期刊名称:Ovidius University Annals: Economic Sciences Series
电子版ISSN:2393-3127
出版年度:2017
卷号:17
期号:2
语种:English
出版社:Ovidius University Press
摘要:Mergers and acquisitions are performed worldwide mainly because of synergy. Although many invoke the term synergy as the key motivation of why they engage in M&As,research has led us to understand that it is not very clear in terms of what it actually is. In the scientific literature,synergy is mostly defined as being “2+2=5”. Thus,we first thought that it can only be a positive effect. But,latter on,we found out that synergy is not only positive,it can be negative as well,known as negative synergy or dyssynergy. The purpose of this paper is to shed some light on what is synergy,how can we quantify and classify it and why acquiring firms tend to pay more for the target firm. We believe that there is a link between the amount of premium paid for a target firm and the expectations for synergy.