An Optimal Timing of Merger and Acquisition under Cooperation Opportunism and Premium in Real Options and Game-theoretic Framework:Chinalco Mergering Rio Tinto Pic for Example
This paper studies on optimal timing of merger and acquisition for cooperative bidders under cooperation opportunism and premium. We incorporate Douglas production function as the way to get a common optimal timing of the two cooperative bidders which is in real options and game-theoretic framework. And then with different estimation of successful probability and premium level, we compare the real counted value of xb/xm with the theoretical threshold which are all based on the case of two cooperative bidders Chinalco and Alcoa mergering Rio Tinto Pic. And finally we draw the conclusion that the real counted value of cooperative bidders to merger the target was far away from their common optima) timing.
Merger Timing cooperation opportunism premium Chinalco Alcoa
Lu BIAN Wen-xiu HU Jiang-peng ZHANG
School of Business Administration of Xian University of Technology,Shaanxi Xian 710054 School of Management,Xian University of Architecture and Technology,P.R.China,710055
国际会议
厦门
英文
388-393
2010-10-29（万方平台首次上网日期，不代表论文的发表时间）