DUTCH AUCTION VERSUS FIXED‐PRICE SELF‐TENDER OFFERS: DO FIRMS OVERPAY IN FIXED‐PRICE OFFERS?

David R. Peterson and Pamela P. Peterson

Journal of Financial Research, 1993, vol. 16, issue 1, 39-48

Abstract: We investigate differences in purchase premiums and returns of common stock the day following the offer expiration of firms conducting Dutch auction self‐tender offers versus those conducting fixed‐price self‐tender offers to see whether firms overpay for shares in fixed‐price offers. After controlling for the proportion of shares sought and firm size, no statistically significant differences in premiums or returns are found between the two types of offers.

Date: 1993
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https://doi.org/10.1111/j.1475-6803.1993.tb00125.x

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