(VF) L’objet de ce travail est de vérifier si la prime payée par les acquéreurs est fonction de leur stratégie. Notre étude empirique porte sur 237 acquisitions d’entreprises évoluant dans des secteurs de haute technologie, cotées au NASDAQ, entre mars 1997 et mars 2003. Nous ne confirmons pas l’hypothèse d’une prime plus faible en cas de diversification internationale ou de diversification des activités.(VA)In this paper, we test the relation between the premium paid by bidders and their strategy, on a sample of 237 acquisitions of high-tech targets, quoted on the NASDAQ, between march 1997 and march 2003. We do not confirm that bidders paid a lower premium when they diversify theirs activities or their markets.
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Paper provided by Université de Bourgogne - Latec/Fargo (Research center in Finance,organizational ARchitecture and GOvernance) in its series Working Papers FARGO with number
1040601.