Tender Offers and Target Management Responses: Managerial Entrenchment versus Stockholder Interest Revisited
Defensive actions by managements facing hostile tender offers have generally been interpreted as entrenchment-oriented behavior. In this paper, longitudinal wealth effects on target firm stockholders are examined for the 1978-1985 period. The sample of firms where target management resists the tender offer registers significantly higher post-tender offer announcement gains as compared to the sample of firms where target management remains passive. The evidence appears to support the stockholder interest hypothesis. Copyright 1996 by MIT Press.
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Volume (Year): 31 (1996)
Issue (Month): 1 (February)
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