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| Tekijä: | Brown, D.T. Ryngaert, M.D. |
| Otsikko: | The mode of acquisition in takeovers : taxes and asymmetric information |
| Lehti: | Journal of Finance
1991 : JUN, VOL. 46:2, p. 653-669 |
| Asiasana: | MERGERS FINANCIAL MODELS |
| Kieli: | eng |
| Tiivistelmä: | A model is developed in which the mode of acquisition conveys information concerning the value of the bidder. The model incorporates the possibility that offers containing both cash and stock can be made in a setting consistent with the tax code in the USA. It is demonstrated, that bidders with unfavourable private information about their equity value choose offers containing some stock to avoid the capital gains tax consequences of cash offers. The model yields a number of unique predictions about the construction of acquisition offers. An evidence consistent with the model is presented. |
SCIMA