Why One Firm Is the Target and the Other the Bidder in Single-Bidder, Synergistic Takeovers
Why One Firm Is the Target and the Other the Bidder in Single-Bidder, Synergistic Takeovers
复制标题
为什么在单一投标人协同收购中，一家公司是目标公司，另一家公司是收购者
DOI：
10.1086/296632
复制
发表时间：
1994
期刊：
影响因子：
--
通讯作者：
Ellie G. Harris
中科院分区：
文献类型：
--
作者：
Ellie G. Harris
由于目标公司比投标公司获得更多的协同收益，因此出现了一个问题：为什么在单一投标人的协同收购中，任何一家公司都愿意成为投标人。作者认为，与收购相关的成本和两家公司管理者的收益决定了哪家公司将成为目标以及哪家公司将成为收购者。经理担心，如果他的公司不接管，他的公司可以与其创造协同收益的公司将接管他的公司，并迫使他失业，这使得他希望他的公司成为竞标者。版权所有 1994，芝加哥大学出版社。
Since target firms obtain more of the synergy gains than bidder firms, the question arises of why, in single-bidder, synergistic takeovers, either firm is willing to be the bidder. The author argues that the takeover-related costs and benefits to the managers of the two firms determine which firm will be the target and which the bidder. A manager's fear that the firm with which his firm can create synergy gains will take over his firm and force him out of his job if his firm does not take it over makes him want his firm to be the bidder. Copyright 1994 by University of Chicago Press.