The Role of Medium of Exchange in Merger Offers: Examination of Terminated Merger Proposals

In this study, we examine the relation between the medium of exchange (cash or stock) and valuation effects associated with terminated merger proposals. We find significantly higher returns for target shareholders after termination of cash offers than after termination of stock offers. This differen...

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Veröffentlicht in:	Financial management 1994-10, Vol.23 (3), p.51-62
Hauptverfasser:	Sullivan, Michael J., Marlin R. H. Jensen, Hudson, Carl D.
Format:	Artikel
Sprache:	eng
Schlagworte:	Acquisitions & mergers Acquisitions and mergers Bidding Bids Cash Competition Corporate synergy Effects Finance Hypotheses Information economics Media of exchange Regression analysis Shareholders Stock Stock offerings Stock shares Stockholders Studies Target acquisitions Taxes Tender offers Tender offers (Securities) Terminations Valuation
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