基于收购溢价的初始持股对竞购时机影响

The Impact of the Toehold on Timing of Competing Bidding based on Acquistion Premium

企业竞购双方通常会在收购前增持目标公司股权,这种初始持股行为对于企业竞购时机具有重要影响。在竞购企业价值与目标企业价值服从二维随机性的条件下,结合竞购双方关于对手溢价大小具有信息不完全的现实,通过建立考虑初始持股影响的最优停时模型,得到了企业具有初始股权情形下的竞购阈值方程,并通过对阈值函数方程的深入分析得出了比较有现实意义的结论。最后,通过数值分析,验证了结论的正确性。

Competing bidders always have toehold pre-takeover, which has important impact on timing of competing bidding. Allowing for the incomplete information on rival＇s bidding, we develop an optimal stopping model with the toehold effect under dual-stochastic between the bidder and the target. By solving the model we get the threshold function and obtain some results by inference. By numerical analysis, we show the correctness of the method.