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Bid Resistance by Takeover Targets: Managerial Bargaining or Bad Faith?
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- Author(s): Bates, Thomas W.; Becher, David A.
- Source:
Journal of Financial & Quantitative Analysis; Jun2017, Vol. 52, p837-866, 30p- Subject Terms:
- Source:
- Additional Information
- Abstract: This paper examines management’s motives for rejecting takeover bids and the associated shareholder wealth effects. We develop measures of initial bid quality and find a significant negative correlation between the quality of a bid and rejection. The likelihood of higher follow-on offers decreases with bid quality and is greater when targets have classified boards and chief executive officers (CEOs) with significant personal wealth tied to the transaction. Target CEOs who fail to close high-quality offers experience a significant rate of forced turnover. Overall, the results support a price improvement motive for contested bids. [ABSTRACT FROM PUBLISHER]
- Abstract: Copyright of Journal of Financial & Quantitative Analysis is the property of Cambridge University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Abstract:
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