A Note on Unsuccessful Tender Offers and Stockholder Returns
研究失败要约收购对目标公司股价的影响，发现溢价在失败消息公布时消失，且此后一年超额回报为零。
ABSTRACT Recent research shows that unsuccessful tender offers may affect target share returns for two years past the offer's announcement. This note examines target returns in the interim between the announcement and one year after the offer's withdrawal. Analyzing a recent sample of targets that did not get another bid in the year following a failed tender offer, this study reaches two conclusions. First, all of an offer's premium disappears by the time failure becomes public. Second, excess returns are zero in the post‐failure year. An explanation that is based on the causes of the tender offers' failures is presented.