haku: @author Lys, T. / yhteensä: 8
viite: 2 / 8
| Tekijä: | Lys, T. Vincent, L. |
| Otsikko: | An analysis of value destruction in AT&T's acquisition of NCR |
| Lehti: | Journal of Financial Economics
1995 : OCT/NOV, VOL. 39:2&3, p. 353-378 |
| Asiasana: | MERGERS MERGERS PURCHASING |
| Kieli: | eng |
| Tiivistelmä: | AT&T's $7.5 billion acquisition of NCR decreased the wealth of AT&T shareholders by between $3.9 billion and $6.5 billion and resulted in negative synergies of $1.3 to $3.0 billion. The authors find that AT&T paid a documented $50 million and possibly as much as $500 million to satisfy pooling accounting, thus boosting EPS by roughly 17% but leaving cash flows unchanged. The authors conclude that AT&T's decision to acquire NCR in what the market perceived as a value-destroying transaction was related at least in part to the 1984 consent decree with the Department of Justice that led to the break-up of AT&T. |
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