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，发现失败消息公开时溢价完全消失，且此后一年超额回报为零，并基于失败原因给出解释。
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.