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Corporate Control Activism
Social Science Research Network
This paper studies the role of blockholders and activist investors in the market for corporate control. We argue that activist investors complement the e¤ort of bidders to acquire companies by relaxing the resistance of incumbent boards to takeovers. Using this insight, we show that there is strategic complementarity between the search of activist investors for ...rms that are likely to receive a takeover bid, and the search of corporate buyers for targets with which they can create synergies.doi:10.2139/ssrn.2703807 fatcat:bzyp2rfyjjfmbfkom7igq4adoi