An Overview of Takeover Defenses
An Overview of Takeover Defenses
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In our eReader you can find the full English version of the book. Read An Overview of Takeover Defenses Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book An Overview of Takeover Defenses
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In such offers, the bidding firm makes a first-tier tender offer for a fraction of the target's common stock. The tender offer includes provisions for a second-tier merger. The merger price in the second-tier is substantially below the first-tier tender offer price. This provides an incentive for stockholders to tender to receive the highest price. Since most stockholders tender, and since the bidder accepts shares on a pro-rata basis, most shareholders get a weighted average of the first and s...econd tier offer prices, or the blended price.
Jarrell and Poulson (1986) report insignificant stock price changes of -0. 65 percent for 143 fair price amendments. Consistent with this insignificant stock price effect, fair price amendments are a mild takeover 11 defense. By requiring the same price for all shares, the bidder is forced to offer all shareholders the blended price. This restructures the offer, but does not raise the cost of acquiring the target.
4. Poison Pills : These are preferred stock rights plans adopted by the board of directors; shareholder approval is not generally required.
What to read after An Overview of Takeover Defenses?
You can find similar books in the "Read Also" column, or choose other free books by Richard S Ruback to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
In such offers, the bidding firm makes a first-tier tender offer for a fraction of the target's common stock. The tender offer includes provisions for a second-tier merger. The merger price in the second-tier is substantially below the first-tier tender offer price. This provides an incentive for stockholders to tender to receive the highest price. Since most stockholders tender, and since the bidder accepts shares on a pro-rata basis, most shareholders get a weighted average of the first and s...econd tier offer prices, or the blended price.
Jarrell and Poulson (1986) report insignificant stock price changes of -0. 65 percent for 143 fair price amendments. Consistent with this insignificant stock price effect, fair price amendments are a mild takeover 11 defense. By requiring the same price for all shares, the bidder is forced to offer all shareholders the blended price. This restructures the offer, but does not raise the cost of acquiring the target.
4. Poison Pills : These are preferred stock rights plans adopted by the board of directors; shareholder approval is not generally required.
What to read after An Overview of Takeover Defenses?
You can find similar books in the "Read Also" column, or choose other free books by Richard S Ruback to read onlineMoreLess
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