The impact of board composition and ownership on the nature and outcome of UK takeovers

Noel O’Sullivan and Pauline Wong

Corporate Governance: An International Review, 1998, vol. 6, issue 2, 92-100

Abstract: The purpose of this paper is to provide an insight on the relationship between internal governance and the nature and outcome of UK takeovers. The paper examines the impact of board composition and leadership, managerial ownership and external shareholder control on management’s attitude and eventual outcome of 331 takeover bids. We find the likelihood of a hostile reaction negatively related to the degree of managerial share ownership and positively related to target size. The likelihood of takeover success is positively related to managerial ownership. Consistent with recent research in the US, our study confirms the important role of managerial ownership in the UK takeover process.

Date: 1998
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Persistent link: https://EconPapers.repec.org/RePEc:bla:corgov:v:6:y:1998:i:2:p:92-100

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