Counter-hostility as defensive strategy in a hostile takeover: The acquisition of Hillards supermarket chain by Tesco
研究希拉兹超市在特易购敌意收购中如何通过反敌意策略提高收购成本，最终虽被收购但为股东创造了更大价值，对理解收购中的战略制定有参考意义。
Hillards was a retail supermarket firm based in Yorkshire in the North of England between 1885 and 1987, when it was subject to a hostile takeover from Tesco. Using archival and interview data this article explores how Hillards pursued a sensemaking process to engage in a strategy of counter-hostility to the takeover attempt. Ultimately the firm was acquired by Tesco. By examining Hillards' defence strategy, this paper contributes to the understanding of the nature of strategy-making within a takeover. The article shows how in defeat Hillards was able to secure a partial victory in the form of a substantially increased cost of acquisition, so maximising shareholder value. This contributes to the history of the supermarket sector, and the history of family firms in the UK.