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| Tekijä: | Niden, C. |
| Otsikko: | An empirical examination of white knight corporate takeovers: synergy and overbidding |
| Lehti: | Financial Management
1993 : WINTER, VOL. 22:4, p. 28-45 |
| Asiasana: | MERGERS MERGERS MERGERS |
| Kieli: | eng |
| Tiivistelmä: | The purpose of this study is to investigate the characteristics of takeover contests which involve a "white knight", i.e. a friendly bidding firm actively sought by a target which is resisting acquisition by a hostile bidding firm. In view of existing evidence that participation in an acquisition does not, in general, confer substantial benefits on bidding firm shareholders, the white knight's motivation for attempting to outbid the hostile rival is unclear. This study explores the validity of the maximum synergy and overbidding hypothesis of white knight corporate acquisition. |
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