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| Author: | Arnold, M. Parker, D. |
| Title: | UK competition policy and shareholder value: the impact of merger inquiries |
| Journal: | British Journal of Management
2007 : MAR, VOL. 18:1, p. 27-43 |
| Index terms: | competition mergers shareholder value United Kingdom |
| Language: | eng |
| Abstract: | Some previous studies have suggested that competition régimes can destroy shareholder value. This study examines data on 50 mergers in the UK between 1989 and 2002. The results support the finding from earlier studies of greater gains to shareholders in target than bidding companies, but do not find evidence supporting overall loss of shareholder value to target company shareholders when a merger is prohibited. Evidence is found that when the regulatory regime is stable and well understood the capital market behaves efficiently in response to new information. |
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