收购法律法规及其对收购溢价的影响——经合组织成员国的实证研究

21st International Joint Conference Central and Eastern Europe in the Changing Business Environment : Proceedings Pub Date : 1900-01-01 DOI:10.18267/PR.2021.KRN.4816.14

Jan-Hendrik Meier, T. Paientko, Kristina Reschke

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引用次数: 0

摘要

几乎所有的经合组织和20国集团国家都在其国家收购法律中引入了强制性竞标规则(MBR)，并结合公平价格监管。mbr要求，如果超过某一控制门槛，就必须向所有股东发出收购要约。我们表明，超过这一门槛的收购与低于平均水平的收购溢价相关。MBR的其他国家特征也对收购溢价有显著影响。此外，如果收购者希望在收购后获得20%至40%的股份，则支付的溢价要高得多。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Takeover law regulations and their influence on the takeover premium – An empirical study of the OECD Member States

Almost all OECD and G20 countries have introduced a mandatory bid rule (MBR) in conjunction with a fair price regulation in their national takeover laws. MBRs require that a takeover bid must be made to all shareholders, if a certain control threshold is being exceeded. We show that takeovers that exceed such a threshold are associated with below-average takeover premiums. Other national characteristics of the MBR also show significant influences on the takeover premium. In addition, significantly higher premiums are paid when the buyer is seeking for between 20% and 40% of the shares after the takeover.

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21st International Joint Conference Central and Eastern Europe in the Changing Business Environment : Proceedings

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