Management Motive, Shareholder Returns, and the Choice of Payment: Evidence from the UK

Mahendra Raj and Michael Forsyth
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Mahendra Raj: Robert Gordon University
Michael Forsyth: Robert Gordon University

American Journal of Business, 2004, vol. 19, issue 1, pages 22-29

Abstract: Prior studies have reported mixed Þndings regarding bidder shareholder returns. There are many theories regard-ing the motivation towards the initiation of a takeover. This study intends to analyze four major merger motivations separately and examine the impact each has on bidder re-turns. We Þnd the market reacts according to the nature of the takeover and the underlying motive behind the bid.

Keywords: Management; shareholder returns; takeover; mergers (search for similar items in EconPapers)
JEL-codes: R00 Z0 (search for similar items in EconPapers)

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