Un análisis de la oferta de acciones en las OPAs españolas
Pedro Durá Juez and Inés Pérez-Soba Aguilar
In this paper we focus on, for the period 1995-2007, the analysis of the variables that can affect the behavior of target company shareholders in a takeover bid and how legislation can influence the selling decisions of the agents involved. For this analysis we review the theoretical and empirical literature which proposes various explanatory variables that we include in a subsequent multivariate econometric analysis. Furthermore, we introduce variables commonly observed in the Spanish takeover market: a) the existence, or not, of a prior pact among some of the shareholders and the buyer, and b) a statement in the tender offer prospectus that expresses the buyer's intention to delist the company from the stock exchange. The results support the importance of both variables, as well as others, in explaining stock supply in the Spanish market.
Keywords: tender offers, sales agreements, delisting, bid premium
JEL classification: G34, G38