DYNAMICS OF ACQUISITION PREMIA IN MERGERS AND ACQUISITIONS: A FOCUS ON THE ITALIAN MARKET

The aim of this thesis is to investigate the difficult area of acquisition premium and its impact on mergers and acquisitions (M&As) deals between companies. A focus on the Italian market follows. The method used for the theorical aspect of this paper is essentially based on both historic and present research: from the collection of previously conducted studies to the recent findings of Professor Francesco Baldi and Antonio Salvi on the determinants of the size of acquisition premium, as gaining control tool. On the other hand, as concerned the case study reported as evidence of takeover premium, archival documents and well-founded journal article are examined for describing the merger case between Intesa San Paolo and UBI Banca, as recent example on the importance of the acquisition premium in the Italian banking sector. Moreover, the following paper introduces whether M&As are value creation activities (how this value is distributed among stakeholders) and the operating and financial synergies deriving from these operations.