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This paper presents clinically-based studies of two acquisitions that received very different stock market reactions at announcement one positive and one negative. Despite the differing market reactions, we find that ultimately neither acquisition created value overall. In exploring the reasons for the acquisition outcomes, we rely primarily on interviews with managers and on internally generated performance data. We compare the results of these analyses to those from analyses of post-acquisition operating and stock price performance traditionally applied to large samples. We draw two primary conclusions. (1) Our findings highlight the difficulty of implementing a successful acquisition strategy and of running an effective internal capital market. Post-acquisition difficulties resulted because: (a) managers of the" acquiring company did not deeply understand the target company at the time of the acquisition; (b) the acquirer imposed an inappropriate organizational design on the target as part of the post-acquisition integration process; and (c) inappropriate management incentives existed at both the top management and division levels. (2) Measures of operating performance used in large sample studies are weakly correlated with actual post-acquisition operating performance."

Consolidation and merger of corporations --- Accounting.

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Consolidation and merger of corporations --- Law and legislation

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Financial organisation --- Overdracht van de ondernemingen --- Sale of business enterprises --- Vente des entreprises --- Verkoop van de ondernemingen --- Consolidation and merger of corporations --- Management --- Business enterprises --- Purchasing --- Consolidation and merger of corporations - Management. --- Business enterprises - Purchasing. --- Sale of business enterprises.

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Competition, International. --- Foreign trade regulation. --- International cooperation. --- Consolidation and merger of corporations. --- Concurrence internationale --- Commerce extérieur --- Coopération internationale --- Entreprises --- Réglementation --- Fusion --- International economic relations

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Company law. Associations --- European Union --- Private companies --- Corporation law --- Sociétés à responsabilité limitée --- Sociétés --- Droit --- Consolidation and merger of corporations --- Strategic alliances (Business) --- Corporate reorganizations --- Law and legislation --- -Strategic alliances (Business) --- -Consolidation and merger of corporations --- -Acquisition of corporations --- Acquisitions and mergers --- Amalgamation of corporations --- Business combinations --- Business mergers --- Buyouts, Corporate --- Corporate acquisitions --- Corporate buyouts --- Corporate mergers --- Corporate takeovers --- Corporations --- Fusion of corporations --- Hostile takeovers of corporations --- M & A (Mergers and acquisitions of corporations) --- Merger of corporations --- Mergers and acquisitions of corporations --- Mergers, Corporate --- Takeovers, Corporate --- Golden parachutes (Executive compensation) --- Industrial concentration --- Trusts, Industrial --- Alliances in business --- Business alliances, Strategic --- Corporate alliances --- Strategic business alliances --- Strategic corporate alliances --- Strategic partnerships (Business) --- Partnership --- Business networks --- Reorganization of corporations --- Industrial management --- -Law and legislation --- Consolidation --- Mergers --- Reorganization --- Sociétés à responsabilité limitée --- Sociétés --- Europe --- Consolidation and merger of corporations - Law and legislation --- Strategic alliances (Business) - Law and legislation - European Union countries --- Corporate reorganizations - European Union countries --- DROIT DES SOCIETES --- EUROPE