Chapple, Larelle; Christensen, Blake; Clarkson, Peter M. - In: Accounting and Finance 47 (2007) 4, pp. 643-665
We seek to statistically inform the debate regarding the Australian Takeovers Panel's 'bright line' policy towards break fees. Based on 313 takeovers from 2002 to 2006, 85 involving break fees, we find post-bid competition to be unrelated to break fee usage and inversely related to bid success....