Povel, Paul; Sertsios, Giorgo - In: Journal of Corporate Finance 26 (2014) C, pp. 201-224
We analyze the role of toeholds (non-controlling but significant equity stakes) as a source of information for a bidder. A toehold provides an opportunity to interact with the target and its management and in the process get a better sense of the possible synergies from a merger or takeover. A...