✦ LIBER ✦

The long-term performance of horizontal acquisitions

✍ Scribed by Professor Laurence Capron

Publisher: John Wiley and Sons
Year: 1999
Tongue: English
Weight: 183 KB
Volume: 20
Category: Article
ISSN: 0143-2095
DOI: 10.1002/(sici)1097-0266(199911)20:11<987::aid-smj61>3.0.co;2-b

No coin nor oath required. For personal study only.

✦ Synopsis

This paper examines how value is created in horizontal mergers and acquisitions. More specifically, it examines the impact of post-acquisition asset divestiture and resource redeployment on the long-term performance of horizontal acquisitions. The data come from a detailed survey of acquiring firm managers and cover 253 horizontal mergers and acquisitions that were initiated by European and U.S. firms in manufacturing industries for the period 1988-1992. This study incorporates insights from the cost efficiency and resource-based theories to propose a model of the effects of asset divestiture and resource redeployment on long-term acquisition performance. Overall, our results show that both asset divestiture and resource redeployment can contribute to acquisition performance, with, however, a significant risk of damaging acquisition performance when the divested assets and redeployed resources are those of the target.

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