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...

Considerable publicity has been given to the call for further regulating partial takeover bids in Australia. This call is largely based on a premise that they coerce shareholders into accepting a takeover offer which will decrease their wealth. An alternate argument is that in a competitive...