Pre-Tender Offer Share Acquisition Strategy in Takeovers

Bhagwan Chowdhry and Narasimhan Jegadeesh

Journal of Financial and Quantitative Analysis, 1994, vol. 29, issue 1, 117-129

Abstract: This paper models the strategic pre-tender offer share acquisition problem faced by potential bidders in takeovers. The model provides a rational explanation for the seemingly anomalous empirical evidence that the information about the impending tender offers is not fully conveyed through the potential bidders' pre-tender offer trades and for the evidence that a large fraction of bidders do not hold any target shares prior to launching the tender offers. Additional testable implications are also provided.

Date: 1994
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Persistent link: https://EconPapers.repec.org/RePEc:cup:jfinqa:v:29:y:1994:i:01:p:117-129_00

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