It appears that target companies capture most of the gains in hostile takeovers.

Question

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Studies have shown that in hostile takeovers, the target company tends to capture most of the gains, rather than the acquiring company. This is because the acquiring company often overpays for the target company in order to win over the shareholders and secure the deal. Additionally, the target company may be able to negotiate a higher price or better terms due to their position of power in the transaction.

It Appears That Target Companies Capture Most of the Gains