Takeovers And Freezeouts
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Takeovers And Freezeouts
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Author : Martin Lipton
language : en
Publisher:
Release Date : 1978
Takeovers And Freezeouts written by Martin Lipton and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1978 with Tender offers (Securities) categories.
Takeovers Freezeouts
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Author : Martin Lipton
language : en
Publisher:
Release Date : 1984
Takeovers Freezeouts written by Martin Lipton and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1984 with Tender offers (Securities) categories.
Takeovers Freezeouts
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Author : Martin Lipton
language : en
Publisher:
Release Date : 1978
Takeovers Freezeouts written by Martin Lipton and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1978 with categories.
Efficiency And Fairness In Minority Freezeouts
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Author : Ernst G. Maug
language : en
Publisher:
Release Date : 2006
Efficiency And Fairness In Minority Freezeouts written by Ernst G. Maug and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
This paper argues that there is a trade-off between efficiency and fairness in minority freezeouts and that the focus on fairness (minority shareholder rights) may be misplaced. The model discusses alternative rules for valuing minority shares in freezeouts. Appraisals can be based on the stock price, publicly available information, or private information disclosed by the majority shareholder. Those valuation rules that enhance economic efficiency pay minority shareholders less than what their shares are intrinsically worth. Economic efficiency is worse if minority shareholders extract higher premia in freezeouts. Moreover, all freezeout rules induce inefficient takeovers caused by overbidding. Bidders overpay for some shares in order to obtain a valuable freezeout option, which sometimes remains unexercised. The real problem is the freeze-in problem, as minority shareholders are left with lower-valued shares. Efficiency can be restored through a mandatory bid rule.
The Foundations Of Freezeout Laws In Takeovers
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Author : Yakov Amihud
language : en
Publisher:
Release Date : 2008
The Foundations Of Freezeout Laws In Takeovers written by Yakov Amihud and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
We provide an economic basis for permitting freeze outs of non-tendering shareholdersfollowing successful takeovers. We describe a specific freeze out mechanism based on easily verifiable information that induces desirable efficiency and welfare properties in models of both corporations with widely dispersed shareholdings and corporations with large pivotal shareholders. The mechanism dominates previous proposals along some important dimensions. We also examine takeover premia that arise in the presence of competition among raiders. Our mechanism is closely related to the practice of takeover law in the U.S.; thus, our analysis may be thought of as analyzing the economic foundations of current regulations.
Takeovers Freezeouts And Risk Arbitrage
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Author : Armando Gomes
language : en
Publisher:
Release Date : 2001
Takeovers Freezeouts And Risk Arbitrage written by Armando Gomes and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Arbitrage categories.
The Efficiency And Welfare Foundations Of Freezeout Laws In Takeovers
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Author : Yakov Amihud
language : en
Publisher:
Release Date : 2008
The Efficiency And Welfare Foundations Of Freezeout Laws In Takeovers written by Yakov Amihud and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
We provide an economic basis for permitting freezeouts of non-tendering shareholders following successful takeovers. We describe a specific freezeout mechanism that is based on easily verifiable information, making it simple to implement in practice. We show that this mechanism induces desirable efficiency and welfare properties in models of both corporations with widely-dispersed shareholdings (as in Grossman and Hart, 1980) and corporations with large pivotal shareholders (as in Bagnoli and Lipman, 1988), and that it strictly dominates previous proposals along some important dimensions. The mechanism we describe is very closely related to the practice of takeover law in the US.
Takeovers Freezeouts Appendix F
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Author :
language : en
Publisher:
Release Date :
Takeovers Freezeouts Appendix F written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
Corporate Takeovers
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Author : Martin Lipton
language : en
Publisher:
Release Date : 1976
Corporate Takeovers written by Martin Lipton and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1976 with Consolidation and merger of corporations categories.
Do Insiders Time Management Buyouts And Freezeouts To Buy Undervalued Targets
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Author : Jarrad Harford
language : en
Publisher:
Release Date : 2018
Do Insiders Time Management Buyouts And Freezeouts To Buy Undervalued Targets written by Jarrad Harford and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
We provide evidence that managers and controlling shareholders time management buyouts (MBOs) and freezeout transactions to take advantage of industry-wide undervaluation. Portfolios of industry peers of MBO and freezeout targets show significant alphas of around 1% per month over the 12-month period following the transaction. These returns are not explained by a battery of risk factors or empirical methodologies, but exhibit significant heterogeneity across deals. Additional tests show that, on average, abnormal returns to industry peers are a reliable proxy for those to the target firm. Further, MBOs and freezeouts are announced during troughs of industry profitability.