A target's perspective on the effects of ATPs in takeovers after recognizing its choice in the process

► Examine the effects of ATPs on the bid being successful conditional on receiving a bit. ► Examine the effects of ATPs on the division of gains in successful takeovers. ► The ATPs that reduce the probability of a bid do not reduce its odds of success. ► ATPs that reduce the probability of a bid increase the share of gains going to target shareholders.