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 …

This paper uses mergers and acquisitions (M&A) and textual analysis of firms' financial filings to show that …

consistent with rising merger synergies that have become less bidder-specific …Largely constant average acquirer returns over the past four decades mask fundamental changes in the takeover market …-specific synergies to help interpret these opposing trends. In our theory and in the data, acquirer returns increase with the extent to …