Bidder Returns & Operating Performance : A Study on Relatively Large Acquisitions by Nordic Public Firms
We analyze the bidder announcement returns and operating performance on relatively large acquisitions undertaken by Nordic public firms during the years 1998-2003. We find bidder announcement returns to have increased by a median 1.46%. Operating performance, on the other hand, has decreased by a median 2.13% compared to peers. We do not find any positive …