How Much is That Steel Mill in the Wind…

photo by Till Krech If pride often goeth before a fall, it also often comes before profit. It has long been observed and measured that more often than not, acquiring companies overpay when they bid for other companies. The personal pride at stake in winning a bid invested by those who run the acquirer often account for more of the acquisition price premium than the synergies that are supposed to come from a merger.

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