Stock as a  method of payment in acquisition. Case study

Anna Wawryszczuk-Misztal

Abstract


The article presents payment methods used in mergers and acquisitions. The method of payment in acquisition is an important factor affecting synergetic benefits for the shareholders of target and bidder firms. In the case of stock –financed acquisitions, contrary to cash-financed, the shareholders of the target are at great risk as synergistic effects may never occur. In this context, the case study of Emperia and Eurocash is presented. The article attempts to assess the benefits for the Emperia shareholders in stock-financed acquisition. As the transaction was not conducted, it is difficult to state whether stock offer was profitable for Emperia shareholders.

Keywords


;mergers and acquisitions; method of payment; synergistic benefits

Full Text:

PDF (Język Polski)

References


Emery G.W., Switzer J.A., Expected Market Reaction and the Choice of Method of Payment for Acquisitions, “Financial Management” 1999, vol. 28, no. 4.

Frąckowiak W. (red.), Fuzje i przejęcia przedsiębiorstw, PWE, Warszawa 1998.

http://www.tvncnbc.pl/eurocash-upiera-sie-przy-swoim,224202.html (08.06.2013).

Lewandowski M., Kamiński M., Kulpa N., Olechowski W., Rybacki R., Strysik J., Steindel M., Fuzje i przejęcia w Polsce na tle tendencji światowych, WIG-Press, Warszawa 2001.

Martin K.J., The Method of Payment in Corporate Acquisitions, Investment Opportunities, and Management Ownership, “The Journal of Finance” 1996, vol. 51, no. 4.

Prospekt emisyjny z dnia 11.10.2010 r. – oferta akcji serii K skierowana do akcjonariuszy Emperia Holding SA z siedzibą w Lublinie, http://eurocash.pl/relacje-inwestorskie/prospekty-

emisyjne.html (22.05.2013).

Raporty bieżące Emperia Holding SA nr: 37/2010, 37/2010, 1/2011, 47/2011, 95/2011, 1/2011, 95/2011.

Raporty bieżące Eurocash SA nr: 64/2010, 70/2010, 48/2011, 54/2011.

Rappaport A., Wartość dla akcjonariuszy, WIG-Press, Warszawa 1999.

Różański J. (red.), Inwestycje rzeczowe i kapitałowe, Difin, Warszawa 2006.

Sudarsanam S., Fuzje i przejęcia, Wig-Press, Warszawa 1998.

Wawryszuk-Misztal A., Dezinwestycje przedsiębiorstw na przykładzie Grupy Handlowej Emperia, Annales UMCS, sectio H: Oeconomia, vol. XLVI, z. 4, Lublin 2012.




DOI: http://dx.doi.org/10.17951/h.2013.47.3.603
Date of publication: 2015-07-23 22:18:26
Date of submission: 2015-07-23 12:53:51


Statistics


Total abstract view - 773
Downloads (from 2020-06-17) - PDF (Język Polski) - 0

Indicators



Refbacks

  • There are currently no refbacks.


Copyright (c) 2015 Anna Wawryszczuk-Misztal

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.