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Title: Valuation effects of mergers and acquisitions in freight transportation
Authors: Andreou, Panayiotis 
Panayides, Photis 
Louca, Christodoulos 
Keywords: Transportation Research;Logistics;Consolidation and merger of corporations;Transportation
Category: Economics and Business
Field: Social Sciences
Issue Date: 2012
Publisher: Elsevier
Source: Transportation research part e: logistics and transportation review, 2012, Volume 48, Issue 6, Pages 1221–1234
Abstract: This study investigates valuation effects of mergers and acquisitions in the freight transportation industry. It is found that mergers and acquisitions create synergistic gains, especially tender offers, consistent with the view that freight transportation mergers and acquisitions occur for synergistic reasons rather than management's desire for empire building or perk consumption. Both target's and bidder's shareholders are better-off, but most of the synergistic gains accrue to the target's shareholders. Targets' valuation effects are greater for vertical rather than horizontal mergers, indicating a positive valuation for firms that control and manage a more extensive supply chain. The bidders' wealth effects are greater for friendly mergers. Overall, the findings have important implications for professional practice and the development of the theoretical literature
ISSN: 1366-5545
Rights: © 2012 Elsevier Ltd
Type: Article
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