Please use this identifier to cite or link to this item: https://hdl.handle.net/20.500.14279/3401
Title: Valuation effects of mergers and acquisitions in freight transportation
Authors: Andreou, Panayiotis 
Panayides, Photis 
Louca, Christodoulos 
Major Field of Science: Social Sciences
Field Category: Economics and Business
Keywords: Transportation Research;Logistics;Consolidation and merger of corporations;Transportation
Issue Date: Nov-2012
Source: Transportation Research Part E: Logistics and Transportation Review, 2012, vol. 48, no. 6, pp. 1221-1234
Volume: 48
Issue: 6
Start page: 1221
End page: 1234
Journal: Transportation Research Part E: Logistics and Transportation Review 
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
URI: https://hdl.handle.net/20.500.14279/3401
ISSN: 13665545
DOI: 10.1016/j.tre.2012.06.006
Rights: © 2012 Elsevier
Type: Article
Affiliation : Durham University 
Cyprus University of Technology 
Appears in Collections:Άρθρα/Articles

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