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Dutch Auction Versus Fixed‐Price Self‐Tender Offers: Do Firms Overpay In Fixed‐Price Offers?

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  • David R. Peterson
  • Pamela P. Peterson

Abstract

We investigate differences in purchase premiums and returns of common stock the day following the offer expiration of firms conducting Dutch auction self‐tender offers versus those conducting fixed‐price self‐tender offers to see whether firms overpay for shares in fixed‐price offers. After controlling for the proportion of shares sought and firm size, no statistically significant differences in premiums or returns are found between the two types of offers.

Suggested Citation

  • David R. Peterson & Pamela P. Peterson, 1993. "Dutch Auction Versus Fixed‐Price Self‐Tender Offers: Do Firms Overpay In Fixed‐Price Offers?," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 16(1), pages 39-48, March.
    • Handle: RePEc:bla:jfnres:v:16:y:1993:i:1:p:39-48
    DOI: 10.1111/j.1475-6803.1993.tb00125.x
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    Cited by:

    1. Ronald W. Best & Roger J. Best & Charles W. Hodges, 1998. "The Effect Of Self-Tender Offers On Earnings Expectations," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 21(2), pages 123-138, June.
    2. Perfect, Steven B. & Peterson, David R. & Peterson, Pamela P., 1995. "Self-tender offers: The effects of free cash flow, cash flow signalling, and the measurement of Tobin's q," Journal of Banking & Finance, Elsevier, vol. 19(6), pages 1005-1023, September.
    3. William J. McNally, 1999. "Multi-dimensional signaling with fixed-price repurchase offers," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 20(3), pages 131-150.

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