Mergers and Acquisitions: Do They Create or Destroy Value?
- Extra Reading
Mergers and acquisitions (M&A) are perhaps the most important decisions that a company ever faces, yet very many deals destroy substantial value.
This talk will discuss the correct and incorrect motives for M&A, using both examples and large-scale evidence. It will discuss the conflicts of interest that may lead investment banks to persuade clients to do value-destroying deals, and ways to motivate these conflicts. It will also critically analyse policy proposals to reform M&A, e.g. a national interest test.
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