The Role of Medium of Exchange in Merger Offers: Examination of Terminated Merger Proposals

Michael J. Sullivan, Marlin R.H. Jensen and Carl D. Hudson

Financial Management, 1994, vol. 23, issue 3

Abstract: Shareholders of target firms realize significantly higher returns after termination of cash offers than stock offers due to the private information the offer medium signals concerning the target firm's stand-alone value of synergy potential.

Date: 1994
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