An Examination of Initial Shareholdings in Tender Offer Bids

Daniel Asquith and Robert Kieschnick

Review of Quantitative Finance and Accounting, 1999, vol. 12, issue 2, 88 pages

Abstract: We examine the initial shareholdings taken by bidders prior to making tender offer bids ('toeholds') in order to test predictions of selected models of tender offers. Our data suggest a significantly negative relationship between first bidder premia and toeholds, which is consistent with the models of Shleifer and Vishny (1986) and Hirshleifer and Titman (1990), but inconsistent with the models of Harrington and Prokop (1993), Chowdhry and Jagadeesh (1994), and Burkart (1995). Copyright 1999 by Kluwer Academic Publishers

Date: 1999
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