The Distribution of Target Ownership and the Division of Gains in Successful Takeovers

René Stulz, Ralph A Walkling and Moon H Song

Journal of Finance, 1990, vol. 45, issue 3, 817-33

Abstract: This paper presents evidence that the distribution of target ownership is related to the division of the takeover gain between the target and the bidder for a sample of successful tender offers. In the whole sample, the target's gain is negatively related to bidder and institutional ownership. In the sample of multiple-bidder contests, the target's gain increases with managerial ownership and falls with institutional ownership. Copyright 1990 by American Finance Association.

Date: 1990
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