Re:The Long-Term Stock Exchange Opens for Business
by QuesnayJr on Wednesday September 09, 2020 @10:56AM
(#24421695)
The evidence is that the merged firm is worth more than the two component firms, but it's the target that reaps the gains. This suggests that acquirers tend to overpay.
See page 111 of this survey paper: https://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.15.2.103