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Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms

Опубликовано на портале: 03-10-2003
Journal of Financial Economics. 1988.  Vol. 21. No. 1. P. 3-40. 
This paper documents that a successful tender offer increases the combined value of the target and acquiring firms by an average of 7.4%. We also provide a theoretical analysis of the process of competition for control of the target and empirical evidence that competition among bidding firms increases the returns to targets and decreases the returns to acquirers, that the supply of target shares is positively sloped, and that changes in the legal/institutional environment of tender offers have had no impact on the total (percentage) synergistic gains created but have significantly affected their division between the stockholders of the target and acquiring firms.

Статья используется в учебной программе Seminar in Corporate Finance, Howe J.S.

текст статьи в формате pdf можно найти на cтранице сайта Elsevier Science,
журналу Journal of Financial Economics: