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How Are Firms Sold?

  • AUDRA L. BOONE
  • J. HAROLD MULHERIN
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    As measured by the number of bidders that publicly attempt to acquire a target, the takeover arena in the 1990s appears noncompetitive. However, we provide novel data on the pre-public, private takeover process that indicates that public takeover activity is only the tip of the iceberg of actual takeover competition during the 1990s. We show a highly competitive market where half of the targets are auctioned among multiple bidders, while the remainder negotiate with a single bidder. In event study analysis, we find that the wealth effects for target shareholders are comparable in auctions and negotiations. Copyright 2007 by The American Finance Association.

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    File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1540-6261.2007.01225.x
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    Article provided by American Finance Association in its journal The Journal of Finance.

    Volume (Year): 62 (2007)
    Issue (Month): 2 (04)
    Pages: 847-875

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    Handle: RePEc:bla:jfinan:v:62:y:2007:i:2:p:847-875
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