Pre-Bid Acquisitions and Substantial Shareholder Notices

Steven R. Bishop
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Steven R. Bishop: Marakon Associates, Level 11, 90 Collins Street, Melbourne VIC 3000.

Australian Journal of Management, 1991, vol. 16, issue 1, 1-33

Abstract: Share price changes of approximately 10–13% are found at the time of the announcement of substantial shareholdings. These price adjustments are interpreted as being consistent with the market reassessing the probability of an impending takeover offer rather than a reassessment of the underlying value of the target firm. Overall, there was little price response for acquiring firms although “raider†firms appeared to be positively revalued.

Keywords: SUBSTANTIAL SHAREHOLDINGS; TAKEOVERS (search for similar items in EconPapers)
Date: 1991
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Persistent link: https://EconPapers.repec.org/RePEc:sae:ausman:v:16:y:1991:i:1:p:1-33

DOI: 10.1177/031289629101600101

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