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

Listed author(s):
  • Kole, S.R.
  • Lenh, K.
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    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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    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
    Handle: RePEc:fth:robufr:97-07
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