The Dynamics of Takeovers through Exchange Offers in the Presence of Competition

Miyata, Ryo; Suzuki, Teruyoshi; Yagi, Kyoko

Discussion Paper, Series A, 2022, 362, 1-29

Permalink : https://hdl.handle.net/2115/84704

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アクセス権	open access
URI	https://hdl.handle.net/2115/84704
タイトル	The Dynamics of Takeovers through Exchange Offers in the Presence of Competition
著者	Miyata, Ryo ; Suzuki, Teruyoshi ; Yagi, Kyoko
著者名 Miyata, Ryo
著者名 Suzuki, Teruyoshi
著者名 Yagi, Kyoko
言語	英語
キーワード	Merger and acquisitions
	real options
	competitions
発行日	2022-03
出版者	Faculty of Economics and Business, Hokkaido University
収録物名	Discussion Paper, Series A
巻(号)	362
ページ	1-29
抄録	This study examines the characteristics of takeovers in the presence of competition using a threestage model. We first investigate the property of the equilibrium of mergers and takeovers in a frictionless market, and then analyze the effect that the existence of the competitors had on this process. We apply a general surplus function, rather than a specific one, eliminating the modifying effects of this factor from our study. Our model predicts that the existence of heavy competition in the takeover increases the number of unsuccessful or incomplete deals. Furthermore, we find that the shareholders of the target in a competitive market can choose the timing of accepting an offer, without the need to observe the surplus benefit of the deal. Our model shows that the presence of competition does not always provide the target shareholders with an advantage.
資源タイプ	紀要論文
出版タイプ	Version of Record