Pushy dealmakers ignore their best M&A advisers johnsfoley
AbbVie said on June 25 it had agreed to buy Allergan, the U.S. maker of the drug Botox, for about $63 billion. AbbVie’s cash and stock deal would give the target’s owners 17% of the merged company.
Occidental Petroleum agreed on May 9 to buy rival oil producer Anadarko Petroleum for $38 billion in cash and shares. Anadarko investors would emerge with 16% of the combined group. Companies that announce deals that do not give shareholders a vote experience on average 3% lower early market returns and involve higher offer prices than those that do give investors a say, according to an updated study published in 2018 by the European Corporate Governance Institute.
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