Single Sourcing Financing and Advice in M&A. An Event Study of Selected Non-Financial Companies Listed on Nasdaq Stockholm

Sammanfattning: This thesis is done in collaboration with Nordea Corporate Finance. It was borne out of the need to examine the effect single sourcing acquisition deals has on value creation for acquiring shareholders. A short-term event study methodology with varying event windows was employed to empirically test this effect. The sample is made up of 69 M&A deals involving non-financial firms listed on Nasdaq Stockholm between 2000 and 2020. To measure if single sourced deals created more value than deals that were not, the study focuses on abnormal returns following the announcement of an acquisition. The results suggest that, contrary to general findings, mergers and acquisitions created value, in terms of abnormal returns, for the shareholders of the observed acquiring firms. However, outcomes from the cross-sectional regressions fail to provide sufficient evidence to support the notion that single sourced deals influence the creation of more value for acquiring shareholders than multiple sourced deals.