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The Role of Medium of Exchange in Merger Offers: Examination of Terminated Merger Proposals

Author

Listed:
  • Michael J. Sullivan
  • Marlin R.H. Jensen
  • Carl D. Hudson

Abstract

Shareholders of target firms realize significantly higher returns after termination of cash offers than stock offers due to the private information the offer medium signals concerning the target firm's stand-alone value of synergy potential.

Suggested Citation

  • Michael J. Sullivan & Marlin R.H. Jensen & Carl D. Hudson, 1994. "The Role of Medium of Exchange in Merger Offers: Examination of Terminated Merger Proposals," Financial Management, Financial Management Association, vol. 23(3), Fall.
    • Handle: RePEc:fma:fmanag:sullivan94
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    Cited by:

    1. Damilola Oyetade & Farai Kwenda & Ralitza Dobreva, 2017. "Factors affecting the Long-Term Post-Acquisition Performance of BRICS Firms Engaging in Cross-Border Mergers and Acquisitions," Acta Universitatis Danubius. OEconomica, Danubius University of Galati, issue 13(2), pages 220-233, April.
    2. Malmendier, Ulrike & Opp, Marcus M. & Saidi, Farzad, 2016. "Target revaluation after failed takeover attempts: Cash versus stock," Journal of Financial Economics, Elsevier, vol. 119(1), pages 92-106.
    3. Karyn L. Neuhauser & Wallace N. Davidson & John L. Glascock, 2011. "An analysis of failed takeover attempts and merger cancellations," International Journal of Managerial Finance, Emerald Group Publishing Limited, vol. 7(4), pages 347-376, September.
    4. Donker, H.A., 2001. "Takeovers : An empirical study of ownership structure and the wealth to shareholders in Dutch takeovers," Other publications TiSEM 480af60e-4b9b-49f2-ab6c-d, Tilburg University, School of Economics and Management.
    5. Simonyan, Karen, 2014. "What determines takeover premia: An empirical analysis," Journal of Economics and Business, Elsevier, vol. 75(C), pages 93-125.
    6. Baixiao Liu, 2016. "The Disciplinary Role Of Failed Takeover Attempts," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 39(1), pages 63-85, March.

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