Effect of independent expert reports in Australian takeovers

Martin Bugeja

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Corporate Finance and Governance Auditing, Earnings Management, Governance Merger and Competition Analysis

Abstract

Abstract The Corporations Law 2001 mandates the preparation of an expert report in circumstances where the bidder is perceived to have a superior bargaining position. The present study tests whether the findings in Eddey (1993) can be extrapolated to all bids, irrespective of payment method. Inconsistent with Eddey, the results indicate that target premiums are lower where an expert report is required. The results confirm a higher frequency of price revisions where an expert indicates that the offer is ‘not fair’. However, this increased offer is insufficient to raise the price to the level in takeovers without expert reports.

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References

1985Using daily stock returns 1983The market for corporate control 1988Managerial control of voting rights 1988The Market for Corporate Control: The Empirical Evidence Since 1980 2000Hostility in Takeovers: In the Eyes of the Beholder?1996Markup pricing in mergers and acquisitions 1995Poison or placebo? Evidence on the deterrence and wealth effects of modern antitakeover measures 1987Target abnormal returns associated with acquisition announcements: Payment, acquisition form, and managerial resistance

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2011Foreign takeovers of Australian listed entities 2009Capital gains taxation and shareholder wealth in takeovers 2007Transplanting UK takeover culture: The EU takeovers directive and the Australian experience 2012Public versus private takeovers of Australian stock exchange listed targets

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