Unveiling Synergy Gains in Divestitures Using Options Market Information1
利用股票和期权信息，分解并衡量市场对资产剥离价值创造的预期，发现剥离为收购方和出售方带来超过10亿美元的经济协同收益，且剥离创造的价值可能超过并购。
ABSTRACT We use stock and options information to decompose and provide a practical measure of the market's beliefs about the different sources of value creation from divestitures. We find that divestitures generate economically significant synergy gains that exceed $1 billion for both acquirers and sellers. These gains are partially offset by negative new information that the divestiture announcement reveals about their stand‐alone value. In contrast to prior findings, which indicate that divestitures create little to no value, we find that divestitures create significant value, and they can serve as an important strategic tool, which can create more value than mergers and acquisitions.