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  • November 2010 (Revised July 2011)
  • Case

Merck/Schering-Plough Merger (A)

By: David F. Hawkins
Students have to identify the acquirer in a business combination structured as a reverse merger. View Details
Keywords: Mergers and Acquisitions; Accounting
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Hawkins, David F. "Merck/Schering-Plough Merger (A)." Harvard Business School Case 111-017, November 2010. (Revised July 2011.)
  • Research Summary

Do Vertical Mergers facilitate Collusion?

Joint work with Volker Nocke, University of Pennsylvania In this paper we investigate the impact of vertical mergers on upstream firms' ability to sustain collusion. We show in a number of models that the net effect of vertical integration is to facilitate... View Details

  • August 2018 (Revised July 2020)
  • Supplement

The Fuji-Xerox Merger (B)

By: Guhan Subramanian and Annie Zhao
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Subramanian, Guhan, and Annie Zhao. "The Fuji-Xerox Merger (B)." Harvard Business School Supplement 919-005, August 2018. (Revised July 2020.)
  • May 28, 2015
  • Article

The Good Merger

By: Leemore S. Dafny and Thomas H. Lee
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Dafny, Leemore S., and Thomas H. Lee. "The Good Merger." New England Journal of Medicine 372, no. 22 (May 28, 2015): 2077–2079.
  • December 2014
  • Article

The Real Product Market Impact of Mergers

By: Albert Sheen
I document sources of value creation in mergers by analyzing novel data on the quality and price of goods sold by merging firms. When two competitors in a product market merge, their products converge in quality, and prices fall relative to the competition. These... View Details
Keywords: Value Creation; Quality; Price; Goods and Commodities; Mergers and Acquisitions
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Sheen, Albert. "The Real Product Market Impact of Mergers." Journal of Finance 69, no. 6 (December 2014).
  • February 2004
  • Article

Price Pressure Around Mergers

By: Mark Mitchell, T. Pulvino and Erik Stafford
Keywords: Price; Mergers and Acquisitions
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Mitchell, Mark, T. Pulvino, and Erik Stafford. "Price Pressure Around Mergers." Journal of Finance 59, no. 1 (February 2004): 31–63. (Nominated for Brattle Prize. First Prize Paper for outstanding papers on corporate finance published in the Journal of Finance presented by Brattle Group, Inc.)
  • August 2018
  • Supplement

The Fuji-Xerox Merger (C)

By: Guhan Subramanian and Annie Zhao
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Subramanian, Guhan, and Annie Zhao. "The Fuji-Xerox Merger (C)." Harvard Business School Supplement 919-006, August 2018.
  • 2002
  • Working Paper

Price Pressure Around Mergers

By: Mark Mitchell, Todd Pulvino and Erik Stafford
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Mitchell, Mark, Todd Pulvino, and Erik Stafford. "Price Pressure Around Mergers." Harvard Business School Working Paper, No. 03-029, September 2002.
  • Article

Estimation and Identification of Merger Effects: An Application to Hospital Mergers

By: Leemore S. Dafny
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Dafny, Leemore S. "Estimation and Identification of Merger Effects: An Application to Hospital Mergers." Journal of Law & Economics 52, no. 3 (August 2009): 523–550.
  • September 1988 (Revised January 1989)
  • Case

Unisys: The Merger of Burroughs and Sperry

Mike Blumenthal, CEO of Burroughs, successfully executes the merger of Burroughs and Sperry in 1986. The case discusses the putting together of the two firms in a fast time period in order to achieve cost savings, high earnings, and an integrated culture. Blumenthal... View Details
Keywords: Change Management; Organizational Structure; Mergers and Acquisitions; Consolidation
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Jick, Todd D. "Unisys: The Merger of Burroughs and Sperry." Harvard Business School Case 489-055, September 1988. (Revised January 1989.)
  • Article

Valuation Waves and Merger Activity: The Empirical Evidence

By: Matthew Rhodes-Kropf, David Robinson and S. Viswanathan
To test recent theories suggesting that valuation errors affect merger activity, we develop a decomposition that breaks the market-to-book ratio (M/B) into three components: the firm-specific pricing deviation from short-run industry pricing; sector-wide, short-run... View Details
Keywords: Valuation; Mergers and Acquisitions; Forecasting and Prediction; Price; Theory; Behavior
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Rhodes-Kropf, Matthew, David Robinson, and S. Viswanathan. "Valuation Waves and Merger Activity: The Empirical Evidence." Journal of Financial Economics 77, no. 3 (September 2005): 561–603.
  • Research Summary

Investigating the Economic Role of Mergers (with Erik Stafford)

What is the economic role of mergers? We investigate this issue by performing a comparative study of mergers and other forms of corporate investment, at the industry and firm levels. In our framework, merger activity is motivated by both firm- and industry-level... View Details
  • August 2002
  • Case

eBay (C): PayPal Merger

By: Frances X. Frei and Hanna Rodriguez-Farrar
Supplements the (A) case. View Details
Keywords: Mergers and Acquisitions; Internet; Web Services Industry; Financial Services Industry
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Frei, Frances X., and Hanna Rodriguez-Farrar. "eBay (C): PayPal Merger." Harvard Business School Case 603-042, August 2002.
  • June 2004 (Revised June 2004)
  • Case

Utah Symphony and Utah Opera: A Merger Proposal

By: Thomas J. DeLong and David L. Ager
Anne Ewers, general director of Utah Opera, is awaiting the decision of the members of the board of the Utah Symphony and Utah Opera about whether to merge Utah's top two arts organizations. If the vote favors the merger, Ewers will be asked to assume the helm of the... View Details
Keywords: Mergers and Acquisitions; Change Management; Organizational Culture; Human Resources; Management; Fine Arts Industry; Music Industry; Utah
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DeLong, Thomas J., and David L. Ager. "Utah Symphony and Utah Opera: A Merger Proposal." Harvard Business School Case 404-116, June 2004. (Revised June 2004.)
  • February 2014
  • Teaching Note

Mylan Lab's Proposed Merger with King Pharmaceuticals

By: Lucy White
Perry Capital owns shares in King and, to facilitate approval of the merger, buys shares in Mylan, whilst hedging out its economic exposure to Mylan's share price using derivatives. The price at which Mylan proposes to merge with King is generous to King shareholders,... View Details
Keywords: Mergers and Acquisitions; Voting; Ethics; Stock Shares; Investment; Lawsuits and Litigation; Ownership Stake
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White, Lucy. "Mylan Lab's Proposed Merger with King Pharmaceuticals." Harvard Business School Teaching Note 214-067, February 2014.
  • January 2006 (Revised May 2007)
  • Supplement

Endo Pharmaceuticals (B): Merger Decision

By: Richard G. Hamermesh and Brian DeLacey
Keywords: Mergers and Acquisitions; Pharmaceutical Industry
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Hamermesh, Richard G., and Brian DeLacey. "Endo Pharmaceuticals (B): Merger Decision." Harvard Business School Supplement 806-065, January 2006. (Revised May 2007.)
  • May 2014 (Revised June 2016)
  • Supplement

Mylan Lab's Proposed Merger with King Pharmaceuticals—courseware

By: Lucy White
Perry Capital owns shares in King and, to facilitate approval of the merger, buys shares in Mylan, whilst hedging out its economic exposure to Mylan's share price using derivatives. The price at which Mylan proposes to merge with King is generous to King shareholders,... View Details
Keywords: Mergers and Acquisitions; Voting; Ethics; Stock Shares; Investment; Lawsuits and Litigation; Ownership Stake
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White, Lucy. "Mylan Lab's Proposed Merger with King Pharmaceuticals—courseware." Harvard Business School Spreadsheet Supplement 214-709, May 2014. (Revised June 2016.)
  • February 2014 (Revised June 2016)
  • Case

Mylan Laboratories' Proposed Merger with King Pharmaceutical

By: Lucy White and Matt Kozlowski
Perry Capital owns shares in King and, to facilitate approval of the merger, buys shares in Mylan, whilst hedging out its economic exposure to Mylan's share price using derivatives. The price at which Mylan proposes to merge with King is generous to King shareholders,... View Details
Keywords: Mergers and Acquisitions; Voting; Ethics; Stock Shares; Investment; Lawsuits and Litigation; Ownership Stake
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White, Lucy, and Matt Kozlowski. "Mylan Laboratories' Proposed Merger with King Pharmaceutical." Harvard Business School Case 214-078, February 2014. (Revised June 2016.)
  • February 1999
  • Article

Interest-Rate Exposure and Bank Mergers

By: B. C. Esty, Bhanu Narasimhan and Peter Tufano
Keywords: Mergers and Acquisitions; Interest Rates; Banking Industry
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Esty, B. C., Bhanu Narasimhan, and Peter Tufano. "Interest-Rate Exposure and Bank Mergers." Journal of Banking & Finance 23, nos. 2-4 (February 1999): 255–285.
  • January 2018 (Revised February 2019)
  • Case

Merger Arbitrage at Tannenberg Capital

By: Samuel G. Hanson
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Hanson, Samuel G. "Merger Arbitrage at Tannenberg Capital." Harvard Business School Case 218-065, January 2018. (Revised February 2019.)
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