Toeholds and Takeovers.
Part ownership of a takeover target can help a bidder win a takeover auction, often at a low price. A bidder with a 'toehold' bids aggressively in a standard ascending auction because its offers are both bids for the remaining shares and asks for its own holdings. While the direct effect o...
| Main Authors: | , , |
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| Format: | Working paper |
| Language: | English |
| Published: |
CEPR
1996
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