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A Comparative Analysis of Takeovers of Single and Dual Class Firms

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  • Smith, Brian F
  • Amoako-Adu, Ben
Abstract
This paper analyzes takeovers of dual class companies listed on the Toronto Stock Exchange over the period 1976 to 1989. It finds support for the hypothesis that despite the evidence that restricted shares sell at a discount compared to superior voting shares, takeover returns are the same for both classes of shares. Secondly, it tests the hypothesis that the classification of common equity into two classes confers differential takeover value on controlling shareholders and finds that superior voting shares of dual class firms experience higher returns during takeovers than do shares of single class firms. Copyright 1994 by MIT Press.

Suggested Citation

  • Smith, Brian F & Amoako-Adu, Ben, 1994. "A Comparative Analysis of Takeovers of Single and Dual Class Firms," The Financial Review, Eastern Finance Association, vol. 29(1), pages 23-47, February.
    • Handle: RePEc:bla:finrev:v:29:y:1994:i:1:p:23-47
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    Cited by:

    1. Houben, Eike, 2000. "Das Pflichtangebot - überflüssig für den Minderheitenschutz und schädlich für die Volkswirtschaft?," Manuskripte aus den Instituten für Betriebswirtschaftslehre der Universität Kiel 523, Christian-Albrechts-Universität zu Kiel, Institut für Betriebswirtschaftslehre.

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