Screening and Merger Activity

  title={Screening and Merger Activity},
  author={Paul Heidhues and Rainer Nitsche and Jo Seldeslachts},
In our paper targets, by setting a reserve price, screen acquirers on their (expected) ability to generate merger-specific synergies. Both empirical evidence and many common merger models suggest that the difference between highand low-synergy mergers becomes smaller during booms. This implies that the target’s opportunity cost for sorting out relatively… CONTINUE READING