Optimal and Strategic Timing of Mergers and Acquisitions Motivated By Synergies and Risk Diversification
Optimal and Strategic Timing of Mergers and Acquisitions Motivated By Synergies and Risk Diversification
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协同效应和风险分散驱动的并购的最佳战略时机
DOI：
10.2139/ssrn.1003785
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发表时间：
2007
期刊：
影响因子：
--
通讯作者：
J. Thijssen
中科院分区：
文献类型：
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作者：
J. Thijssen
本文分析了一个真实的期权模型，该模型描述了两个不同但相关的不确定性企业之间的兼并和收购。人们认为，合并不仅会提高效率，而且也是一种多样化的行为。由于后一种假设，合并是最佳的区域是一个有界的区间，而不是在大多数真实的期权模型的半空间。它表明，如果投标人和目标的角色是内生确定的合并的期权价值完全消失，这意味着，在均衡，合并发生的时间比当这些角色是外生的。它也表明，合并可以是最佳的，即使协同效应是负面的。
This paper analyses a real options model of mergers and takeovers between two firms experiencing different, but correlated, uncertainty. It is assumed that mergers do not just lead to efficiency gains, but are also an act of diversification. Due to the latter assumption the region where a merger is optimal is a bounded interval and not a half-space as in most real options models. It is shown that if the roles of the bidder and the target are determined endogenously the option value of the mergers vanishes completely, implying that, in equilibrium, the mergers occur sooner than when these roles are exogenously given. It is also shown that mergers can be optimal even if synergies are negative.