Takeovers

Minority Blocks and Takeover Premia

This paper analyses takeovers of companies owned by atomistic shareholders and by one minority blockholder, all of whom can only decide to tender or...

A New EU Business Combination Form to Facilitate Cross-Border M&A: The Compulsory Share Exchange

Facilitating cross-border mergers and acquisitions has long been one of the objectives of European company law directives and regulations. This...

Does Revlon Matter? An Empirical and Theoretical Study

We empirically examine whether and how the doctrine of enhanced judicial scrutiny that emerged from Revlon and its progeny actually affects M&A...

Which antitakeover provisions deter takeovers?

Antitakeover provisions play a central role in corporate governance research. But there is little agreement over which, if any, provisions actually...

Ownership, Takeovers and EU Law: How Contestable Should EU Corporations Be?

In this paper, I draw on economic theory of ownership structure; empirical research on ownership, value and takeovers; and comparisons to US law to argue...

Spillover of Corporate Governance Standards in Cross-Border Mergers and Acquisitions

In cross-border acquisitions, the differences between the bidder and target corporate governance have an important impact on the takeover returns. We...

Creeping Acquisitions in Europe: Enabling Companies to Be Better Safe than Sorry

Creeping acquisitions - grabs of a company?s de facto control without the launch of a formal tender offer ? are an acquisition technique that presents...

Thirty Years of Change: The Evolution of Classified Boards

We create a novel classified (staggered) board database covering all U.S. public firms from 1991 to 2020 and document significant differences in...

Ownership, Control and Shareholder Value in Italy: Olivetti's Hostile Takeover of Telecom Italia

Performance Pay, CEO Dismissal, and the Dual Role of Takeovers

We propose that an active takeover market provides incentives by offering acquisition opportunities to successful managers. This allows firms to...

Price and Probability: Decomposing the Takeover Effects of Anti-Takeover Provisions

This paper studies the effects of anti-takeover provisions on takeovers and identifies the channels through which they create or destroy value for...

Shadow Pills, Visible Pill Policy, and Firm Value

We analyze the impact of the right to adopt a poison pill – a “shadow pill” – on pill policy and firm value by exploiting the quasi-natural...