问题如下:
which of the following is not characteristic of M&A deals that create value?
选项:
A.The buyer is strong.
The number of bidders is high.
The transaction premiums are relatively low.
解释:
考点:Who Benefits From Merger
Acquirer stock returns are negatively related to the number of bidders. 所以bidders数量越少,return越高。
怎么解读问题?从哪个角度看出来是问Acquirer而不是问Target Company?