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Un análisis de la oferta de acciones en las OPAs españolas


  • Inés Pérez-Soba Aguilar

    () (Dpto. Economía Aplicada III)

  • Pedro Durá Juez

    () (Dpto. Economía Aplicada III)


In this paper we focus on, for the period 1995-2007, the analysis of the variables that can affect thebehavior of target company shareholders in a takeover bid and how legislation can influence the sellingdecisions of the agents involved.For this analysis we review the theoretical and empirical literature which proposes various explanatoryvariables that we include in a subsequent multivariate econometric analysis. Furthermore, we introducevariables commonly observed in the Spanish takeover market: a) the existence, or not, of a prior pactamong some of the shareholders and the buyer, and b) a statement in the tender offer prospectus thatexpresses the buyer’s intention to delist the company from the stock exchange. The results support theimportance of both variables, as well as others, in explaining stock supply in the Spanish market. En este trabajo nos centramos, para el periodo 1995-2007, en el análisis de las variables que puedenafectar al comportamiento de los accionistas de las empresas que son objeto de OPA y de cómo lanormativa puede influir sobre las decisiones de venta de los agentes implicados.Para ello revisamos la literatura teórica y empírica donde se propone diversas variables explicativas queposteriormente incluimos en el análisis econométrico multivariante. Además, introducimos variablesque tendrían cierta “especificidad” en el mercado español de OPAs: a) la existencia o no de un pactoprevio entre algunos accionistas y el comprador; y b) la inclusión en el folleto informativo de OPA deuna declaración en la que el comprador expresa su intención de excluir la empresa de la cotización enBolsa. Los resultados respaldan la importancia de ambas variables, entre otras, a la hora de explicar laoferta de acciones en el mercado de control español.

Suggested Citation

  • Inés Pérez-Soba Aguilar & Pedro Durá Juez, 2012. "Un análisis de la oferta de acciones en las OPAs españolas," Working Papers. Serie EC 2012-06, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  • Handle: RePEc:ivi:wpasec:2012-06

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    OPAs; pactos de venta; exclusión bursátil; prima de control;

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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