Robert L. Conn Andy Cosh Paul M. Guest Alan Hughes
Abstract
We examine the announcement and post-acquisition share returns of UK acquirers in over 4,000 acquisitions of domestic, cross-border, public and private targets. Domestic public acquisitions result in negative announcement and post-acquisition returns, whilst cross-border public acquisitions result in zero announcement returns and negative post-acquisition returns. In contrast, both domestic and cross-border private acquisitions result in positive announcement returns and zero post-acquisition returns. The main differences between private and public acquisitions are that glamour acquirers underperform in public acquisitions but not in private acquisitions, and that acquirers using noncash methods of payment underperform in domestic public acquisitions but not in domestic private acquisitions. Overall, cross-border acquisitions result in lower announcement and long run returns than domestic acquisitions. In cross-border acquisitions, those involving high-tech firms perform relatively well, as do those with low national cultural differences. Copyright Blackwell Publishers Ltd, 2005.
Download Info
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
page. Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 32 (2005-06) Issue (Month): 5-6 () Pages: 815-870 Download reference. The following formats are available: HTML
(with abstract),
plain text
(with abstract),
BibTeX,
RIS (EndNote, RefMan, ProCite),
ReDIF
For technical questions regarding this item, or to correct its listing, contact: (Christopher F. Baum).
Related research
Keywords:
Cited by: (explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)