Value Creation through M&A in CEE, Greece, Turkey: An Empirical Study
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This research examines 350 M&A deals that were announced and completed in CEE, Turkey and Greece between 2000 and 2010. Descriptive statistics show that the majority of the deals announced during that period were cross-border in nature and the CEE, Turkey and Greece companies were the target in the majority of cross-border deals. The result of event studies support previous research with regards to M&A activity in emerging markets: M&A deals in CEE, Turkey and Greece create significant value for both the target, the bidder companies and for the combined entity. The analysis of value drivers sh...
This research examines 350 M&A deals that were announced and completed in CEE, Turkey and Greece between 2000 and 2010. Descriptive statistics show that the majority of the deals announced during that period were cross-border in nature and the CEE, Turkey and Greece companies were the target in the majority of cross-border deals. The result of event studies support previous research with regards to M&A activity in emerging markets: M&A deals in CEE, Turkey and Greece create significant value for both the target, the bidder companies and for the combined entity. The analysis of value drivers shows that cross-border deals create significantly less value than local deals. Moreover, transactions in which a CEE company enters a foreign market create less value amongst cross-border deals. We also find evidence that supports the agency theory of free cash flow: transactions announced during the credit crisis period in which firms held less cash create more value. Finally, there is strong evidence that intra-industry M&A deals have a more positive impact on equity value than inter-industry transactions.
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