Читать книгу Applied Mergers and Acquisitions - Robert F. Bruner - Страница 128

Restructuring is a lengthy process. Donaldson (1990) documented a restructuring program (consisting of many discrete transactions) at General Mills that spanned two decades. Kaiser and Stouraitis (2001) described the restructuring of Thorn-EMI that encompassed numerous transactions and lasted 13 years. Boone and Mulherin (2001, 2002) found that the median length of targeted restructuring events is 345 days and that the investor reactions to the initial and subsequent announcements are significantly positive. Their analysis of the auction processes in these restructurings finds the highest returns from asset sales to be associated with the entry of multiple publicly owned bidders.