The objective of the paper is to synthetize some important theoretical results concerning the tender offer process and to compare them with French evidence. The results generally confirm the theory. There is a global gain associated with tender offers, which is kept entirely by target shareholders. The use of securities as a means of payment has a negative effect and we find no impact of competition among bidders.
CHARLETY-LEPERS, P. et SASSENOU, M. (1994). Tender Offers and their Wealth Effects : Theory and Evidence for the French Case. Journal of Multinational Financial Management, pp. 1-24.