acquisition, bidders have a fundamental conflict of interests with target shareholders from which activist investors are immune …

simply enrich managers at the expense of shareholders. After observing the board's compensation and investment policies …Typically, shareholders are not sure whether boards act in their interest, or have been captured by management. They …, consistent with these observations, in which discretionary compensation payments to managers might increase firm value or might …

&A) transactions, and the associations of these lawsuits with offer completion rates and takeover premia. We find that M&A offers … takeover premia in completed deals, after controlling for the same factors. Economically, the expected rise in takeover premia … shareholders. However, in general, target stock price reactions to bid announcements do not appear to fully anticipate the positive …

turnout, as well as with proposals submitted shortly before takeover announcements, and motivated by the removal of … signal the willingness of target shareholders to accept bids with lower premiums …

materially entrench firms. Based on unsolicited takeover attempts from 1985 to 2009, we find that poison pills enhance takeover … among the targets, the effectiveness of the pills that were used, the completion rate of the takeover attempts, nor the … takeover premiums …