We examine the determinants of voluntary synergy disclosure by target companies during takeover bids. The sample … contains 124 French takeover bids between 1999 and 2011. The variables assumed to influence the targets' synergy disclosure are … encourages targets to disclose synergy forecasts …

Prior studies found that synergy is one of the most important motives of M&As. However, studies generally overlooked … the investigation of the use and reporting of synergy value. The purpose of this study is to assess the disclosure … practices and to analyse different factors behind the disclosure of synergy in M&A corporate reports. First of all, we defined …

We examine bidding firms' motives for disclosing a synergy forecast when announcing a merger or acquisition. Our sample … consists of 1,990 M&A deals, of which 345 announce synergy estimates. Our results suggest that synergy disclosures serve to …. After controlling for the endogeneity of the disclosure decision, synergy forecast disclosures result in approximately 5 …