Takeover Bids and the Relative Prices of Shares that Differ in their Voting Rights
The paper models the relative prices of shares that differ only in their voting rights. The voting premium is derived as a function of the probability of takeover. We analyse how the voting premium is determined by the relative efficiency of the rival, the share structure, and by ownership concentration. The optimal share and ownership structures are derived.
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|Date of creation:||Sep 1992|
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