We propose that an active takeover market provides incentives by offering acquisition opportunities to successful … performance-based pay are non-monotonic in the intensity of the takeover threat. In firms with weak boards, turnover (performance …-based pay) increases (decreases) with the intensity of the takeover threat. When choosing its acquisition policy and the quality …

This paper analyzes how non-voting shares affect the takeover outcome in a single-bidder model with asymmetric …'s participation constraint and in response the shareholders' conditional expectations about the post-takeover share value. Therefore … one share - one vote to promote all and only value-increasing bids. As target shareholders ignore takeover costs, they …

can only decide to tender or retain their shares. As private benefit extraction is inefficient, the post-takeover share … value increases with the bidder's shareholdings. In a successful takeover, the blockholder tenders all his shares and the … small shareholders tender the amount needed such that the post-takeover share value matches the bid price. Compared to a …