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M&A on Scandinavian market : evidence of factors for shareholder value creation from acquirer's perspective

Dovgan, Viktor
Master thesis
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1760407.pdf (2.069Mb)
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http://hdl.handle.net/11250/2485826
Utgivelsesdato
2017
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Samlinger
  • Master of Science [963]
Sammendrag
The purpose of this study is comprehensive analysis of drivers of M&A performance

by bidders executing acquisitions in Nordic region. Considering mixed results on acquiring

companies’ value creation for shareholders in such transactions, it was assumed that mergers

may create value for certain types of deals. Despite having insignificant mean abnormal

returns for all groups of M&A transactions, some results appeared to show contrary to

previous empirical studies’ findings. With this respect particular attention was paid to

bidders-growth firms which showed positive net gains comparing to value firms with

negative net gains. Further regression results for all data sample showed: (a) that corporate

governance as well as free cash flow issues are not drivers of post-acquisition performance

of combined entity in deals on Scandinavian market what can be evidence of strong corporate

control in local companies; (b) future growth opportunities is crucial determinant for value

creation in M&A for a bidder. It motivated us to analyze growth and value acquiring firms

separately. Results showed that both types of firms have the same drivers of abnormal returns

but with inverse effect on value creation. Investors in Nordic acquirers appreciate stocks of

growth firm which has many growth opportunities and acquires target in the same industry

while react in opposite way for value firm with the same characteristics and in the same type

of M&A. Limitations of data motivated us to give recommendations on further research on

the topic.
Beskrivelse
Masteroppgave(MSc) in Master of Science in Finance - Handelshøyskolen BI, 2017
Utgiver
BI Norwegian Business School

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