The purpose of this study is to develop a valuation framework for mergers and acquisitions by explicitly incorporating … the synergy effect of mergers. Based on the real options approach, we introduce the upper and lower bounds of terms for an … acquirer that makes a merger profitable to both the acquirer and the target. We show the existence of an optimal timing and …

. The aim of this paper to assess the prerequisites of reciprocal synergies in merger and acquisition (M&A) deals pursuing … the antecedents of synergy in the merger and acquisition processes. The valuation of reciprocal synergies with real …

This paper explains why consolidation acquisitions occur in waves and it predicts the differing role each firm is … initial acquisition triggers a wave of follow-on acquisitions, where the process of asset accumulation by the consolidator is … accelerated since the value of follow-on acquisitions is enhanced by the more concentrated industry structure. An initial …