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L'impact patrimonial des offres publiques d'achat et d'échange : le cas français

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  • Mohamed Sassenou
  • Patricia Charlety-Lepers

Abstract

[fre] L'impact patrimonial des offres publiques .d'achat et d'échange. Le cas français. . L'objectif de cet article est d'évaluer l'impact patrimonial des offres publiques d'achat et d'échange en France à la fin des années quatre-vingt. Les résultats obtenus, similaires à ceux des études précédentes réalisées principalement à l'étranger, corroborent la théorie. Les actionnaires des cibles tirent nettement pro­fit des offres publiques, en particulier dans en cas d'OPA et de concurrence entre acquéreurs, le gain réalisé étant toutefois inférieur à celui mis en évidence dans d'autres pays ; cette différence peut être attribuée au nombre relativement faible d'offres hostiles en France. Du côté des acquéreurs, l'impact est positif mais non significatif en cas d'OPA, et clairement négatif en cas d'OPE, ce qui confirme l'hypothèse d'un signal défavorable concernant l'acquéreur en cas d'échange de titres ; l'effet de la concurrence entre acquéreurs est négligeable. Globalement, il semble que les offres publiques créent de la valeur pour les actionnaires, acquéreurs et cibles confondus. [eng] Tender offers and their wealth effects : the french case. . The objective of the paper is to evaluate the wealth effects of tender offers in France and to compare the results with previous evidence as well as theoretical predictions. The results generally confirm the theory as well as previous empirical findings. Target share-holders'wealth increases upon tender offer announcement, especially for cash and contested offers, but the gain is lower than documented in other countries : we suggest this may be linked with the small number of hostile bids in France. We report small insi-gnificant gains for acquiring stockholders in the case of cash offers, and significant losses in the case of exchange offers, which confirms the bad signal hypothesis, and we find no impact of competition among bidders. Overall tender offers are value-increasing operations.

Suggested Citation

  • Mohamed Sassenou & Patricia Charlety-Lepers, 1994. "L'impact patrimonial des offres publiques d'achat et d'échange : le cas français," Revue Économique, Programme National Persée, vol. 45(3), pages 625-638.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1994_num_45_3_409553
    DOI: 10.3406/reco.1994.409553
    Note: DOI:10.3406/reco.1994.409553
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    References listed on IDEAS

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    1. Bradley, Michael & Desai, Anand & Kim, E. Han, 1988. "Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms," Journal of Financial Economics, Elsevier, vol. 21(1), pages 3-40, May.
    2. Franks, Julian & Harris, Robert & Titman, Sheridan, 1991. "The postmerger share-price performance of acquiring firms," Journal of Financial Economics, Elsevier, vol. 29(1), pages 81-96, March.
    3. Bradley, Michael, 1980. "Interfirm Tender Offers and the Market for Corporate Control," The Journal of Business, University of Chicago Press, vol. 53(4), pages 345-376, October.
    4. Julian R. Franks & Robert S. Harris & Cohn Mayer, 1988. "Means of Payment in Takeovers: Results for the United Kingdom and the United States," NBER Chapters, in: Corporate Takeovers: Causes and Consequences, pages 221-264, National Bureau of Economic Research, Inc.
    5. Lang, Larry H. P. & Stulz, ReneM. & Walkling, Ralph A., 1989. "Managerial performance, Tobin's Q, and the gains from successful tender offers," Journal of Financial Economics, Elsevier, vol. 24(1), pages 137-154, September.
    6. Sanford J. Grossman & Oliver D. Hart, 1980. "Takeover Bids, the Free-Rider Problem, and the Theory of the Corporation," Bell Journal of Economics, The RAND Corporation, vol. 11(1), pages 42-64, Spring.
    7. Grossman, S J & Hart, O D, 1980. "Disclosure Laws and Takeover Bids," Journal of Finance, American Finance Association, vol. 35(2), pages 323-334, May.
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    1. Hicham SBAI, 2017. "Les déterminants de la destruction de valeur à court terme pour l'entreprise acquéreuse," Journal of Academic Finance, RED research unit, university of Gabes, Tunisia, vol. 8(2), December.
    2. Taher Hamza, 2009. "La performance à court et à long terme de l'acquéreur:l'impact de la détention d'une position de contrôle," Revue Finance Contrôle Stratégie, revues.org, vol. 12(1), pages 33-65, March.

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