Table I
Characteristics of Sample Firms
The number and percentage of transactions terminated by bidders and others is reported for a
sample of 573 unsuccessful takeovers for the period 1982 to 1991 obtained from Mergerstat
Review, published annually by W.T Grimm. Panel B includes the frequency of targets receiving
subsequent offer(s) within one year through five years. Panel C reports the number of targets
delisted from CRSP by year for each of the major criteria for delisting. The number of months
denotes time from the termination of the takeover attempt.