Freeze-Out Mergers

被引:3
|
作者
Dalkir, Elif [1 ]
Dalkir, Mehmet [1 ]
Levit, Doron [2 ]
机构
[1] Univ New Brunswick, Fredericton, NB, Canada
[2] Wharton, Philadelphia, PA USA
来源
REVIEW OF FINANCIAL STUDIES | 2019年 / 32卷 / 08期
关键词
TENDER OFFERS; INFORMATION; EFFICIENCY; TAKEOVERS;
D O I
10.1093/rfs/hhy102
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
Do freeze-out mergers mitigate the free-rider problem of corporate takeovers? We study this question in a tender offer model with finitely many shareholders. Under a freeze-out merger, minority shareholders expect to receive the original offer price whether or not they tender their shares. We show that the ability to freeze out shareholders increases the raider's expected profit. However, as the number of shareholders gets arbitrarily large, the raider's expected profit in equilibrium converges to zero for any freeze-out clause with an ownership threshold that is strictly above simple majority. In this sense, freeze-out mergers do not solve the free-rider problem.
引用
收藏
页码:3266 / 3297
页数:32
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