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Tender offer?

5.56 (13.21)

-4.44 (12.71)

-15.06 (21.25)

-26.77 (20.08)

% minority approval required

-0.31 (0.26)

-0.13 (0.24)

-0.10 (0.38)

0.11 (0.34)

Log(deal value)

-4.67 (2.84)

-3.93 (2.81)

-8.93 (4.25)**

-7.86 (4.15)*

Stock deal?

-10.92 (8.50)

-9.89 (8.16)

4.79 (17.81)

5.99 (16.53)

Number of observations

66

66

54

54

R-sq

18.7%

16.2%

22.4%

23.3%

Baseline share price Î

Deal Characteristics

Table 3: Outcomes – Full Model (cont)

Panel B: Delaware Targets Only

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

-0.95 (0.52)* 27.11 (14.15)* -8.00 (3.87)**

-0.65 (0.53) 14.39 (14.96) -5.15 (3.79)

-0.44 (0.79) 17.66 (18.92) 1.03 (6.63)

-0.10 (0.76) 5.83 (18.75) 4.14 (6.62)

Target & Controller Characteristics Family group controller?

-5.63 (14.22)

-8.17 (13.05)

-3.32 (20.90)

-7.68 (19.51)

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

49

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