A structure with the objective to protect an enterprise against hostile takeovers.
There is a hostile takeover if a bid is made on the shares without this bid being approved by the board and/or the Supervisory Board. There are various types of protective structures in the Netherlands. Examples are the issue of depositary receipts for shares as a result of which the right to vote remains with a foundation (instead of with the depositary receipt holders), granting priority shares and giving rights of option on preference shares (as a result of which the right to vote of existing shareholders is reduced).
