Dutordoir, Marie; Roosenboom, Peter; Vasconcelos, Manuel - In: International Review of Financial Analysis 31 (2014) C, pp. 88-100
We examine bidding firms' motives for disclosing a synergy forecast when announcing a merger or acquisition. Our sample consists of 1990 M&A deals, of which 345 announce synergy estimates. Our results suggest that synergy disclosures serve to obtain a more favorable market reception for deals...