The Comparisons of the Announcement Effect on Stockholder’s Wealth between Enterprise Tender Offer and Mergers.

• Main Authors: Sheng-Hsu Cheng, 鄭勝旭
• Other Authors: Ph. D. Yuh-Yeh
• Format: Others
• Language: zh-TW
• Published: 2007
• Online Access: http://ndltd.ncl.edu.tw/handle/23735466283789524447

碩士 === 淡江大學 === 國際貿易學系國際企業學碩士班 === 95 === This paper uses Taiwan as a case study to discuss tender offering and mergers. We exam the difference of shareholder''s wealth of acquirers and targets company from tender offering and mergers. In addition, our case study discusses how the change of stock right structure and takeover defenses affect company. This text studies two parts of analytic approach of the law and secondary materials in order to study tools with the incident mainly. In our results, we find shareholder capital stock and purchase trade average amount of money of target company by tender offering acquirers and target is more than that by mergers. Moreover, our case also tells that in tender offering situation, target shareholder’s accumulate abnormal returns is more than that in mergers. Tender offering targeted company declare day window issue all apparent, relatively looks tender offering, the targeted company of general merger does not declare the window one near day for being apparent, it appears tender offering has a great impact on the shareholder accumulate abnormal returns. In addition, tender offering and mergers acquirers company near declare day the window one all not apparent. When being unstable for company, easy to suffer to and hostile takeover, when the stock right is not quite stabilized or made a variation, this company is apt to become the target that good will is tender offering. And it is the negative influence to takeover defenses and accumulate abnormal returns to the company.