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Merger Process and Shareholder Wealth: Evidence from Public Tender Offer in Korea

This paper examines announcement effect of public tender offer process in Korea. We find that firms are more affected by selection of the preferred negotiator date than LOI submission date. Specifically only the firms exempted from preferred negotiator show significantly negative effect, and the financial crisis has significantly greater negative effect on those firms. Also the result shows that lower insider and largest ownership increase the probability of giving up the deal of non-chaebol affiliated firms. Overall we find that selection of the preferred negotiator has significant meaning, and ownership structure affects a firm’s intermediate merger process.