Marquez, Robert; Y, Bilge; inodot; lmaz - In: Econometrica 76 (2008) 5, pp. 1075-1101
We analyze tender offers where privately informed shareholders are uncertain about the raider's ability to improve firm value. The raider suffers a "lemons problem" in that, for any price offered, only shareholders who are relatively pessimistic about the value of the firm tender their shares....