| Summary: | 碩士 === 南華大學 === 經濟學研究所 === 93 === While most takeover models assume homogeneous stockholders, we analyze a nonlinear model with heterogeneous stockholders. According to heterogeneous time preference, the raider can make optimal nonlinear tariffs to minimize cost. We find that raider''s optimal tariffs are increasing, as the stockholder''s preference is increasing. And the raider''s holding cost is increasing as time goes by. In this situation, we suggest the raider can use exclusion to complete takeover. By using exclusion, the raider can minimize the cost of takeover.
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