In session 3 of the EM&A course the drivers of profitability of a M&A are shown. On slide 9, one bullet reads “Tender offers vreate value for bidders” but no Explanation on how this conclusion was reached is given. Is somebody able to elaborate, explain and Maybe able to provide a source? Thanks
PS. My personal experience is that it is quite the opposite (unless you look at process cost of the transaction)…