This paper presents evidence that the distribution of target ownership is related to the division of the takeover gain between the target and the bidder for a sample of successful tender offers. In the whole sample, the target's gain is negatively related to bidder and institutional ownership....

Our results provide strong evidence of the anticipation and transfer of information throughout an industry at the announcement of initial bidding activity. First, the abnormal returns of bidding firms are significantly positively related to the length of time between bid announcements in the...

We document market anticipation of merger bids and that less anticipated bids earn significantly higher announcement returns. Subsequent bidders experience significant and positive returns surrounding initial industry bid announcements. These results suggest that announcement period returns...