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| Author: | Eddey, P. H. |
| Title: | Corporate raiders and takeover targets |
| Journal: | Journal of Business Finance and Accounting
1990 : JAN, VOL. 18:2, p.151-171 |
| Index terms: | MERGERS AUSTRALIA ASSETS MULTIVARIATE ANALYSIS DIRECTORS |
| Language: | eng |
| Abstract: | 61 bids by seven Australian corporate raiders are examined which occurred between 1976 and 1985. First, propositions put forward in the financial media that raiders seek the largest targets, the most lowly geared and highly liquid targets, and have asset stripping as a prominent objective. They are tested using univariate and multivariate methods. The results do not support all the claims made about corporate raiders. Second, univariate and multivariate methods are used to test an expected association between key bid characteristics and bid success. Significant explanatory variables are the raider's pre-bid toehold and the reaction of target company directors. |
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