Panel A: Overall Sample | |||||||||||
Assets (in millions) | Sales (in millions) | ROA | S/A | ||||||||
Acquirer | Target | Acquirer | Target | Acquirer | Target | Acquirer | Target | ||||
Mean | 199.77 | 24.24 | 73.63 | 12.11 | 0.10 | 0.04 | 1.04 | 0.92 | |||
Median | 21.65 | 5.22 | 19.67 | 3.63 | 0.10 | 0.05 | 0.93 | 0.80 | |||
Minimum | 0.09 | 0.00 | 0.11 | 0.00 | −0.47 | −0.19 | 0.37 | 0.00 | |||
Maximum | 2,915.40 | 466.78 | 1,391.64 | 195.79 | 0.24 | 0.23 | 2.58 | 3.11 | |||
N | 62 | 66 | 62 | 66 | 62 | 66 | 62 | 65 | |||
Panel B: Group Mergers | |||||||||||
Assets (in millions) | Sales (in millions) | ROA | S/A | ||||||||
Acquirer | Target | Acquirer | Target | Acquirer | Target | Acquirer | Target | ||||
Mean | 148.87 | 23.36 | 62.50 | 16.37 | 0.09 | 0.04 | 0.97 | 0.91 | |||
Median | 24.26 | 9.33 | 20.04 | 4.24 | 0.10 | 0.06 | 0.90 | 0.74 | |||
Minimum | 0.09 | 0.11 | 0.11 | 0.00 | -0.47 | -0.19 | 0.37 | 0.09 | |||
Maximum | 1,302.06 | 308.22 | 657.87 | 195.79 | 0.24 | 0.23 | 2.23 | 3.11 | |||
N | 38 | 39 | 38 | 39 | 38 | 39 | 38 | 39 | |||
Panel C: Non-Group Mergers | |||||||||||
Assets (in millions) | Sales (in millions) | ROA | S/A | ||||||||
Acquirer | Target | Acquirer | Target | Acquirer | Target | Acquirer | Target | ||||
Mean | 281.53 | 24.92 | 94.36 | 6.01 | 0.10 | 0.04 | 1.16 | 0.89 | |||
Median | 8.78 | 2.50 | 12.78 | 2.30 | 0.10 | 0.03 | 1.01 | 0.84 | |||
Minimum | 1.31 | 0.00 | 0.84 | 0.00 | 0.02 | −0.18 | 0.48 | 0.00 | |||
Maximum | 2,915.40 | 466.78 | 1,391.64 | 29.80 | 0.19 | 0.18 | 2.58 | 2.60 | |||
N | 23 | 26 | 23 | 26 | 23 | 26 | 23 | 26 | |||
Panel D: Related Mergers | |||||||||||
Assets (in millions) | Sales (in millions) | ROA | S/A | ||||||||
Acquirer | Target | Acquirer | Target | Acquirer | Target | Acquirer | Target | ||||
Mean | 247.04 | 27.96 | 85.69 | 14.57 | 0.09 | 0.05 | 1.00 | 0.97 | |||
Median | 24.26 | 5.22 | 19.63 | 4.11 | 0.10 | 0.06 | 0.88 | 0.86 | |||
Minimum | 0.09 | 0.00 | 0.11 | 0.00 | −0.47 | −0.18 | 0.37 | 0.00 | |||
Maximum | 2,915.40 | 466.78 | 1,391.64 | 195.79 | 0.24 | 0.23 | 2.58 | 3.11 | |||
N | 46 | 50 | 46 | 50 | 46 | 50 | 46 | 50 | |||
Panel E: Unrelated Mergers | |||||||||||
Assets (in millions) | Sales (in millions) | ROA | S/A | ||||||||
Acquirer | Target | Acquirer | Target | Acquirer | Target | Acquirer | Target | ||||
Mean | 63.85 | 12.61 | 38.96 | 4.42 | 0.11 | 0.00 | 1.15 | 0.69 | |||
Median | 17.32 | 5.14 | 19.80 | 1.18 | 0.10 | 0.02 | 0.98 | 0.64 | |||
Minimum | 1.64 | 0.20 | 1.19 | 0.00 | 0.04 | −0.19 | 0.38 | 0.09 | |||
Maximum | 410.60 | 49.47 | 361.85 | 34.26 | 0.17 | 0.10 | 2.56 | 1.84 | |||
N | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | |||
Panel F: BIFR Mergers | |||||||||||
Assets (in millions) | Sales (in millions) | ROA | S/A | ||||||||
Acquirer | Target | Acquirer | Target | Acquirer | Target | Acquirer | Target | ||||
Mean | 590.08 | 61.77 | 42.00 | 4.40 | 0.11 | −0.04 | 0.89 | 0.59 | |||
Median | 251.15 | 14.83 | 25.02 | 0.61 | 0.11 | −0.02 | 0.88 | 0.64 | |||
Minimum | 11.33 | 0.00 | 1.89 | 0.00 | 0.02 | −0.19 | 0.48 | 0.00 | |||
Maximum | 2,915.40 | 466.78 | 134.62 | 29.80 | 0.21 | 0.06 | 1.33 | 1.13 | |||
N | 10 | 11 | 10 | 11 | 10 | 11 | 10 | 11 | |||
Panel G: Non-BIFR Mergers | |||||||||||
Assets (in millions) | Sales (in millions) | ROA | S/A | ||||||||
Acquirer | Target | Acquirer | Target | Acquirer | Target | Acquirer | Target | ||||
Mean | 124.71 | 16.73 | 79.71 | 13.65 | 0.09 | 0.05 | 1.07 | 0.97 | |||
Median | 14.37 | 4.26 | 19.67 | 4.06 | 0.10 | 0.07 | 0.96 | 0.83 | |||
Minimum | 0.09 | 0.11 | 0.11 | 0.00 | −0.47 | −0.18 | 0.37 | 0.02 | |||
Maximum | 2,835.74 | 308.22 | 1,391.64 | 195.79 | 0.24 | 0.23 | 2.58 | 3.11 | |||
N | 52 | 55 | 52 | 55 | 52 | 55 | 52 | 55 |