Freeze-out mergers: the case of shareholders with multiple shares

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This paper investigates the role of freeze-out mergers in mitigating the free-rider problem in tender offers. In contrast to a framework in which each shareholder owns exactly one share, our model allows shareholders to have multiple shares. We find that a more aggressive freeze-out clause forces shareholders to tender more shares. Therefore, raiders capture a greater amount of surplus when the requirement for freeze-out mergers becomes easier to satisfy.
Publisher
ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
Issue Date
2024-01
Language
English
Article Type
Article
Citation

APPLIED ECONOMICS LETTERS, v.31, no.1, pp.65 - 70

ISSN
1350-4851
DOI
10.1080/13504851.2022.2125492
URI
http://hdl.handle.net/10203/322716
Appears in Collection
MT-Journal Papers(저널논문)
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