Table 2 Companies' excess returns,...

Table 2

Companies' excess returns, capitalization and takeovers' synergies (in 1,000 £)

	Acquirers			Targets			Total
Match	MKTCAP	ER %	ER £	MKTCAP	ER %	ER £	Synergy £
1	126,341	−0.0134	−1692.9694	14,196	−0.1125	−0.0134	−3290.0194
2	7,479	−0.1273	−952.0767	1,972	0.1747	−0.1273	−607.5683
3	13,448	0.05	672.4	42,168	0.0402	0.05	2367.5536
4	45,350	−0.0266	−1206.31	54,765	0.2841	−0.0266	14352.4265
5	1,228,081	−0.0215	−26403.7415	1,001,35	0.1909	−0.0215	−7287.97
6	70,443	−0.0469	−3303.7767	48,481	0.0266	−0.0469	−2014.1821
7	44,381	−0.0115	−510.3815	27,499	0.1655	−0.0115	4040.703
8	2,649,504	0.0167	44246.7168	762,038	0.1688	0.0167	172878.7312
9	180,059	0.0117	2106.6903	21,670	0.2078	0.0117	6609.7163
10	14,208,032	−0.0005	−7104.016	6,033,929	0.0037	−0.0005	15221.5213
11	5,029,878	−0.0603	−303301.6434	1,299,072	0.3455	−0.0603	145527.7326
12	674,573	0.0346	23340.2258	476,605	0.0445	0.0346	44549.1483
13	3,220,637	0.0386	124316.5882	269,752	0.305	0.0386	206590.9482
14	17,380,875	0.0846	1470422.025	4,026,939	0.1455	0.0846	2056341.65
15	1,205,382	−0.0883	−106435.2306	51,352	0.2115	−0.0883	−95574.2826
16	499,914	0.005	2499.57	26,700	0.2227	0.005	8445.66
17	7,051,719	−0.0085	−59939.6115	4,185,696	0.008	−0.0085	−26454.0435
18	2,048,654	0.0112	22944.9248	2,131,205	0.1079	0.0112	252901.9443
19	1,228,081	−0.0031	−3807.0511	507,793	0.0293	−0.0031	11071.2838
20	9,497,295	0.0484	459669.078	3,286,570	0.255	0.0484	1297744.428
21	949,162	0.0023	2183.0726	142,862	0.1108	0.0023	18012.1822
22	8,059,845	0.0559	450545.3355	8,285,113	0.2317	0.0559	2370206.018
23	8,273,775	0.0023	19029.6825	4,256,152	0.0514	0.0023	237795.8953
24	333,120	0.035	11659.2	46,196	0.3477	0.035	27721.5492
25	2,644,100	−0.0028	−7403.48	1,558,113	0.0155	−0.0028	16747.2715
26	1,999,712	−0.0272	−54392.1664	420,770	0.1065	−0.0272	−9580.1614
27	766,841	0.1189	91177.3949	133,316	0.1342	0.1189	109068.4021
28	8,081,728	0.0156	126074.9568	85,147	0.01	0.0156	126926.4268
29	1,987,431	−0.0058	−11527.0998	405,087	0.1592	−0.0058	52962.7506
30	205,708	0.0051	1049.1108	94,949	0.2226	0.0051	22184.7582
31	105,186	−0.1461	−15367.6746	105,349	−0.0001	−0.1461	−15378.2095
32	37,792,449	−0.0031	−117156.5919	385,409	0.3138	−0.0031	3784.7523
33	13,661	−0.2023	−2763.6203	15,481	−0.1388	−0.2023	−4912.3831
34	35,166	−0.0901	−3168.4566	13,221	0.2063	−0.0901	−440.9643

	Acquirers			Targets			Total
Match	MKTCAP	ER %	ER £	MKTCAP	ER %	ER £	Synergy £
1	126,341	−0.0134	−1692.9694	14,196	−0.1125	−0.0134	−3290.0194
2	7,479	−0.1273	−952.0767	1,972	0.1747	−0.1273	−607.5683
3	13,448	0.05	672.4	42,168	0.0402	0.05	2367.5536
4	45,350	−0.0266	−1206.31	54,765	0.2841	−0.0266	14352.4265
5	1,228,081	−0.0215	−26403.7415	1,001,35	0.1909	−0.0215	−7287.97
6	70,443	−0.0469	−3303.7767	48,481	0.0266	−0.0469	−2014.1821
7	44,381	−0.0115	−510.3815	27,499	0.1655	−0.0115	4040.703
8	2,649,504	0.0167	44246.7168	762,038	0.1688	0.0167	172878.7312
9	180,059	0.0117	2106.6903	21,670	0.2078	0.0117	6609.7163
10	14,208,032	−0.0005	−7104.016	6,033,929	0.0037	−0.0005	15221.5213
11	5,029,878	−0.0603	−303301.6434	1,299,072	0.3455	−0.0603	145527.7326
12	674,573	0.0346	23340.2258	476,605	0.0445	0.0346	44549.1483
13	3,220,637	0.0386	124316.5882	269,752	0.305	0.0386	206590.9482
14	17,380,875	0.0846	1470422.025	4,026,939	0.1455	0.0846	2056341.65
15	1,205,382	−0.0883	−106435.2306	51,352	0.2115	−0.0883	−95574.2826
16	499,914	0.005	2499.57	26,700	0.2227	0.005	8445.66
17	7,051,719	−0.0085	−59939.6115	4,185,696	0.008	−0.0085	−26454.0435
18	2,048,654	0.0112	22944.9248	2,131,205	0.1079	0.0112	252901.9443
19	1,228,081	−0.0031	−3807.0511	507,793	0.0293	−0.0031	11071.2838
20	9,497,295	0.0484	459669.078	3,286,570	0.255	0.0484	1297744.428
21	949,162	0.0023	2183.0726	142,862	0.1108	0.0023	18012.1822
22	8,059,845	0.0559	450545.3355	8,285,113	0.2317	0.0559	2370206.018
23	8,273,775	0.0023	19029.6825	4,256,152	0.0514	0.0023	237795.8953
24	333,120	0.035	11659.2	46,196	0.3477	0.035	27721.5492
25	2,644,100	−0.0028	−7403.48	1,558,113	0.0155	−0.0028	16747.2715
26	1,999,712	−0.0272	−54392.1664	420,770	0.1065	−0.0272	−9580.1614
27	766,841	0.1189	91177.3949	133,316	0.1342	0.1189	109068.4021
28	8,081,728	0.0156	126074.9568	85,147	0.01	0.0156	126926.4268
29	1,987,431	−0.0058	−11527.0998	405,087	0.1592	−0.0058	52962.7506
30	205,708	0.0051	1049.1108	94,949	0.2226	0.0051	22184.7582
31	105,186	−0.1461	−15367.6746	105,349	−0.0001	−0.1461	−15378.2095
32	37,792,449	−0.0031	−117156.5919	385,409	0.3138	−0.0031	3784.7523
33	13,661	−0.2023	−2763.6203	15,481	−0.1388	−0.2023	−4912.3831
34	35,166	−0.0901	−3168.4566	13,221	0.2063	−0.0901	−440.9643

Source(s): Eikon and authors’ own calculations of excess returns

[ViewLarge]

Sharing Unavailable