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The Guardian: Synergies, strategies and all that jazz

Hostile takeovers can bring out the best and worst of boardroom politics. But they often fail to create value for the shareholder … A recent paper by two Cambridge academics, Andy Cosh and Paul Guest, concludes rather bleakly both that “friendly takeovers appear to be a manifestation of managerial failure in the bidder” and “hostile takeovers do not constitute an effective disciplinary device for underperforming companies.”

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