The '90s have spawned their first backlash movement against the merger mania of the '80s. Advocates of tough new antitakeover laws that are sprouting from Massachusetts to South Dakota claim that the legislation will prevent outsiders from looting local firms and throwing residents out of work. Critics are concerned that the rules will entrench inefficient corporate managers and drive investors elsewhere.
The antitakeover trend got a big boost last week when the U.S. Supreme Court, in clearing the way for California to challenge the merger of two major supermarket chains, ruled unanimously that states can sue to prevent or undo anticompetitive...
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