haku: @author Renneboog, L. / yhteensä: 6
viite: 4 / 6
| Tekijä: | Goergen, M. Renneboog, L. |
| Otsikko: | Shareholder wealth effects of European domestic and cross-border takeover bids |
| Lehti: | European Financial Management
2004 : MAR, VOL. 10:1, p. 9-45 |
| Asiasana: | Mergers Shareholders Wealth Europe |
| Kieli: | eng |
| Tiivistelmä: | The short-term wealth effects of large intra-European takeover bids are analysed in this article. Announcement effects of 9% are found for the target companies compared to a statistically significant announcement effect of only 0.7% for the bidders. The type of takeover bid has a large impact on the short-term wealth effects with hostile takeovers triggering substantially larger price reactions than friendly operations. When a UK company is involved, the abnormal returns are higher than those of bids involving both a Continental European target and bidder. There is strong evidence that the means of payment in an offer has an impact on the share price. |
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