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[Submitted to the list by Mark Stickle <stickle.11@buckeyemail.osu.edu>. - ed.] Maybe I am stating the obvious, but researchers looking at M&A transactions need to be aware that the legal structure of a transaction and the business purpose behind the combination are by no means identical. There are a variety of reasons (often having to do with debt covenants, regulatory issues, and the arcana of corporate governance) why the "target" in a transaction might formally be identified as the acquirer. Similarly, the name of the surviving organization will often say more about brand power than it does about true nature of the underlying transaction. When the "target" has a powerful brand, the acquirer will have every incentive to leverage its investment fully. Mark Stickle Ohio State University Stickle.11@osu.edu -- David A. Kirsch Senior Editor, H-Business
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