The impact of mergers and acquisitions on shareholder wealth in the UK construction industry

Frank T. Delaney · Sam Wamuziri

22 citations0/0 files storedEngineering Construction & Architectural Management

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Corporate Finance and Governance Financial Markets and Investment Strategies Financial Reporting and Valuation Research

Abstract

One of the primary motives behind any strategic corporate decision is to maximise shareholder value. Strategic decisions for UK construction firms are made with the objective of maximising the wealth of the company's shareholders. This paper investigates the financial performance of UK construction companies, which have been involved in construction related mergers and acquisitions and examines the impact of merger announcements on acquiring firms' and target firms' stock performance in the UK construction industry. It also examines abnormal share returns throughout a period surrounding the announcement of both successful and unsuccessful acquisition and merger bids. The overall results indicate that related construction mergers create wealth for shareholders of the target firms.

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References

1985Using daily stock returns 1983The market for corporate control 1989From Competitive Advantage to Corporate Strategy 1991Managing acquisitions: Creating value through corporate renewal 2002The Market for Corporate Control: The Scientific Evidence 1998Takeovers of Privately Held Targets, Methods of Payment, and Bidder Returns 2001Where do merger gains come from? Bank mergers from the perspective of insiders and outsiders 1993Motives for Takeovers: An Empirical Investigation

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2014Mergers and Acquisitions: A Strategic Tool for Restructuring in the Indian Telecom Sector 2016Performance Evaluation of UK Acquiring Companies in the Pre and Post-Acquisitions Periods 2015Mergers, acquisitions and the evolution of construction professional services firms

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