haku: @author Bates, / yhteensä: 32
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| Tekijä: | Bates, T.W. Lemmon, M.L. |
| Otsikko: | Breaking up is hard to do? An analysis of termination fee provisions and merger outcomes |
| Lehti: | Journal of Financial Economics
2003 : SEP, VOL. 69:3, p. 469-504 |
| Asiasana: | Mergers |
| Vapaa asiasana: | Takeover fees |
| Kieli: | eng |
| Tiivistelmä: | This paper examines the provision of termination fee clauses in merger agreements btw. 1989 and 1998. Target-payable fees are observed more frequently when bidding is costly and the potential for information expropriation by third parties is significant. Fee provisions appear to benefit target shareholders through higher deal completion rates and greater negotiated takeover premiums. The paper concludes that target-payable fees serve as an efficient contracting device, rather than a means by which to deter competitive bidding. Bidder fee provisions appear to be used to secure target wealth gains in deals with higher costs associated with negotiation and bid failure. |
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