Mergers and Acquisitions: Strategic and Informational Issues

David Hirshleifer

Ch. 26 of Finance, vol. 9, North Holland Handbooks in Operations Research and Management Science,1995

Abstract:

This essay describes the relationships between different models of the takeover process, and where possible provides analytical syntheses to integrate major trends in the literature. I focus mainly on three types of models: (1) models of tender offers, which examine the decisions of individual shareholders whether to tender (sell) their shares to a bidder, (2) models of competition among multiple bidders, and (3) models that examine the voting power of target managers who own shares.

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