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| Author: | Martynova, M. |
| Title: | The performance of the European market for corporate control: Evidence from the fifth takeover wave |
| Journal: | European Financial Management
2011 : MAR, VOL. 17:2, p. 208-259 |
| Index terms: | mergers diversification investor protection Europe United Kingdom |
| Freeterms: | hostile takeovers cross-border acquisitions partial acquisitions |
| Language: | eng |
| Abstract: | This article presents an in-depth analysis of the performance of large, medium-sized, and small corporate takeovers involving Continental European (herein as: C-E.) and the United Kingdom (U.K.) firms during the fifth takeover wave. It is found that takeovers are expected to create takeover synergies as their announcements trigger statistically significant abnormal returns of 9.13 percent for the target and of 0.53 percent for bidding firms. The characteristics of the target and bidding firms and of the bid itself can explain a significant part etc. Also, pre-announcement returns is found to reveal that hostile takeovers are largely anticipated and associated with a significant increase in the bidder's and target's share prices etc. The author compares and analyzes the U.K. and C-E. M&A markets and gains conclusions etc. |
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