Harrington Jr., Joseph E; Prokop, Jacek - In: Review of Financial Studies 6 (1993) 4, pp. 851-82
We explore the dynamics of a takeover bid. In contrast to preceding models, if the initial takeover bid is unsuccessful a raider is allowed to make a new tender offer in order to try and secure the remaining shares. Numerical analysis shows that the raider's tender offer rises over time as he...