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| Author: | Limmack, R. |
| Title: | Synergy or new information as a source of wealth change in acquisitions: the case of abandoned bids |
| Journal: | Accounting and Business Research
1994 : SUMMER, VOL. 24:95, p. 255-265 |
| Index terms: | WEALTH MERGERS CHANGE |
| Language: | eng |
| Abstract: | Potential sources of wealth change from acquisition are claimed to include both the opportunity for synergistic benefits and new information about the companies involved. New information may involve revaluation of previously undervalued or under-utilised assets. In the current study analysis is undertaken of the pattern of returns to targets in abandoned bids in the UK which were initiated during the period 1977-1986. The results provide evidence to support the view that acquisitions are undertaken not only for synergistic reasons but also to acquire previously under-utilised assets. |
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