Takeover bids, unconditional offer price and investor protection

de La Bruslerie, Hubert; Deffains-Crapsky, Catherine

dc.contributor.author	de La Bruslerie, Hubert
dc.contributor.author	Deffains-Crapsky, Catherine
dc.date.accessioned	2014-01-30T14:45:38Z
dc.date.available	2014-01-30T14:45:38Z
dc.date.issued	2005
dc.identifier.uri	https://basepub.dauphine.fr/handle/123456789/12556
dc.language.iso	en	en
dc.subject	STOCKHOLDERS	en
dc.subject	BID price	en
dc.subject	STOCKS (Finance) -- Prices	en
dc.subject	CONSOLIDATION & merger of corporations	en
dc.subject	CAPITALISTS & financiers	en
dc.subject	DEBT-to-equity ratio	en
dc.subject.ddc	332	en
dc.subject.classificationjel	G3	en
dc.subject.classificationjel	G34	en
dc.subject.classificationjel	K2	en
dc.title	Takeover bids, unconditional offer price and investor protection	en
dc.type	Article accepté pour publication ou publié
dc.contributor.editoruniversityother	Université Paris I Sorbonne;France
dc.description.abstracten	In this paper, we develop a contingent claim analysis on shareholders' right to sell unconditionally their shares at the acquisition bid price during a takeover bid procedure. Compared with a situation without any guarantee, this regulation brings about wealth transfer towards outside shareholders. Why, in an apparently irrational way, do outside shareholders, who may benefit from a price guarantee, not systematically sell their shares? That question emphasizes the outside shareholders' behavior. Using a real option valuation model to evaluate the price guarantee opportunity, we show that an equal treatment rule between controlling and outside shareholders may lead outside shareholders to sell their shares.	en
dc.relation.isversionofjnlname	Review of Financial Economics
dc.relation.isversionofjnlvol	14	en
dc.relation.isversionofjnlissue	2	en
dc.relation.isversionofjnldate	2005
dc.relation.isversionofjnlpages	103-126	en
dc.relation.isversionofdoi	http://dx.doi.org/10.1016/j.rfe.2004.07.001	en
dc.relation.isversionofjnlpublisher	Elsevier	en
dc.subject.ddclabel	Economie financière	en
dc.relation.forthcoming	non	en
dc.relation.forthcomingprint	non	en

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