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dc.contributor.authorAmihud, Yakov-
dc.contributor.authorKahan, Marcel-
dc.contributor.authorSundaram, Rangarajan K.-
dc.description.abstractWe provide an economic basis for permitting freeze outs of non-tendering shareholders following successful takeovers. We describe a specific freeze out mechanism based on easily verifiable information that induces desirable efficiency and welfare properties in models of both corporations with widely dispersed shareholdings and corporations with large pivotal shareholders. The mechanism dominates previous proposals along some important dimensions. We also examine takeover premia that arise in the presence of competition among raiders. Our mechanism is closely related to the practice of takeover law in the U.S.; thus, our analysis may be thought of as analyzing the economic foundations of current regulations.en
dc.titleThe Foundations of Freezeout Laws in Takeoversen
dc.typeWorking Paperen
Appears in Collections:Finance Working Papers

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