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The Impact on UK Acquirers of Domestic, Cross-Border, Public and Private Acquisitions

Guest, P, Cosh, A, Conn, R and Hughes, A (2005) The Impact on UK Acquirers of Domestic, Cross-Border, Public and Private Acquisitions Journal of Business Finance and Accounting, 32 (5).

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Abstract

We examine the announcement and post-acquisition share returns of UK acquirers in over 4,000 acquisitions of domestic, cross-border, public and private targets. Domestic public acquisitions result in negative announcement and post-acquisition returns, whilst cross-border public acquisitions result in zero announcement returns and negative post-acquisition returns. In contrast, both domestic and cross-border private acquisitions result in positive announcement returns and zero post-acquisition returns. The main differences between private and public acquisitions are that glamour acquirers underperform in public acquisitions but not in private acquisitions, and that acquirers using noncash methods of payment underperform in domestic public acquisitions but not in domestic private acquisitions. Overall, cross-border acquisitions result in lower announcement and long run returns than domestic acquisitions. In cross-border acquisitions, those involving high-tech firms perform relatively well, as do those with low national cultural differences.

Item Type: Article
Divisions : Faculty of Arts and Social Sciences > Surrey Business School
Authors :
AuthorsEmailORCID
Guest, PUNSPECIFIEDUNSPECIFIED
Cosh, AUNSPECIFIEDUNSPECIFIED
Conn, RUNSPECIFIEDUNSPECIFIED
Hughes, AUNSPECIFIEDUNSPECIFIED
Date : 31 July 2005
Identification Number : 10.1111/j.0306-686X.2005.00615.x
Additional Information : This is the peer reviewed version of the following article: Guest P, Cosh A, Conn R, Hughes A Journal of Business Finance and Accounting 32(5) 31 Jul 2005, which has been published in final form at http://dx.doi.org/10.1111/j.0306-686X.2005.00615.x
Depositing User : Symplectic Elements
Date Deposited : 25 Aug 2015 17:43
Last Modified : 25 Aug 2015 17:43
URI: http://epubs.surrey.ac.uk/id/eprint/714105

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