search query: @indexterm Tender offers / total: 102
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| Author: | Brown, D. Ryngaert, M. |
| Title: | The determinants of tendering rates in interfirm and self-tender offers |
| Journal: | Journal of Business
1992 : OCT, VOL. 65:4, p. 529-556 |
| Index terms: | INTERFIRM COMPARISONS BUSINESS ECONOMICS TENDER OFFERS |
| Language: | eng |
| Abstract: | The authors estimate the determinants of shareholder heterogeneity by examining the shareholder responses to fixed-price self-tender offers and two-tier interfirm tender offers. Tendering rates are increased in the cash price relative to the postoffer price of the stock. Proxies for capital gains' tax liabilities also explain tendering rates. Controlling for the cash tender relative to the postoffer price of the stock, the authors find that tendering rates are significantly higher in interfirm tender offers than in self-tender offers. |
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