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| Author: | Holl, P. Kyriazis, D. |
| Title: | Agency, bid resistance and the market for corporate control |
| Journal: | Journal of Business Finance and Accounting
1997 : SEP, VOL. 24:7-8, p. 1037-1066 |
| Index terms: | AGENCIES BIDDING COMPANY CONTROL MARKETS |
| Language: | eng |
| Abstract: | This paper investigates the effects of various post bid defences on wealth creation and bid outcome for a sample of UK takeover bids for the period 1978-1989. The paper compares the effects of bid defence on the well being of shareholders and managers in target firm, by defining shareholder interests in terms of wealth gains and managerial interests in terms of probability of bid success. The paper also models the effects of individual bid defences in a way that enables to assess their absolute affects and their relative effects. The results indicate that all defences investigated, apart form use of law, and justify current strategy, promote the interests of shareholders by increasing abnormal returns by an amount that varies between 9% and 14%. |
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