Valuation of Power in the Corporate World: Value of Control

Common shares in the corporate scene are not equally valuable. The notion of power (Control in the academic literature) is associated with a portion of the shares or shareholders. This book establishes a way the value this power. Once it is establsihed that one share is more valuable than another share (of the same firm) one must conclude that the shares who lack power will have lower value. This issue has implication to Legal Theory when firms issue tender offers at a price lower then the prorata value of each share. In other words, when I buy a share in the stock market, do I buy the proportional value of the firm or, in fact, I share just a portion of the value of the firm?