Journal articles
This paper evaluates the wealth impact of take-over bids in France in the late 80s. It suggests that shareholders of both target and acquiring firms all realize a substantial gain, of which a much bigger proportion goes to target firms’ shareholders. The choice of security versus cash tender offers has a significant and negative impact on the acquiring shareholders’ wealth, which confirms the bad signal hypothesis.
CHARLETY-LEPERS, P. et SASSENOU, M. (1994). Le cas français. Revue Economique, pp. 625-637.