Преузимање предузећа у условима постојања конкурентских понуда
Takeovers In Competing Bidder Contest

Summary/Abstract: In the focus of this paper is the takeover process characterized by the emergence of multiple competitive bidders. Specifically, the study seeks to determine the impact of the competition betwen the bidders to the acquistion propability and the amount of the control premium paid to the target shareholders. The study shows that the competition among potential acquirers helps target shareholders in two ways makes the decision on accepting/refusing the offer more easier and influences the increase of the bid premium. Initially high bid premium in the first offer is the way to reject potential competitive bidders in a takeover process. Probability of a takeover is primarly the function of the amount of the target’s operation monitoring costs, not the number of potential (competitive) acquirers. The amount of the control premium in competing bidder contest depends on the target ownership structure and the takeover type. The presence of multiple bidders has a greater impact on premium when the potential acquirer is not corerelated to the target. The final part of the the paper provides an overview of the regulative framework of the takeover process with multiple bidders in the Republic of Serbia and indicates the factors that determine this process at domestic corporate scene.

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