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Part ownership of a takeover target can help a bidder win a takeover auction, often at a low price. A bidder with a toehold bids aggressively in a standard ascending auction because its offers are both bids for the remaining shares and asks for its own holdings. While the direct effect of a...
Persistent link: https://www.econbiz.de/10010604835
We use a classroom game, the Wallet Game, to show that slight asymmetries between bidders can have very large effects on prices in standard ascending (i.e. English) auctions of common-values objects. Examples of small asymmetries are a small value advantage for one bidder or a small ownership of...
Persistent link: https://www.econbiz.de/10010605030
In this comprehensive study of all shipping mergers and acquisitions from 1984 to 2011 we document that the …
Persistent link: https://www.econbiz.de/10010754987
We review historical and current research on mergers and acquisitions. The literature is extensive. After a discussion …
Persistent link: https://www.econbiz.de/10014023370
We use a classroom game, the ‘Wallet Game’, to show that in standard ascending, i.e. English, auctions of close-to-common-values objects, even slight asymmetries between bidders can have very large effects on prices. Examples of small asymmetries are a small value advantage for one bidder or...
Persistent link: https://www.econbiz.de/10005791269
The mergers and acquisitions (M&As) have evolved as most used and successful strategy of corporate restructuring. In …
Persistent link: https://www.econbiz.de/10010634950
We analyze an oligopolistic market where a domestic and a foreign firm are engaged in a takeover battle for a domestic competitor. Any merger or acquisition (M&A) must be approved by a welfare maximizing domestic competition agency which may or may not be prone to "economic patriotism". A...
Persistent link: https://www.econbiz.de/10005763853
This paper undertakes an empirical analysis of the effects of the threst of takeover on company performance, based on a panel of 643 nonfinancial quoted UK companies over the period 1989-96. Our measure of the intensity of the threat of takeover is the predicted probability of takeover estimated...
Persistent link: https://www.econbiz.de/10005812235
This paper estimates takeover likelihood models for UK quoted companies. For a sample of 643 UK nonfinancial quoted companies over the period 1989-96, we find that the probability of being a takeover target is increasing in leverage and incidence of takeover speculation and decreasing in pre-bid...
Persistent link: https://www.econbiz.de/10005812245
This study analyses the wealth effects related to Merger and Acquisition (M&A) announcements in the Canadian financial services industry. This study more broadly portrays the Canadian M&A experience in examining a sample of 161 M&A deals from 1997 to 2000. Overall, M&A is related to significant...
Persistent link: https://www.econbiz.de/10008539437