City Research Online

Abstract

Deal leaks are more common than one might expect, given the regulatory oversight of financial markets and laws governing insider trading. Before a public merger and acquisition (M&A) bid announcement, any noticeable surge in trading in the target company’s shares may suggest that market parties are privy to the proposed deal and seek to benefit from the attendant bid premium.
There will be exceptions. However, observing pre-announcement trading in a broad sample diversified by geography and industry provides convincing evidence that this exists and, further, offers insights into the nature of this trend.
The annual SS&C Intralinks M&A Leaks Report analyzes deal leaks globally from 2009-2019, with an emphasis on the findings of 2019, the most recent full year, compared with previous years. The analysis of data for this report was conducted together with The M&A Research Centre at The Business School (formerly Cass), City, University of London.

Publication Type:	Report
Additional Information:	© 2020 Intralinks, Inc. All Rights Reserved.
Subjects:	H Social Sciences > HG Finance
Departments:	Bayes Business School Bayes Business School > Finance
SWORD Depositor:	Symplectic Administrator

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