Türkiye pazarında şirket birleşmeleri ve devralmalarının karakteristikleri: 2004 sonrası dönem

This study aims to analyze the value creation and destruction trends related to corporate takeovers, mergers and acquisitions in the Turkish market which became an attractive investment location in terms of merger activity especially after 2004 empowered with the global liquidity boost and desire for alternative high return investments. Cumulative abnormal returns (CARs) on the stock prices of the merger parties around the merger announcement day are calculated to be able to quantify the marginal value attached to the potential synergies to be achieved. Data is collected for 171 transactions involving publicly listed firms who bid on Turkish targets, and 67 publicly listed Turkish firms who were bid on. It is found that an average target firm experiences a significant positive abnormal return where an average bidder breaks even. Also, while industrial focus strategies create value for bidding firms, geographical diversification is associated with marginal negative returns. Gaining the majority control of the target firm also destroys value for the bidding firm; however this negative marginal effect is associated only with foreign firms. Also, a high market-to-book ratio may indicate over-valuation and can result in value destruction following a merger transaction. Another significant characteristic is the relative size of the merger parties, as smaller firms acquiring bigger targets gain more on average. Finally, the study finds that the market sees successive minor non-horizontal acquisitions as portfolio diversification that might create investor value.