search query: @author Hudson, K. / total: 2
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| Author: | Sullivan, M. Jensen, M. Hudson, K. |
| Title: | The role of medium of exchange in merger offers: examination of terminated merger proposals |
| Journal: | Financial Management
1994 : AUTUMN, VOL. 23:3, p. 51-62 |
| Index terms: | ROLES MERGERS EXAMINATIONS |
| Language: | eng |
| Abstract: | In this study, the authors examine the relation between the medium of exchange (cash or stock) and valuation effects associated with terminated merger proposals. The authors find significantly higher returns for target shareholders after termination of cash offers than after termination of stock offers. This difference persists even when a subsequent merger bid does not follow and regardless of the following factors: the party declining to terminate the offer, the presence of an acquisition programme, prior foothold position, relative size of the acquisition, or the presence of competing offers. |
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