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Offres publiques, pouvoir de négociation et partage des synergies

  • Bessière, Véronique

On étudie l’effet du pouvoir de négociation de la firme initiatrice sur le partage, avec la cible, des synergies liées à une offre publique d’acquisition ou d’échange d’actions. L’échantillon ne comporte que des offres acceptées durant la période 1991-1997 en France. La modélisation est issue de la théorie des jeux. Diverses variables traduisant le pouvoir de négociation sont reliées au partage des synergies inhérentes aux réactions boursières à court terme suscitées par l’offre. Selon les attentes, on trouve que le pouvoir de négociation est plus fort lorsque des synergies élevées sont en cause et l’initiatrice conserve alors une part plus large du gain total. Son pouvoir et son gain augmentent encore si elle peut faire jouer d’autres incitations, notamment, la possession préalable d’une part du capital ciblé et la menace de dilution du capital minoritaire. On trouve toutefois que le choix du mode de paiement et l’ajout d’une option de renonciation (levable si un seuil, ou dépôt minimal, des actions ciblées n’est pas respecté) n’influent pas sur le gain de l’opération, ces deux résultats étant contraires aux attentes issues des écrits.

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Paper provided by Montpellier University, Center for Research in Finance in its series Accepted Papers Series with number 1999-1.

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Date of creation: 17 Jun 1999
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Publication status: published in Finéco, vol. 9-1
Handle: RePEc:grf:mtpaps:vb001
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