The Role of Medium of Exchange in Merger Offers: Examination of Terminated Merger Proposals
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.
Year of publication: |
1994
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Authors: | Sullivan, Michael J. ; Jensen, Marlin R.H. ; Hudson, Carl D. |
Published in: |
Financial Management. - Financial Management Association - FMA. - Vol. 23.1994, 3
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Publisher: |
Financial Management Association - FMA |
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