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This paper studies the premiums paid in successful tender offers and mergers involving NYSE and Amex-listed target firms from 1975-91 in relation to pre-announcement stock price runups. It has been conventional to measure corporate control premiums including the price runups that occur before the initial formal bid. There has been little evidence on the relation between the pre-bid runup and the post-announcement premium (the premium paid to target stockholders measured from the date of the first bid). Under what circumstances are runups associated with larger total premiums? The evidence in this paper shows that in most cases, the pre-bid runup and the post- announcement premium are uncorrelated (i.e. little or no substitution between the runup and the post-announcement premium), so the runup is an added cost to the bidder. This has important implications for assessing the costs of illegal insider trading based on private information about a potential bid.

Consolidation and merger of corporations

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Consolidation and merger of corporations --- Law and legislation --- Europe

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Consolidation and merger of corporations --- Consolidation and merger of corporations --- Restraint of trade --- Restraint of trade --- Law and legislation --- Law and legislation

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Industrial concentration --- Industrial management --- Leadership --- Human capital --- Concentration industrielle --- Gestion d'entreprise --- Ressources humaines --- Consolidation and merger of corporations --- Personnel management --- Consolidation and merger of corporations - France --- Personnel management - France

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351.82*6 EC --- Antitrust law --- -Consolidation and merger of corporations --- -Acquisition of corporations --- Acquisitions and mergers --- Amalgamation of corporations --- Business combinations --- Business mergers --- Buyouts, Corporate --- Corporate acquisitions --- Corporate buyouts --- Corporate mergers --- Corporate takeovers --- Corporations --- Fusion of corporations --- Hostile takeovers of corporations --- M & A (Mergers and acquisitions of corporations) --- Merger of corporations --- Mergers and acquisitions of corporations --- Mergers, Corporate --- Takeovers, Corporate --- Corporate reorganizations --- Golden parachutes (Executive compensation) --- Industrial concentration --- Trusts, Industrial --- Anti-trust law --- Competition --- Competition law --- Commercial law --- Trade regulation --- Mededingingsrecht. Kartelrecht--EC --- Law and legislation --- Consolidation --- Mergers --- Law --- -Mededingingsrecht. Kartelrecht--EC --- 351.82*6 EC Mededingingsrecht. Kartelrecht--EC --- Consolidation and merger of corporations --- European Union countries