THE MECHANISM OF PROTECTION OF JOINT STOCK COMPANIES FROM UNFRIENDLY TAKEOVER AT THE PUBLIC ISSUE OF SHARES IN STOCK EXCHANGES

Abstract

The problem of reforming and transforming property relations remains relevant for the domestic economy to this day. While the task of demonopolization and denationalization of the economy is considered to be fulfilled, the issue of ensuring the effective realization of the forms of ownership of their socioeconomic functions, the formation of an effective individual owner, increasing the efficiency of the use of property objects and increasing property income remain open. Today, in Ukraine, there was an urgent need to create and develop highly profitable, large enterprises, which will increase the competitiveness of the national economy, provide job creation and GDP growth of the country. Debt financing sources are currently too costly and therefore unattractive to businesses. In such conditions, one of the most obvious ways of attracting financial resources for business partnerships is the issue and placement of shares. Thus, in the framework of the general process of anti-crisis reform of the domestic economy, special place belongs to joint-stock ownership. Under such conditions, the mechanism of protection of joint stock companies from hostile takeovers in the public issue of shares becomes particularly relevant. For each joint-stock company, in today's economic environment, the issue of ensuring economic security is very acute, especially if it is subject to the involvement of additional capital through the issue of shares. It is in these circumstances that the joint-stock company is influenced both by internal threats related to corporate governance and external threats related to the actions of financial intermediaries, state regulation bodies, changes in the market situation, etc. The article investigates the concept of "hostile (unfriendly) absorption" in the works of foreign and domestic authors, their common and distinctive features are established. The basic signs inherent to the system of protection against hostile takeovers are determined. An author's system of protection of joint stock companies from unfriendly takeover at the public issue of shares is developed, taking into account the requirements of Ukrainian legislation. Possibilities of its use in activity of joint-stock companies of Ukraine are established.