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- Title
Effect of independent expert reports in Australian takeovers.
- Authors
Bugeja, Martin
- Abstract
The Corporations Law 2001 mandates the preparation of an expert report in circumstances where the bidder is perceived to have a superior bargaining position. The present study tests whether the findings in Eddey (1993) can be extrapolated to all bids, irrespective of payment method. Inconsistent with Eddey, the results indicate that target premiums are lower where an expert report is required. The results confirm a higher frequency of price revisions where an expert indicates that the offer is ‘not fair’. However, this increased offer is insufficient to raise the price to the level in takeovers without expert reports.
- Subjects
CORPORATION law; TENDER offers; MERGERS &; acquisitions; BID price; BIDS
- Publication
Accounting & Finance, 2005, Vol 45, Issue 4, p519
- ISSN
0810-5391
- Publication type
Article
- DOI
10.1111/j.1467-629X.2005.00144.x