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Optimal Bidding in Takeover Contests

Author

Listed:
  • Cornu, P.

Abstract

The optimal bidding strategy for the initial bidder in takeover contests is investigated. IN the model, the initial bidder has the choice between making a low or a high preemptive initial bid. Both type of bid can lead to a competitive auction process among bidders, and both information and bidding costs are included in the analysis. Optimal strategies are specified following the Perfect Bayesian Equilibrium.

Suggested Citation

  • Cornu, P., 1998. "Optimal Bidding in Takeover Contests," Papers 98.17, Ecole des Hautes Etudes Commerciales, Universite de Geneve-.
    • Handle: RePEc:fth:ehecge:98.17
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    More about this item

    Keywords

    TAKEOVERS ; BIDDING;

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games

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