How do acquirers choose between mergers and tender offers?

Tender offers provide the advantage of substantially faster completion times than mergers. However, a tender offer signals to the target higher demand for its shares and raises its reservation price. In equilibrium, bidders tradeoff speed and cost. Consistent with this theory, we show that deals in...

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Veröffentlicht in:	Journal of financial economics 2015-05, Vol.116 (2), p.331-348
Hauptverfasser:	Offenberg, David, Pirinsky, Christo
Format:	Artikel
Sprache:	eng
Schlagworte:	Arbitrage spreads Competition Competitiveness Decision analysis Economic theory Enterprises Equilibrium Mergers Mergers and acquisitions Premiums Rates of return Reservation price Studies Takeover premiums Tender offers Termination fees
Online-Zugang:	Volltext
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