Аннотация
To analyze the consequences of concentrated ownership and bank control
for the performance of acquiring firms, I employ a unique data set
of 715 German takeovers. First, I find that takeovers increase bidder
value, but majority owners provide no clear benefit. Second, bank
control is beneficial only if it is counterbalanced by another large
shareholder. Third, the worst takeovers are completed by firms that
are majority-controlled by financial institutions. I conclude that
majority control, whether exercised by a bank or another shareholder,
increases the likelihood of decisions that do not maximize shareholder
value.
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