Mergers and Acquisitions. Arzac, Chapter 9. Mergers. many people including Warren Buffett have expressed skepticism of the power of mergers:
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Arzac, Chapter 9
** Weston, Siu, and Johnson (2001)
or pC = (VA + VT + Synergies – Cash)/(n + m)
where n = # of old shares of acquirer
and m = # of shares issued to target shareholders