German Mergers & Acquisitions in the USA by Wübben B. PDF

By Wübben B.

Mergers and acquisitions within the country are a massive strategic ability for German businesses of their pursuit of changing into worldwide gamers. the numerous quantity of such cross-border transactions displays the corporations' expectancies of constructing worth within the world's most vital customer marketplace. Did the German acquirers achieve their transatlantic jump?

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2000), p. 17. See TRAUTWEIN (1990), p. 284. See MALATESTA (1983), p. 157. 22 Conceptual framework In explaining the empirical success of acquisitions, the literature frequently does not differentiate between the efficiency and synergy hypotheses. 135 It is further diminished through the hubris hypothesis by ROLL (1986), who comments on the impact of arrogance of the acquirer’s management in identifying supposedly undervalued targets. 136 Market power is defined as “… the ability of a market participant or 129 130 131 132 133 134 135 136 See for example TRAUTWEIN (1990).

5. See BERENS ET AL. (2005), p. 35f. See BRUNER (2004a), p. 433. See RAPPAPORT and SIROWER (1999), p. 148f. Transactions primarily financed with debt are commonly referred to as leveraged buyouts, see JANSEN (2001), p. 57-60. In practice the term leveraged buyout (“LBO”) is usually reserved for acquisitions of public targets in which the company becomes private (so-called “going private”); one version of the LBO is the management buy-out, in which the acquirer of the target is its own management, see GAUGHAN (1999), p.

94. See BEITEL (2002), p. 23. See BÜHNER and SPINDLER (1986), p. 605. LEWELLEN (1971) established the financial theory of corporate diversification (also referred to as “coinsurance hypothesis”, see HIGGENS and SCHALL (1975)). An entity’s debt capacity is defined as the maximum amount of debt that can be raised at any given interest rate, see WESTON and CHUNG (1983), p. 4. 160 The two major rational motives linked in the M&A context to this theory are the managerialism hypothesis, which is based on MUELLER (1969), and the free cash flow hypothesis by JENSEN (1986).

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