Pre-Bid Acquisitions and Substantial Shareholder Notices
- 22 June 1991
- journal article
- research article
- Published by SAGE Publications in Australian Journal of Management
- Vol. 16 (1) , 1-33
- https://doi.org/10.1177/031289629101600101
Abstract
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 underlying value of the target firm. Overall, there was little price response for acquiring firms although “raider” firms appeared to be positively revalued.Keywords
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