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題名 | Wealth Redistribution Effect in the Cross-Border Merger: A Case Study of British Telecommunications Plc and MCI Telecommunications Corporation= |
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作者 | 林美珍; Lin, Mei Chen; |
期刊 | 聯合學報 |
出版日期 | 19971100 |
卷期 | 15 1997.11[民86.11] |
頁次 | 頁587-613 |
分類號 | 555.77 |
語文 | eng |
關鍵詞 | 跨國企業; 合併; |
英文摘要 | On November 3, 1996, BT and MCI announce that they have signed a definitive merger agreement to create the world's first global communications company. The combined company, called Concert plc ("Concert"), will serve as parent to both BT and MCI, and will have headquarters in London and Washington DC. This decision had a substantial impact on the stock prices of the merging firms and its competitor, AT&T. On 4 November, the first trading day after the merger announcement, the value of BT and MCI rose 11.04% and 1.65% separately. However, for AT&T, stock price fell by 2.17% at the same time. The impressive increase in MCI stock price associated the merger announcement is not driven by a wealth transfer from debt holders. While there was some wealth redistribution from bondholders to stockholders for BT. On June 2, 1993, British Telecommunications plc (BT) announced that it would buy 20% of MCI Communications corporation for $4.3 billion and form an joint venture to provide global networks for multinational corporations. Furthermore, BT and MCI announced, on November 3 1996, that they have |
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