caa a22 4500 445862939 CHVBK 20180317145448.0 cr unu---uuuuu 170323e20110501xx s 000 0 eng 10.1007/s10997-009-9094-9 doi (NATIONALLICENCE)springer-10.1007/s10997-009-9094-9 Hamza Taher Institut Supérieur de Gestion, University of Sousse, Sousse, Tunisia aut Determinants of short-term value creation for the bidder: evidence from France [Elektronische Daten] [Taher Hamza] This paper analyses bidder short-term returns of 58 takeover bids that occur between 1997 and 2005 on the French market. Furthermore, the determinants of this performance are examined to improve understanding of the sources of value creation or destruction arising from M&A. This study reports that M&A are typically friendly, horizontal transaction, and relate to the entire target capital. The event study methodology is used to estimate bidder value creation. Three findings are shown in this study. First, we find strong evidence that the announcement of a takeover bid generates significant, high returns for the bidder with prebid blockholder position in the target (toehold) versus the bidder without toehold. In this case, there is a strong presumption that the synergies' motive is the prime reason for the offer. Second, these results show that bidders with low potential growth positively influence share price around the bid announcement. In addition, the growth profile of the target is associated with value creation for the bidder. Springer Science+Business Media, LLC., 2009 Merger & acquisition nationallicence Information asymmetry nationallicence Value creation nationallicence Toehold nationallicence Event study nationallicence Market model nationallicence Journal of Management & Governance Springer US; http://www.springer-ny.com 15/2(2011-05-01), 157-186 1385-3457 15:2<157 2011 15 10997 https://doi.org/10.1007/s10997-009-9094-9 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s10997-009-9094-9 text/html Onlinezugriff via DOI NATIONALLICENCE 100 1- Hamza Taher Institut Supérieur de Gestion, University of Sousse, Sousse, Tunisia aut NATIONALLICENCE 773 0- Journal of Management & Governance Springer US; http://www.springer-ny.com 15/2(2011-05-01), 157-186 1385-3457 15:2<157 2011 15 10997 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer