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Do takeovers create `real' gains? Evidence for the UK: 1985-1991

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Author Info
Dr Ronan Powell
Abstract

The results from this study provide strong evidence for the existence of significant operating gains for a sample of 61 UK takeovers between 1985 and 1991. Operating performance is measured using a cash flow and an accruals definition. Furthermore, the market appears to expect improvements in performance since there is a strong positive relation between estimates of the operating gains from takeovers and abnormal returns measured around the date of the takeover announcements. However, consistent with previous studies, the long run post-takeover performance is negative and significant. This result is unsettling because it suggests the market initially over-reacts to the estimates of expected operating gains around the takeover announcement, but then corrects itself when such gains are lower than expected.

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Paper provided by Financial Services Research Forum in its series Financial Market Papers with number 9.

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Handle: RePEc:fsr:fsrewp:9

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Web page: http://www.business.ulster.ac.uk/retailfinancial/
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