Voluntary use of independent valuation advice by target firm boards in takeovers

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dc.contributor.author Bugeja, M
dc.date.accessioned 2010-05-28T09:54:52Z
dc.date.issued 2007-01
dc.identifier.citation Pacific-Basin Finance Journal, 2007, 15 (4), pp. 368 - 387
dc.identifier.issn 0927-538X
dc.identifier.other C1UNSUBMIT en_US
dc.identifier.uri http://hdl.handle.net/10453/10225
dc.description.abstract This study examines why target firm directors commission a voluntary expert to assess offer adequacy in Australian takeovers. The results indicate that expert use is higher where the board is rejecting the offer. In addition, experts are hired where the board faces greater complexity in valuing the consideration offered and the target firm. Expert use is found to be in target shareholders' interest as it increases the likelihood that the bidder will increase the offer price. These findings add to existing evidence on whether target board's act in shareholders' interest during corporate control contests.
dc.publisher Elsevier Inc
dc.title Voluntary use of independent valuation advice by target firm boards in takeovers
dc.type Journal Article
dc.parent Pacific-Basin Finance Journal
dc.journal.volume 4
dc.journal.volume 15
dc.journal.number 4 en_US
dc.publocation Amsterdam, Netherlands en_US
dc.identifier.startpage 368 en_US
dc.identifier.endpage 387 en_US
dc.cauo.name BUS.School of Accounting en_US
dc.conference Verified OK en_US
dc.for 1502 Banking, Finance and Investment
dc.personcode 106487
dc.percentage 100 en_US
dc.classification.name Banking, Finance and Investment en_US
dc.classification.type FOR-08 en_US
dc.edition en_US
dc.custom en_US
dc.date.activity en_US
dc.location.activity en_US
dc.description.keywords Independent expert reports; Takeovers; Fairness opinions; Corporate governance en_US
dc.description.keywords Independent expert reports
dc.description.keywords Takeovers
dc.description.keywords Fairness opinions
dc.description.keywords Corporate governance
pubs.embargo.period Not known
pubs.organisational-group /University of Technology Sydney
pubs.organisational-group /University of Technology Sydney/Faculty of Business
pubs.organisational-group /University of Technology Sydney/Faculty of Business/School of Accounting
utslib.copyright.status Closed Access
utslib.copyright.date 2015-04-15 12:17:09.805752+10
utslib.collection.history Closed (ID: 3)

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