In our target-initiated theory of takeovers, a target approaches potential acquirers that privately know their standalone values and merger synergies, where higher synergy acquirers tend to have larger standalone values. Despite their information disadvantage, targets can extract all surplus when synergies and standalone values are concavely related by offering payment choices that are combinations of cash and equity. Targets exploit the reluctance of high-valuation acquirers to cede equity claims, inducing them to bid more cash. When synergies and standalone values are not concavely related, sellers can gain by combining cash with securities that are more information sensitive than equities.

中文翻译：

---

使用证券加现金提取租金

在我们的目标发起收购理论中，目标会接近私下了解其独立价值和合并协同效应的潜在收购方，其中协同效应越高的收购方往往具有更大的独立价值。尽管存在信息劣势，但当协同效应和独立价值呈凹相关时，目标公司可以通过提供现金和股权组合的支付选择来提取所有盈余。目标利用高估值收购方不愿放弃股权要求，诱使他们出价更多现金。当协同效应和独立价值不是凹相关时，卖方可以通过将现金与信息比股票更敏感的证券相结合来获利。