Fig. 5 Event study showing the cumulative proportion of firms receiving merger and acquisition (M&A) announcements within a year of the date of adoption of an initial poison pill, for 960 exchange-listed firms that adopted pills in the period 1983-90. The dotted line shows the cumulative fraction, over corresponding two-year periods, for exchange-listed firms that never adopted a poison pill. M&A announcements include merger proposals, merger agreements, and inter-firm tender offers, regardless of success.

© Copyright 1995, Elsevier
Return to Poison Pill Page