A Re-examination of the Market Reaction to Failed Mergers
This study examines the revaluation of shares surrounding the cancellation of mergers over the years 1976-85. The results are first categorized according to the party canceling the merger and then by subsequent merger activity. The results are as expected: target firms that become involved in merger activity, subsequent to the cancellation, experience positive cumulative prediction errors. Targets that do not become involved in subsequent merger activity have cumulative prediction errors that return to premerger announcement levels. These results do not vary when bidders or targets cancel the merger. Copyright 1989 by American Finance Association.
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Volume (Year): 44 (1989)
Issue (Month): 4 (September)
Pages: 1077-83
| Handle: | RePEc:bla:jfinan:v:44:y:1989:i:4:p:1077-83 |
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