Charléty, Patricia; Fagart, Marie-Cécile; Souam, Saïd - HAL - 2007
We analyze the incentives of a controlling shareholder of a firm to acquire, directly or indirectly through his firm … toehold and its nature: controlling or silent. We find that while this shareholder gains, the acquisition is detrimental to … shareholder initially holds silent stakes in rivals while controlling interests may discourage them. Moreover, we find that …