(The) premiums and postmerger performance of bidders in cash tender offers : an empirical analysis of 186 samples since 1983 = 공개매수 시 인수자의 지급 프리미엄과 성과에 관한 실증연구 an empirical analysis of 186 samples since 1983

M&A has been spotlighted as a strategy for the survival of a company. Among various techniques of an M&A, cash tender offers are only considered for research. The main fields for this study include premiums and long-term performance of bidders. The premiums measure the difference between the bid price and the pre-announcement share price, expressed as a percentage of the pre-announcement share price. To evaluate the long-term performance of bidders, this paper uses a matching firm benchmark and buy-and-hold returns. Without considering synergistic effects, Average control premiums provide no statistical difference between successful bidders and unsuccessful bidders. This implies that higher premiums do not guarantee the success of a takeover. However, the performance of bidders in mergers and tender offers is very controversial, representing that the test results of each researcher are different because of slightly different approaches. This paper shows that bidders in tender offers underperform in the 5 years after the acquisition. But negative abnormal returns begin to considerably decrease 3 years after the completion of the acquisition.
Advisors
Lee, Kyu-Sungresearcher이규성researcher
Publisher
한국과학기술원
Issue Date
2001
Identifier
166274/325007 / 000993746
Language
eng
Description

학위논문(석사) - 한국과학기술원 : 테크노경영전공, 2001.2, [ v, 54 p. ]

Keywords

Premiums; Cash Tender Offer; Market-to-Book ratio; 장기성과; 프리미엄; 공개매수; Long-term performance

URI
http://hdl.handle.net/10203/53614
Link
http://library.kaist.ac.kr/search/detail/view.do?bibCtrlNo=166274&flag=t
Appears in Collection
KGSM-Theses_Master(석사논문)
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