walk into an investment bank and say, I want to be an associate, as you do now. There werent these great jobs for aspiring bankers. L. Rev. L. Rev. We shook hands, said that we would practice law together, and agreed to be equal partners. Martin Lipton (born June 22, 1931) is an American lawyer, a founding partner of the law firm of Wachtell, Lipton, Rosen & Katz specializing in advising on mergers and acquisitions and matters affecting corporate policy and strategy. This made it more difficult for Wachtell Lipton to credibly represent bidders who might want to take a position contrary to the articles basic arguments.58 More pragmatically, the reality of a hostile bid is that there are at least two sides, and Wachtell Lipton was flooded with requests for help from corporations targeted by raiders. As of this time in the American public markets, no protection against this sort of coercion existed under the securities laws.
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