Word: kraakman
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Dates: during 1989-1989
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...climate for such deals. Before Time and Warner were allowed to consolidate, many companies feared that an agreement to merge would be tantamount to putting themselves up for sale. But the Delaware courts affirmed the right of corporate directors to pursue long-term strategies. Says Harvard law professor Reinier Kraakman of the new precedent: "This gives managers who are planning a friendly acquisition or a merger of equals a chance to go forward without losing out to a hostile acquirer...