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| Author: | Fluck, Z. Lynch, A. W. |
| Title: | Why firms merge and then divest? A theory of financial synergy |
| Journal: | Journal of Business
1999 : JUL, VOL. 72:3, p. 319-346 |
| Index terms: | Mergers Corporate restructuring Financial structure Vertical integration Synergy |
| Language: | eng |
| Abstract: | This article develops a theory of mergers and divestitures. It reconciles two seemingly contradictory empirical findings. Mergers increase the combined values of acquirers and targets by financing positive net present value projects that cannot be financed as stand-alones. |
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