This paper extends the Fishman (1988) model of preemptive jump bidding in private value takeover auction to auctions …

Information produced in the takeover process and changes in firm characteristics could both affect bidder liquidity … information production than successful bidders during the takeover process, but only successful bidders enjoy significant … liquidity improvements after their takeovers. Whether a takeover is successful or not generally does not have a significant …

with equity only if they lack access to competitive financing. This leads to underbidding and lower takeover premiums …

We estimate the degree of uncertainty faced by potential bidders in takeover auctions and quantify how it affects … prices, even though auctions are preferred in takeover markets with high uncertainty, while the reverse is true for …

to find evidence that the differential revaluation is due to differential sorting into deal failure, future takeover …

takeover gains. The provision's inclusion can create value by enabling termination when the target becomes less valuable to the …

describes a takeover process that is initiated by an unsolicited bidder, and it aims to answer three main questions: who wins … the takeover and how? when? and how much is the takeover premium?Our results explain why the takeover premium resulting … takeover process might end with a private auction organized by the target. Conversely, when the tender offer threat is credible …