Abstract
As efficient means for reallocating assets within the economy, acquisitions affect both the ac quirers and their rivals. When news of a take over hits the market, the target firm's share price usually rises sharply while the acquiring firm's share price usually falls or remains constant. But what about the movement in rivals' share prices when the takeover announcement occurs? Can those movements be accounted for somehow? Several possible explanations exist for specific movement in rivals' share prices:
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