By L. Renneboog
Bargains with the effectiveness of particular company governance units and adjustments in capital constitution and possibility administration.
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For the first time, Continental European firms were as eager to participate in takeovers as their US and UK counterparts, and M&A activity in Europe hit levels similar to those experienced in the USA. While the main engine of takeover activity in Europe during the 1990s was still the UK, M&As in Continental Europe have risen substantially both in number of deals and total transaction value compared to the previous decades. According to the Thomson Financial Securities Data, 87,804 M&A deals were recorded for Europe (including the UK) during 1993–2001.
1. Market Reaction to Takeover Announcement The empirical literature is unanimous in its conclusion that takeovers create value for the target and bidder shareholders combined, with the majority of the gains accruing to the target shareholders. Shareholders of target firms invariably receive large premiums (on average 10–30%) relative to the pre-announcement share price. Jarrell and Poulsen (1989), Servaes (1991), Kaplan and Weisbach (1992), Mulherin and Boone (2000), for instance, report average US target abnormal returns of 29% (for 1963–1986), 24% (for 1972–1987), 27% for (1971–1982), and 21% (for 1990–1999), respectively.
Soenen concentrates in Chapter 17 on the relentless search for growth. He gives a few examples of firms for which this quest for growth has turned into a disaster. He argues that the search for growth is not new but symptomatic for many companies with disappointing consequences for the shareholders. While the fastest way to grow is through takeovers, this is significantly different for organic growth strategies. According to Soenen, real growth Introduction: Corporate Restructuring and Governance, Valuation and Asset Pricing 9 depends on innovations.
Advances in Corporate Finance and Asset Pricing by L. Renneboog