Gains from Mergers and Acquisitions Around the World : New Evidence

  title={Gains from Mergers and Acquisitions Around the World : New Evidence},
  author={George H Alexandridis and D. Petmezas and N. G. Travlos},
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 stockfinanced 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 U.S., U.K., and Canada) pay lower premia and realize gains, while share-for-share offers are at least non-value destroying for their… CONTINUE READING


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