Determinants of takeover premiums: Australian evidence

Chan, Kwok Ming. (1989). Determinants of takeover premiums: Australian evidence Master's Thesis, School of Business, The University of Queensland.

       
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Author Chan, Kwok Ming.
Thesis Title Determinants of takeover premiums: Australian evidence
School, Centre or Institute School of Business
Institution The University of Queensland
Publication date 1989
Thesis type Master's Thesis
Total pages 93
Language eng
Subjects 14 Economics
Formatted abstract This study examines the factors that affect the premium offered to the target shareholders when a takeover offer announcement is made. A premium determinant model is developed to investigate takeover offers by 62 bidding firms involving 93 bids for 74 target firms. Empirical results indicate that the premium offered is a positive function of presence of competing bids, the bidding management's shareholding in the bidding firm, the stake held by the target management, and the ratio of book-value of- equity to market-value-of-equity; a negative function of the pre-offer shareholding by bidding management. The results do not support the hypothesis that higher premium is offered for the target with a lower debt level. Compared with a conglomerate combination, a higher premium is offered to a non-conglomerate combination, but the difference is not significant.

 
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Created: Thu, 28 Oct 2010, 09:10:43 EST by Ning Jing on behalf of The University of Queensland Library