Pre-Bid Acquisitions and Substantial Shareholder Notices

Steven R. Bishop

doi:10.1177/031289629101600101

Pre-Bid Acquisitions and Substantial Shareholder Notices

Steven R. Bishop^*

^*Corresponding author for this work

Research output: Contribution to journal › Article › peer-review

6 Citations (Scopus)

Abstract

Share price changes of approximately 10–13% are found at the time of the announcement of substantial shareholdings. These price adjustments are interpreted as being consistent with the market reassessing the probability of an impending takeover offer rather than a reassessment of the underlying value of the target firm. Overall, there was little price response for acquiring firms although “raider” firms appeared to be positively revalued.

Original language	English
Pages (from-to)	1-33
Number of pages	33
Journal	Australian Journal of Management
Volume	16
Issue number	1
DOIs	https://doi.org/10.1177/031289629101600101
Publication status	Published - 1991
Externally published	Yes

Keywords

SUBSTANTIAL SHAREHOLDINGS
TAKEOVERS

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10.1177/031289629101600101

Cite this

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abstract = "Share price changes of approximately 10–13% are found at the time of the announcement of substantial shareholdings. These price adjustments are interpreted as being consistent with the market reassessing the probability of an impending takeover offer rather than a reassessment of the underlying value of the target firm. Overall, there was little price response for acquiring firms although “raider” firms appeared to be positively revalued.",

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AB - Share price changes of approximately 10–13% are found at the time of the announcement of substantial shareholdings. These price adjustments are interpreted as being consistent with the market reassessing the probability of an impending takeover offer rather than a reassessment of the underlying value of the target firm. Overall, there was little price response for acquiring firms although “raider” firms appeared to be positively revalued.

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KW - TAKEOVERS

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Pre-Bid Acquisitions and Substantial Shareholder Notices

Abstract

Keywords

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