Eckbo, B. Espen; Malenko, Andrey; Thorburn, Karin S. - 2019
decisions involved in any corporate takeover attempt: (1) deal initiation, (2) pre-offer toehold acquisition, (3) offer price … made in takeover negotiations where the outside option is the outcome of an open auction. Empirical findings include the … and not the bidder. (2) Notwithstanding takeover premiums averaging 40+%, only a small fraction (less than 5%) of bidders …