The distribution of target ownership and the division of gains in successful takeovers
Article Abstract:
This paper presents evidence that the distribution of target ownership is related to the division of the takeover gain between the target and the bidder for a sample of successful tender offers. In the whole sample, the target's gain is negatively related to bidder and institutional ownership. In the sample of multiple-bidder contests, the target's gain increases with managerial ownership and falls with institutional ownership. (Reprinted by permission of the publisher.)
Publication Name: Journal of Finance
Subject: Business
ISSN: 0022-1082
Year: 1990
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Wealth destruction on a massive scale? A study on acquiring-firm returns in the recent merger wave
Article Abstract:
A study is conducted to find out the effect of acquisitions on the returns of acquiring-firm shareholders.
Publication Name: Journal of Finance
Subject: Business
ISSN: 0022-1082
Year: 2005
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