Cadsby, C.B.; Maynes, E. - Department of Economics and Finance, College of … - 1998
emerge. Rather, tendered shares cycle around the equilibrium level with successful takeovers occuring more often toward the …We study the tendering decisions of shareholders endowed with multiple shares to test game-theoretic models of the … tendering process in the laboratory. An equilibrium outcome in which value-increasing takeovers always just succeed fails to …