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Controlling Shareholders and the Acquisition Premiums Paid in European Takeover Bids

  • M.F. Thraya

    (CERAG - Centre d'études et de recherches appliquées à la gestion - CNRS : UMR5820 - Université Pierre Mendès-France - Grenoble II)

  • J. Hagendorff

    (The University of Edinburgh BS - Business School)

This paper examines the incentives of controlling shareholders in the market for corporate control. We investigate the takeover premiums paid by a sample of European acquiring firms with concentrated voting rights structures. The results show a positive relationship between takeover premiums and the bidder's concentration of both voting rights and excess voting rights over cash-flow rights. With higher levels of bidder entrenchment, the valuation of a takeover target increasingly reflects the private benefits of control which bidders seek to extract from a deal

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Date of creation: 2010
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Handle: RePEc:hal:journl:halshs-00534763
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