Using the parametric and non-parametric tests, this study aims to understand the wealth effects of shareholders of bidder, target and combined firms on the announcement of takeovers. The sample for the study consists of targets from financial sector which are listed in Bombay Stock Exchange...

Takeover attempts from raiders with prior stakes in the target company (toeholds) are frequent in the market for corporate control. In this context, we propose a simple and realistic selling mechanism with an agenda of exclusive negotiations that discriminates against larger-toehold raiders....

Having been introduced in the European Union and in many other countries, the equal opportunity rule is seen as protecting investors in the event of a transfer of control. This rule should be analyzed in a context of appropriation of private benefits between the new controlling shareholders and...