From: Cash holdings, corporate governance, and acquirer returns
Panel A. Deal characteristics | |||
---|---|---|---|
Private Target | 0.39 | Tender Offer | 0.07 |
Public Target | 0.26 | HighTech | 0.38 |
Hostile Deal | 0.03 | Industry M&A | 0.36 |
Cash Only | 0.43 | Deal Value($MM) | 666.1 [130.0] |
Stock Only | 0.13 | Relative Deal Size | 0.20 [0.07] |
Price Runup | 0.11 [0.03] | ||
Panel B. Acquirer characteristics | |||
Assets ($Mil) | 5,080 [1,612] | Free Cash Flow | 0.02 [0.04] |
MtoB | 2.02 [1.61] | Leverage | 0.20 [0.17] |
Panel C. Excess cash, industry NPM, and public pension fund ownership | |||
Excess Cash | 0.058 [0.220] | Industry NPM | 0.135 [0.117] |
Excess CashALT | 0.059 [0.225] | Pension Ownership | 0.022 [0.020] |