The Pressure to Tender: An Analysis and a Proposed Remedy

Citation data:

Delaware Journal of Corporate Law (DJCL), Vol. 12, pp. 911-949, 1987

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SSRN
SSRN Id:
480301
Author(s):
Lucian A. Bebchuk
Tags:
Takeovers; targets; pressure; tender offers; for tender anti-takeover arrangements; anti-takeover statues; minority shares; freeze outs; bid price; voting
paper description
This paper provides a compact account of the problem of distorted choice in corporate takeovers. (A more detailed account is provided in, "Towards Undistorted Choice and Equal Treatment in Corporate Takeovers"). I analyze how the tender decisions of shareholders facing a takeover bid might be distorted. I also put forward an approach for addressing this problem, as well as analyze several alternative remedies.