Читать книгу Applied Mergers and Acquisitions - Robert F. Bruner - Страница 55

Target firm shareholders enjoy returns that are significantly and materially positive. Exhibit 3.3 summarizes the findings of 25 studies, which reveal returns that are material and significant, despite variations in time period, type of deal (merger vs. tender offer), and observation period. In short, the M&A transaction delivers a premium return to target firm shareholders.