We consider takeover bidding in a Cournot oligopoly when firms have private information concerning the synergy effect … of merging with a takeover target. Two auction rules are considered: standard first-price and profit-share auctions …

The effect of severance pay on management behavior during a takeover battle is generally ambiguous. Yet, the severance …

This paper analyzes the interaction between financial leverage and takeover activity. We develop a dynamic model of …, and takeover terms, in which the bidder with the lowest leverage wins the takeover contest. Based on the resulting … bidder is below the industry average and that acquirers should lever up after the takeover consummation. The model also …

takeover, and bidders can freeze out target shareholders (compulsorily acquire remaining shares not tendered at the bid price … relationship between the takeover premium and arbitrageurs' accumulation of shares before the takeover announcement, and the less … benefit and eliminate the coerciveness of these offers. Similarly, the takeover premium is also largely unrelated to the …

We examine takeover auctions when an informed bidder has better informationabout the target value than a rival and …

We analyze takeover operations in which (i) bidding firms are risk-averse; (ii) offers can be made using cash or equity … acquirer initiates the takeover, and competitive operations, in which the target organizes an informal auction across potential …