| Paper Number | KCB-WP-2022-020 |
|---|---|
| Title | Freeze-Out Mergers: The Case of Shareholders with Multiple Shares |
| Title(Other) | |
| Author | Kyounghun Lee ; Frederick Dongchuhl Oh |
| Publisher | KAIST College of Business |
| Abstract | This paper investigates the role of freeze-out mergers in mitigating the free-rider problem in tender offers. In contrast to a framework in which each shareholder owns exactly one share, our model allows shareholders to have multiple shares. We find that a more aggressive freeze-out clause forces shareholders to tender more shares. Therefore, raiders capture a greater amount of surplus when the requirement for freeze-out mergers becomes easier to satisfy. |
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