期刊名称：International Journal of Academic Research in Accounting, Finance and Management Sciences
印刷版ISSN：2308-0337
电子版ISSN：2225-8329
出版年度：2014
卷号：4
期号：1
页码：235-239
语种：English
出版社：Human Resource Management Academic Research Society
摘要：This study analyses whether the toehold (the target shares owned by the acquirer prior to launching a takeover bid) have a decisive role in the success of mergers and acquisition (M&A) transaction. It is well known that in any bidding process having a toehold is a significant competitive advantage over the rival bidders. This study is based on the takeover bids occurred on the Romanian capital market from 2000 to 2012. Our database includes both successful and unsuccessful transaction in terms of the change of control and companies operating in every industry. Other results suggest that the toehold can play an important role in a successful M&A transaction, but also that the toehold is influenced by other factors and by the industry of the acquired company.
