Gains from Mergers and Acquisitions Around the World: New Evidence

George Alexandridis · Dimitris Petmezas · Nickolaos G. Travlos

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Corporate Finance and Governance Financial Markets and Investment Strategies Merger and Competition Analysis

Abstract

Using a global M&A data set, this paper provides evidence that the empirical observations relating public acquisitions to, at best, zero abnormal returns, and their stock‐financed subset to negative abnormal returns for acquiring firms around the deal announcement are not unanimous across countries. Acquirers beyond the most competitive takeover markets (the United States, United Kingdom, and Canada) pay lower premia and realize gains, while share‐for‐share offers are at least non‐value‐destroying for their shareholders. In contrast, target shareholders within these markets gain significantly less, implying that the benefits generated are more evenly split between the involved parties.

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References

1998Law and Finance 1996Agency costs of free cash flow, corporate finance, and takeovers 1983The market for corporate control 2001New Evidence and Perspectives on Mergers 2008Who makes acquisitions? CEO overconfidence and the market's reaction☆1996Law and Finance 2004Firm size and the gains from acquisitions 2007The Colors of Investors' Money: The Role of Institutional Investors Around the World

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