Irrevocable commitments and tender offer outcomes
研究了目标公司大股东在收购公告前做出的不可撤销承诺对要约收购结果的影响，发现承诺股份超过20%时收购完成概率提高7%-16%，收购时长缩短8-10天，但平均溢价降低2.9个百分点。
Abstract Irrevocable commitments (ICs) are undertakings by target‐firm blockholders to accept an upcoming takeover bid before its announcement. Using a novel manually collected dataset, we develop three new hypotheses and explore one existing hypothesis to explain the use of ICs: (1) trade‐off between speed and price, (2) trade‐off between completion probability and price, (3) differences in bargaining power, and (4) blockholder certification. Transactions with more than 20% of shares irrevocably committed have a 7%–16% higher probability of tender offer completion and 8–10 days shorter bid duration. A transaction with an average‐sized IC is associated with a 2.9 percentage points lower four‐week bid premium than a transaction with no IC. Overall, the results appear most consistent with the hypothesis on completion probability versus price. The results also offer partial evidence in favor of the certification hypothesis.