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Workforce Integration and the Dissipation of Value in Mergers: The Case of USAir's Acquisition of Piedmont Aviation

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  • Kole, S.R.
  • Lenh, K.
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    Abstract

    In November 1987, USAir Group acquired Piedmont Aviation for $1.6 billion in cash tender offer. Following the acquisition of the two carriers, the new USAir incurred huge operating losses, became the last profitable major airline, sustained a large reduction in its stock price, eliminated its dividend, and came close to bankruptcy. We examine USAir's acquisition of piedmont and its post-merger performance to address the following question -- how can the combination of two highly profitable firms dissipate so much value?

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    Bibliographic Info

    Paper provided by Rochester, Business - Financial Research and Policy Studies in its series Papers with number 97-07.

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    Length: 47 pages
    Date of creation: 1997
    Date of revision:
    Handle: RePEc:fth:robufr:97-07

    Contact details of provider:
    Postal: UNIVERSITY OF ROCHESTER, WILLIAM E. SIMON GRADUATE SCHOOL OF BUSINESS ADMINISTRATION, Bradley Policy Research Center, ROCHESTER NEW YORK 14627 U.S.A.
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    Web page: http://www.simon.rochester.edu/
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    Related research

    Keywords: ENTERPRISES ; MERGERS ; AIR TRANSPORT;

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    Cited by:
    1. Lars-Hendrik Röller & Johan Stennek & Frank Verboven, 2000. "Efficiency Gains from Mergers," CIG Working Papers FS IV 00-09, Wissenschaftszentrum Berlin (WZB), Research Unit: Competition and Innovation (CIG).
    2. Kole, Stacey R. & Lehn, Kenneth M., 1999. "Deregulation and the adaptation of governance structure: the case of the U.S. airline industry," Journal of Financial Economics, Elsevier, vol. 52(1), pages 79-117, April.

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