What Drives the Choice Between Mergers and Tender Offers in Europe?
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Date
2024
Department
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Mcode
Degree programme
Rahoitus
Language
en
Pages
25 + 3
Series
Abstract
Are tender offers faster and more expensive than mergers? This paper explores the factors influencing the choice of mergers and acquisitions (M&As) strategies in EU-15 countries, focusing on deal completion times and shareholder premiums. Results show quicker completion and higher premiums in tender offers than in mergers. Initial findings indicate that European M&As involve similar trade-offs between premiums and completion times reported in previous studies conducted in the U.S., although the determinants differ in European context.Description
Thesis advisor
Keloharju, MattiKeywords
mergers, acquisitions, tender offers, deal completion, deal premium