Two major ways of acquiring corporate control are by public take-over bid or a minority buyout of a large block holder of shares. Although the latter is less visible, Cynthia Van Hulle and Piet Sercu explore the relative benefits of a private block trade in conditions both with and without a...

Following the hostile bid for Société Générale in Belgium, companies have adopted 'poison' warrants as a means of deterring raiders. They appear to circumvent many important rules of Belgian takeover legislation. Cynthia Van Hulle and Koen Geens demonstrate that poison warrants would mainly...

The authors argue that it is bargaining, not competition, which determines the way gains are distributed in take-over bids. Focusing on 'unfriendly' take-overs, where the target company's current management leaves, they show how bargaining and bidding interact to generate the take-over price and...

A stock listing usually reflects easy access to external equity financing. Although scant empirical evidence exists on the matter, the literature suggests that the enhanced standing towards creditors - which would result in easier access to debt financing - is an extra advantage of being...