Applying the real options valuation to measure merger and acquisition (M&A) synergy is highly debatable, with questions … real options applications to measure synergy in cross-border merger activities remains a challenge. The main objective of … the paper is to explore multiple types of synergies in the recent, highly strategic cross-border merger - the Luminor …

Largely constant average acquirer returns over the past four decades mask fundamental changes in the takeover market … consistent with rising merger synergies that have become less bidder-specific …