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The Effects of Whether the Target Companies Take Defense Measures in Hostile Takeover on the Performances of Mergers and Acquisitions
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本研究以1999年至2008年Security Data Company（SDC）中全球敵意併購事件為樣本，研究發現當目標公司採取反併購防禦措施時，主併公司與其合併後無法產生長期之綜效效果，而股票市場上對於此併購宣告雖有給予正向預期，但仍未優於目標公司無採取防禦效果之累積平均異常報酬。
With the economic globalization and the trade liberalization is coming, companies begin to seek to merge with other companies in order to access to new technologies and capital to achieve rapid growth. M & A activity has become the means for international companies. Some companies in order to save consultation time, to tender offer or acquisition of proxies to conduct a hostile takeover. In order to avoiding becoming the next acquisition targets, the companies have also developed a set of anti-takeover defense measures, such as shark repellent, poison pill, seeking white knight et al.. This paper studies the effects of the target companies taking the anti-takeover defense measures when facing hostile takeover on the performance of acquiring companies. In addition, this study also investigated whether the hostile takeover can bring sustainable growth and increase shareholder interests for the acquiring companies.
In this study, data were collected from Security Data Company (SDC), which contained the world''s hostile takeover events covering the period 1999-2008. We found that when the target companies adopt anti-takeover defense measures, the acquiring companies cannot produce long-term synergy effects. Although the stock market gives the positive expectations for the acquisition announcement, the cumulative average abnormal returns (CAR) do not perform better than the target companies which do not take the defense measures.
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