SHAREHOLDER RETURNS FOR INTERNATIONALMERGERS IN THE U.S.

The number of mergers in the U.S.A. increased from 2,339 in 1983 to 3,701 in 1987—an increase of 58.23 per cent. Over the same time period the value of mergers increased from $51.89 billion to $167.48 billion—an increase of 323 per cent. Merger activities of this magnitude can be expected to attract a great deal of attention, and they have.