search query: @author Burch, T. R. / total: 2
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| Author: | Burch, T. R. |
| Title: | Locking out rival bidders: the use of lockup options in corporate mergers |
| Journal: | Journal of Financial Economics
2001 : APR, VOL. 60:1, p. 103-141 |
| Index terms: | |
| Language: | eng |
| Abstract: | Conventional wisdom suggests that lockup options are granted by self-interested target managers to discourage competition and hand-select an acquirer, thus harming target shareholder wealth. An examination of 100 merger proxies suggests lockup options are no more prevalent in privately negotiated, preemptive deals, and average target returns are higher when such deals include a lockup option. |
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