AN ANALYSIS OF VALUE DESTRUCTION IN AT-AND-TS ACQUISITION OF NCR

• 成果类型: Article
• 署名作者: LYS, T; VINCENT, L
• 署名单位: University of Chicago
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/0304-405X(95)00831-X
• 发表日期: 1995
• 页码: 353-378
• 关键词: mergers; acquisitions; purchase; pooling

摘要

AT&T's $7,5 billion acquisition of NCR decreased the wealth of AT&T shareholders by between $3.9 billion and $6.5 billion and resulted in negative synergies of $1.3 to $3.0 billion, We find that AT&T paid a documented $50 million and possibly as much as $500 million to satisfy pooling accounting, thus boosting EPS by roughly 17% but leaving cash flows unchanged, We conclude that AT&T's decision to acquire NCR in what the market perceived as a value-destroying transaction was related at least in part to the 1984 consent decree with the Department of Justice that led to the break-up of AT&T.