THE RATIONALE BEHIND INTERFIRM TENDER OFFERS Information or Synergy

@article{Bradley1983THERB,
  title={THE RATIONALE BEHIND INTERFIRM TENDER OFFERS Information or Synergy},
  author={Michael Bradley and Anand Desai and E. H. Kim},
  journal={Journal of Financial Economics},
  year={1983},
  volume={11},
  pages={183-206}
}
  • Michael Bradley, Anand Desai, E. H. Kim
  • Published 1983
  • Economics
  • Journal of Financial Economics
  • This paper investigates the rationale behind interlirm tender offers by examining the returns realized by the stockholders of lirms that were the targets of unsuccessful tender offers and lirms that have made unsuccessful offers. Our results suggest that the permanent positive revaluation of the unsuccessful target shares [documented by Dodd and Ruback (1977) and Bradley (1980)] is due primarily to the emergence of and/or the anticipation of another bid that would ultimately result in the… CONTINUE READING
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