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Determinants of successful M&As : an empirical study of listed companies in the United States

Al-Hussain, Ahmed; Lorentzen, Mikkel
Master thesis
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https://hdl.handle.net/11250/2644184
Utgivelsesdato
2019
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  • Master Thesis [3384]
Sammendrag
Since 1985, the U.S. market has been facing an increase in merger and

acquisition activity. In addition to detect potential determinants of M&A

success, this thesis does not only examine the short-term performance of

acquirers and targets, but it also determines the long-term M&A performance

of U.S. acquirers across all industries. With a sample of 1,288

M&As between 2002 and 2015, we found negative short-term abnormal returns

to acquirers using the cumulative abnormal return method. However,

since target shareholders gain significantly higher abnormal returns, M&As

create value overall from a short-term perspective. Acquirers’ negative

short-term abnormal returns persist in being negative over the long-term

analysis. The buy-and-hold abnormal return method in event-time reveals

significant value destruction of 25.8% over a three-year investigation period.

Also, the study detects a significant impact of the acquirer´s and target

´s price-to-book ratio, method of payment, relative profitability, and

deal rationale on the long-term post-acquisition performance. However, the

influence of relative size is inconclusive and could not ultimately be determined

in this study. Lastly, the acquisition attitude (friendly vs. hostile)

and cross-border transactions provided no evidence of affecting deal success.

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