We empirically investigate the sources, magnitude, and timing of synergy realization for 293 M&As by non-serial listed acquirers in Europe during 1997-2005. In contrast to much of the existing literature, we find that the shareholders of non-serial acquirers gain significantly upon deal...

We investigate how family ownership influences the industry-diversifying nature of M&As by listed companies in Continental Europe and the corresponding shareholder value effects at deal announcement. For a large sample of 3,485 M&As during 2005–2013, we observe that acquirers having a family...