This empirical study of the tender offers and private negotiations recently made by French companies shows : – a positive impact for target shareholders and a positive global (acquirer and target combined) effect of tender offers , – a tendency for the volatility (B) of the target and the acquirer to converge after the operation.
CHARLETY-LEPERS, P. et CLEMENT, R. (1996). Les offres publiques sur les titres de la cote officielle et du second marché de 1988 à 1994 : comportements boursiers. Bulletin mensuel COB, pp. 1-13.