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Does takeover competition affect acquisition choices and bidding firm performance? Australian evidence

机译：收购竞争是否会影响收购选择和竞标公司性能？澳大利亚证据

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摘要

We examine the influence of takeover competition on three acquisition choices: (i) public versus private target acquisitions; (ii) stock versus cash financed acquisitions; and (iii) related versus unrelated acquisitions. We find strong evidence of acquirers' preference for public targets, stock swaps and business focus, in the face of takeover competition. Further, we find that the takeover competition has a positive influence on the bid premium paid to acquirer public targets and those financed with stock issues; competitive bids offered to acquire related targets are associated with significantly low bid premiums. In the short-term announcement window, competition-induced bids to acquire public targets and those financed with stock are penalised by the capital market. However, only stock-financed takeovers undertaken in a competitive takeover market show a long-run decline in performance of acquirers.
机译：我们研究了收购竞争对三个采购选择的影响：（i）公众与私人目标收购; （ii）股与现金融资收购; （iii）与无关的收购相关。在接管竞赛面前，我们发现对公共目标的偏好，股票互换和商业焦点的挑剔证据。此外，我们发现，收购竞争对收购者公共目标的投标溢价和股票问题资助的人有积极影响;提供有关获取相关目标的竞争出价与明显低的竞标保费相关。在短期公告窗口中，竞争引起的竞标获得公共目标的投标和股票资助的投标人受到资本市场的惩罚。但是，只有在竞争激烈的收购市场中进行的股票资助收购，才能在收购者的表现中展现长期下降。

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