Ang, James S.; Ismail, Ahmad K. - In: Journal of Corporate Finance 30 (2015) C, pp. 245-256
We find, in a sample of 7581 merger offer announcements from 1990 to 2013, shareholders of 1283 (or 17%) target firms responded to the offer with negative market returns. These investors were disappointed at the offer, despite the price premium. To explain their disappointment, one must...