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Foreign takeovers of Australian listed entities

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  • Martin Bugeja

    (University of Technology, Sydney)

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    Abstract

    This study examines if Australian target firm abnormal returns and characteristics differ between Australian and foreign bidders. The results indicate that takeovers from foreign bidders are associated with higher target firm abnormal returns than bids from Australian firms. Overseas bidders also pay an additional premium for research-intensive target firms. Target firms that receive an offer from outside Australia are significantly larger, have lower leverage, and are more likely to operate in the resources sector. Foreign acquisitions are also more likely to be a friendly takeover. The relative exchange rate is not associated with the likelihood of a foreign takeover. There is no difference in takeover success or competition between domestic and foreign bids.

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    File URL: http://aum.sagepub.com/content/36/1/89.abstract
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    Bibliographic Info

    Article provided by Australian School of Business in its journal Australian Journal of Management.

    Volume (Year): 36 (2011)
    Issue (Month): 1 (April)
    Pages: 89-107

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    Handle: RePEc:sae:ausman:v:36:y:2011:i:1:p:89-107

    Contact details of provider:
    Web page: http://www.agsm.edu.au

    Related research

    Keywords: foreign takeovers; mergers and acquisitions; takeover premiums;

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