Mergers and Acquisitions: Strategic and Informational Issues
NORTH HOLLAND HANDBOOKS IN OPERATIONS RESEARCH AND MANAGEMENT SCIENCE: FINANCE, Vol. 9, pp. 839-887, 1995
Posted: 5 Oct 2008 Last revised: 19 Oct 2008
This essay describes the relationships between different models of the takeover process, and where possible provides analytical syntheses to integrate major trends in the literature. I focus mainly on three types of models: (1) models of tender offers, which examine the decisions of individual shareholders whether to tender (sell) their shares to a bidder, (2) models of competition among multiple bidders, and (3) models that examine the voting power of target managers who own shares.
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