Information in Tender Offers With a Large Shareholder
研究了股权结构由少数大股东和众多小股东组成的公司收购，发现小股东分散的私有信息与大股东的存在相结合，可以促进盈利性收购。
We study takeovers of firms whose ownership structure is a mixture of minority block-holders and small shareholders. We show that the combination of dispersed private information on the side of small shareholders and the presence of a large shareholder can facilitate profitable takeovers. Furthermore, our analysis implies that even if some model of takeovers predicts a profit for the raider, for example, due to private benefits, the profit will be underestimated unless the large shareholder and the dispersion of information among the small shareholders are modeled.