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Table 3: Outcomes – Full Model

Tender offer?

-11.14 (12.45)

-15.43 (11.97)

-28.09 (15.94)*

-32.06 (15.57)**

% minority approval required

-0.05 (0.22)

0.13 (0.21)

0.16 (0.27)

0.22 (0.26)

Log(deal value)

-2.15 (2.71)

-1.59 (2.66)

-5.23 (3.35)

-4.50 (3.38)

Stock deal?

-10.92 (7.91)

-10.25 (7.50)

1.03 (14.94)

1.02 (14.03)

Target Shareholder Profile Percent held by controller Percent held by institutions Number of large-block holders

-0.26 (0.41) -5.72 (16.61) -1.61 (3.54)

-0.14 (0.40) -12.16 (16.20) -12.16 (16.20)

-0.07 (0.50) -3.31 (20.44) 3.18 (4.84)

0.02 (0.50) -8.57 (20.00) 4.45 (4.88)

Target & Controller Characteristics Delaware target? Family group controller?

0.65 (8.16) -10.33 (11.09)

-1.55 (7.53) -9.86 (10.72)

8.63 (10.74) -2.98 (13.19)

4.66 (10.07) -4.66 (13.20)

Number of observations R-sq

109 8.7%

109 10.5%

90 14.4%

90 15.7%

Deal Characteristics

This table reports regression estimates on the association between the outcome for minority shareholders and target, controller, and deal characteristics. * = statistically significant at 90% confidence; ** = statistically significant at 95% confidence; *** = statistically significant at 99% confidence. All models are run as ordinary least squares (OLS) regressions and include a constant term (not reported). One freeze-out (SAZTEC International) is excluded as an outlier observation; the statistically significant differences reported in this table become stronger when SAZTEC is included. Standard errors are White (1980) robust.

Baseline share price Î

Panel A: All Targets

Controller’s First Offer

Final Deal Price (Successful Deals Only)

#2: 60 day average prior to deal

announcement

#4: 60 day average prior to deal

announcement

#1: 30 day averag prior to deal

announcement

e

#3: 30 day averag prior to deal

announcement

e

48

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