Voluntary Corporate Divestitures as Antitakeover Mechanisms
作者:
Charmen Loh,
Jennifer Russell Bezjak,
Harrison Toms,
期刊:
Financial Review
(WILEY Available online 1995)
卷期:
Volume 30,
issue 1
页码: 41-60
ISSN:0732-8516
年代: 1995
DOI:10.1111/j.1540-6288.1995.tb00824.x
出版商: Blackwell Publishing Ltd
数据来源: WILEY
摘要:
AbstractThis paper examines the investor reaction to the use of corporate selloffs as antitakeover devices. The results show that firms subject to takeover speculations prior to the divestiture announcement experience insignificant changes in share prices while firms that have no takeover bid report significant wealth increases. The majority of the firms that undergo defensive divestitures remain independent one year after the selloffs. These findings are consistent with the authors' proposition that investors regard divestitures following rumors of takeover attempt as antitakeover strategies. On the other hand, investors perceive selloffs in a takeover‐free environment as a positive net present value decisio
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