The sharp increase in the number of hostile bids in 2003 adn 2004 – including high profile bids such as Comcast’s offer for Disney – has led to more coporates seeking insurance against the cost of fending off the bids. Last year there were 16 hostile bids in the UK, compared to just eight in 2002. In Europe last year, hostile offers totaled $56 billion, the highest since 1999.
Specialist insurer Hiscox says it has seen a large rise in enquiries about its takeover insurance, which provides cover for all the direct costs associated with the defense of a hostile takeover bid.
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