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52 / 54

#1: Baseline model

#2: Deals > $10 million

#3: Deals weighted by log(deal size)

#4: All-cash deals

Deal Characteristics Tender offer? % minority approval required Log(deal value) Stock deal?

-35.90 (13.91)** 0.23 (0.24) -4.36 (2.73) 0.15 (13.65)

-41.09 (14.31)*** 0.50 (0.23)** -6.62 (3.79)* 6.38 (13.29)

-31.34 (10.76)*** 0.21 (0.18) -7.32 (2.47)*** 3.89 (9.83)

-35.08 (14.59)** 0.29 (0.24) -5.03 (3.04)

Target & Controller Characteristics Delaware target? Family group controller?

3.94 (9.94) -5.66 (12.38)

-3.90 (10.48) -14.68 (11.20)

-0.21 (9.20) -11.24 (8.98)

3.57 (10.30) -5.20 (12.57)

Number of observations R-sq

90 14.0%

62 22.9%

85 24.9%

72 12.2%

Table 4: Outcomes – Alternative Specifications

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. Dependent variable in all models is final deal price over average share price 60 days prior to deal announcement.

Panel A: All Targets

#1: Baseline model

#1: Deals > $10 million

#2: Deals weighted by log(deal size)

#3: All-cash deals

Deal Characteristics Tender offer? % minority approval required Log(deal value) Stock deal?

-33.14 (13.13)** 0.10 (0.23) -6.16 (3.73) 4.81 (15.51)

-16.50 (11.60) -0.06 (0.18) -6.12 (4.14) 4.03 (13.75)

-20.04 (9.46)** -0.05 (0.15) -7.76 (2.61)*** 2.32 (9.93)

-30.37 (14.05)** 0.18 (0.23) -6.78 (4.35)

Target & Controller Characteristics Family group controller?

-7.72 (18.64)

-22.08 (14.49)

-15.15 (11.69)

-5.66 (19.77)

Number of observations R-sq

54 20.6%

39 18.5%

52 29.2%

39 16.4%

Panel B: Delaware Targets Only

50

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