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Regulation, taxes and the market for corporate control in Belgium

Author: Vermaelen, Theo ; Van Hulle, Cynthia ; De Wouters, PaulINSEAD Area: FinanceIn: Journal of Banking and Finance, vol. 15, no. 6, December 1991 Language: EnglishDescription: p. 1143-1170.Type of document: INSEAD ArticleNote: Please ask the Library for this articleAbstract: This paper examines the effect of regulation and taxation on the characteristics of the merger and acquisition process in Belgium. Regulatory provisions are reflected in the fact that Belgian bidders own large toe-holds in the target before they engage in takeover bids. Although these toe-holds do not have to be disclosed, bidders do not earn any significant returns as a result of the takeover. It is also found that in negotiated offers, the gain to target firms is negatively related to the toe-hold of the bidder, and positively related to the number of shares controlled by large block holders
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This paper examines the effect of regulation and taxation on the characteristics of the merger and acquisition process in Belgium. Regulatory provisions are reflected in the fact that Belgian bidders own large toe-holds in the target before they engage in takeover bids. Although these toe-holds do not have to be disclosed, bidders do not earn any significant returns as a result of the takeover. It is also found that in negotiated offers, the gain to target firms is negatively related to the toe-hold of the bidder, and positively related to the number of shares controlled by large block holders

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