Une analyse lexicale des communiqués de presse volontaires émis lors des OPA/OPE

Emmanuelle Nègre and Isabelle Martinez

ACCRA, 2013, vol. 19, issue 2, 71-100

Abstract: This article deals with press releases voluntarily issued by both the bidding and/or target companies during takeover bids. The lexical analysis of 129 press releases highlights 4 disclosure profiles. The first is specific to press releases jointly issued by bidding and target companies in the setting of friendly bids and during the pre-offer period. The discourse is focused on strategic complementarities and reveals companies? willingness to convince about the relevance of offer. The second is related to press releases issued by target companies of hostile bids during the offer period: the press releases outline the reasons for the opposition to the takeover and are a means of influencing the bid price. The last two profiles are more factual; one is about the terms of offer within the framework of mandatory takeover bids and the other emerges from bidding companies and conveys the results of offer. The press releases serve an informational purpose and are issued during both the pre-offer or post-offer periods.

Keywords: lexical analysis; takeover bids; press releases; voluntary disclosure (search for similar items in EconPapers)
Date: 2013
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