How Much is Too Much: Are Merger Premiums Too High?
How Much is Too Much: Are Merger Premiums Too High?
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多少才算太多：合并溢价是否太高？
DOI：
10.2139/ssrn.884244
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发表时间：
2008
期刊：
影响因子：
--
通讯作者：
Huainan Zhao
中科院分区：
文献类型：
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作者：
Antonios Antoniou;Philippe Arbour;Huainan Zhao
向目标公司股东支付高于市场价格50%的溢价是否太高？还是在追求并购时支付100%的溢价太多了？多少才算太多？在本文中，我们研究了合并溢价支付的程度如何影响收购公司的长期和公告期的股票收益。我们没有发现任何证据表明支付高溢价的收购者在合并后的三年内表现不如支付相对较低溢价的收购者，并且在控制了各种公司和交易特征后，结果是稳健的。此外，短期累积异常收益与收购方支付的溢价水平呈正相关。因此，我们的证据表明，高并购溢价不太可能是收购方长期并购后业绩不佳的原因。
Is it too much to pay target firm shareholders a 50% premium on top of market price? Or is it too much to pay a 100% premium when pursuing mergers and acquisitions? How much is too much? In this paper, we examine how the extent of merger premiums paid impacts both the long-run and announcement period stock returns of acquiring firms. We find no evidence that acquirers paying high premiums underperform those paying relatively low premiums in three years following mergers, and the result is robust after controlling for a variety of firm and deal characteristics. Short term cumulative abnormal returns are moreover positively correlated to the level of the premium paid by acquirers. Our evidence therefore suggests that high merger premiums paid are unlikely to be responsible for acquirers' long-run post merger underperformance.