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Safeway may have sparked a bidding frenzy, but history suggests that it could be a poisoned chalice for the winner … Professor Paul Guest of the Centre for Business Research at Cambridge University said: ‘Research shows that bids destroy value for acquiring companies and where there are competingbids the victors do even worse. ‘However, hostile bidders that avoid overpaying do best of all because the scope for cost-cutting and introducing changes can be greater.’

Read the full article [thisismoney.co.uk]