Pre-Bid Acquisitions and Substantial Shareholder Notices

Steven R. Bishop*

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-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 languageEnglish
Pages (from-to)1-33
Number of pages33
JournalAustralian Journal of Management
Volume16
Issue number1
DOIs
Publication statusPublished - 1991
Externally publishedYes

Keywords

  • SUBSTANTIAL SHAREHOLDINGS
  • TAKEOVERS

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