Optimal Cash Tender Offers*
开发了一个基于或有权益分析的简单决策模型，用于确定现金要约收购中的最优价格，并研究了最优溢价相对于目标公司股价的行为。
ABSTRACT This paper develops a contingent claims analysis, a simple decision model for determining the optimal price in a cash tender offer. The implied behavior of the optimal tender offer premium over the market price of the target common stock is also investigated. Those readers interested in applying the model may obtain an interactive computer program written in FORTRAN and implementable on a personal computer from the authors on request.