Deman, Suresh - In: Managerial and Decision Economics 15 (1994) 4, pp. 383-397
In this paper I re-examine Grossman & Hart's (1980a) earlier work on corporate takeovers and address three main shortcomings of their theory. First, their theory implies that in the ‘Nash equilibrium’ either all shareholders will decide to tender their shares or all will refuse the raider's...