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- W2295384711 abstract "In approximately 60% of tender offers a shareholder pre-commits to tender shares to a particular bidder by signing a Shareholder Tender Agreement (STA). This paper demonstrates the optimality of such a contract as a mechanism to overcome asymmetric information. An STA certifies the bidder’s synergy value to uniformed shareholders, thereby mitigating potential negative effects of asymmetric information and increasing the efficiency of the takeover process. A low valuation bidder who cannot afford a bid that entices tendering without an STA incurs the cost of an STA to certify his low valuation. The STA enables a value increasing takeover, thus benefiting all bidder and target firm shareholders. Consistent with existing empirical evidence, the model predicts lower bids, greater uncertainty, and greater ownership concentration in STA offers." @default.
- W2295384711 created "2016-06-24" @default.
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- W2295384711 date "2007-01-01" @default.
- W2295384711 modified "2023-09-23" @default.
- W2295384711 title "The Information Content of Shareholder Tender Agreements" @default.
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- W2295384711 doi "https://doi.org/10.2139/ssrn.1004351" @default.
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