We investigate the impact of debt covenants on acquisition characteristics. We find that acquirers with covenants pay … acquirer returns around deal announcement, relative to those without. All these results are more pronounced with stricter debt … restrict debt issuance, are positively related to the share fraction, while performance covenants, which affect the stock of …

We investigate the relation between takeover performance and board share ownership in the acquiring company for a … on takeover outcomes including: the means of payment; acquirer size and market to book value; the relative size of the … acquirer and the target; the nature of the bid in terms of hostility and industrial direction; and the pre-takeover performance …

This article evaluates the Takeover Bids Directive's board neutrality rule, in light of the European Commission …