How to Create Value
New Perspectives on the Modern Corporation series
Chapter 2: Data and empirical evidence on M & A performance
In this chapter data on M & As is presented, with a particular focus on the period 2005_ 2012. Data points out that M & A is a very widespread strategy through which firms grow. What about the real outcomes of M & As around the world? To answer this question we have analysed some significant empirical studies made in the last years. The results show that a large percentage of M & As reduce the value of the acquiring firm or do not produce significant increase in value. In other words, a large part of M & As do not produce the estimated synergies and the results expected by the shareholders of the acquiring firm. All this stimulates the need to find solutions for reducing the percentage of M & A failures.
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