de deal (EUR) Zelfde industrie?

(1)

-1-

Appendix

Tabel 6: Overzicht onderzochte overnames

Aankoper Overgenomen bedrijf Datum Waarde van

de deal (EUR) Zelfde industrie?

Binnen- landse

transactie?

^Relatievegrootte

CAR

Aalberts Industries NV Senior Heat Treatment Ltd 5/5/1999 37.878.800 nee nee 10%

-6,40%

Aalberts Industries NV IMI Woeste SL 7/22/2002 102.303.820 nee nee 33%

-23,37%

Aalberts Industries NV Pegler Holdings Ltd 8/26/2005 67.117.400 nee nee 7%

-1,07%

ABN Amro Holding NV Michigan National Corp 11/23/2000 3.069.000.000 ja nee 9%

-4,91%

ABN Amro Holding NV Delbruck & Co. 11/7/2002 60.000.000 ja nee 0%

1,32%

ABN Amro Holding NV Banco Sudameris Brasil SA 6/16/2003 643.302.930 ja nee 2%

-4,17%

ABN Amro Holding NV Bankhaus BethmannMaffei OHG 12/10/2003 110.000.000 ja nee 0%

-2,50%

ABN Amro Holding NV Banca Antoniana Popolare Veneta

SpA 12/23/2005 2.100.000.000 ja nee 17%

0,15%

Aegon NV Seguros Navarra SA 11/22/2005 42.000.000 ja nee 1%

-0,62%

Akzo Nobel NV Scholl plc's cleansing product

brand Septivon 1/9/1997 19.056.130 nee nee 0%

0,19%

Akzo Nobel NV Marshall Boya Ve Vernik Sanayi

AS 3/19/1998 63.834.080 ja nee 1%

-5,21%

Akzo Nobel NV Sico Inc. 4/5/2006 199.724.480 ja nee 2%

0,92%

ASM International NV Genitech Ltd 4/26/2004 15.200.000 ja nee 2%

-0,09%

ASML Holding NV Silicon Valley Group Inc. 10/2/2000 1.800.000.000 ja nee 12%

-4,26%

Athlon Groep NV CC Raule GmbH & Co. KG 12/24/1997 22.689.010 ja nee 13%

2,06%

Athlon Groep NV Unilease 5/17/2004 31.275.000 ja ja 25%

-0,15%

BE Semiconductor Industries

NV Datacon Technology AG 11/11/2004 72.600.000 nee nee 58%

8,41%

Beter Bed Holding NV Gigante del Colchon, El 4/27/2005 6.000.000 ja nee 3%

13,38%

Blue Fox Enterprises NV Nedgraphics Holding NV 7/3/2001 39.000.000 ja ja 178%

2,17%

(2)

-2-

Centrale Suiker Maatschappij

NV FIMA Produtos Alimentares SA's

Lisbon operations 5/13/2002 30.000.000 ja nee 1%

2,43%

NV Glucona BV 9/26/2002 35.000.000 ja ja 2%

-3,40%

NV Carpro Inc. 1/8/2003 279.742.600 nee nee 16%

3,08%

NV Unilever Group's Hungarian

baking-ingredients business 5/20/2003 5.100.000 ja nee 0%

0,60%

Corio NV Marques Avenue's Cholet outlet 3/23/2006 26.000.000 nee nee 1%

-3,92%

Corus Group plc Precoat International plc 11/6/2002 11.178.820 nee ja 0%

13,85%

Corus Group plc Lusosider - Acos Planos SA 4/22/2003 10.840.000 ja nee 5%

43,70%

Corus Group plc Lusosider - Projectos Siderurgicos

SA 6/19/2003 10.840.000 ja nee 3%

0,15%

Corus Group plc Segal SCRL 7/16/2003 25.000.000 ja nee 5%

20,33%

Crucell NV Berna Biotech AG 12/1/2005 374.486.910 ja nee 43%

-12,41%

Delft Instruments NV Oncology Software Solutions 2/11/2003 21.582.300 nee nee 22%

4,75%

DNC De Nederlanden

Compagnie NV Axioma Business Group BV 9/16/2004 7.500.000 ja ja 294%

2,10%

DPA Flex Group NV Falanx Finance BV 9/27/2005 4.000.000 ja ja 10%

3,02%

DPA Flex Group NV Flex Group Nederland BV 12/15/2005 22.470.000 ja ja 52%

0,58%

EADS NV Racal Instruments Inc. 10/6/2004 104.936.000 nee nee 1%

1,62%

EADS NV Nokia Oyj's Professional Mobile

Radio (PMR) business 4/5/2005 90.000.000 nee nee 0%

1,50%

Eriks Group NV Metaalhandel Verhoestraete's

industrial business activities 1/10/2004 2.000.000 ja nee 2%

3,47%

Eriks Group NV Steinebronn Industrietechnik

GmbH & Co. KG 4/27/2004 8.900.000 ja nee 8%

3,85%

Fortis NV Bernheim-Comofi SA 4/24/2002 525.000.000 nee ja 2%

-3,39%

(3)

-3-

Aankoper Overgenomen bedrijf Datum Waarde van

de deal (EUR) Zelfde industrie?

Binnen- landse

transactie?

CAR

Fortis NV Millenniumbcp-Fortis Grupo

Segurador 1/5/2005 510.000.000 ja nee 4%

1,16%

Fortis NV Disbank SA 4/12/2005 880.000.000 ja nee 3%

0,87%

Fugro NV Nuon NV's computerising cable

and pipeline records activities 8/21/1998 22.689.010 nee ja 6%

9,96%

Fugro NV Oceanor Holding ASA 2/6/2003 5.083.080 nee nee 1%

-5,15%

Fugro NV Thales GeoSolutions group Ltd's

survey and geotechnical activities 11/19/2003 147.500.000 ja nee 23%

4,82%

Fugro NV GEO Solutions 11/30/2003 147.500.000 ja nee 21%

-13,85%

Getronics NV Ordina NV's data service activities 9/21/2004 4.000.000 ja ja 0%

-6,79%

Getronics NV PinkRoccade NV 2/3/2005 350.000.000 ja ja 39%

-1,21%

Geveke NV Koninklijke Landre & Merrem

NV 7/2/1999 68.000.000 ja ja 44%

8,74%

Grontmij NV Carl Bro A/S 7/12/2006 163.570.270 ja nee 59%

-5,13%

Hagemeyer NV Pacific Dunlop Ltd's electrical

distribution business in Australia 8/1/2000 214.818.060 ja nee 7%

6,23%

Heineken NV Karlovacka Pivovara dd 1/14/2003 79.682.400 ja nee 1%

-5,17%

Hunter Douglas NV Eclipse Blind Systems Ltd 9/3/2002 24.552.920 ja nee 2%

0,12%

Hunter Douglas NV Mermet Industries SA 7/28/2005 19.158.000 nee nee 1%

-0,51%

Imtech NV Farnest Engineering BV 8/29/2002 300.000 ja ja 0%

2,38%

Imtech NV ASPark SA's certain car park

maintenance activities 9/28/2004 300.000 nee nee 0%

-1,19%

Imtech NV Goodmarriott & Hursthouse Ltd 6/21/2005 10.000.000 ja nee 1%

-0,36%

Imtech NV Radio Holland Group BV 3/16/2006 47.000.000 nee ja 5%

12,30%

ING Groep NV Equitable Life of Iowa 7/8/1997 1.955.756.210 ja nee 4%

8,19%

ING Groep NV Banque Bruxelles Lambert SA 11/12/1997 4.262.295.080 ja nee 16%

0,15%

(4)

-4-

ING Groep NV BHF Bank AG 8/13/1999 2.060.000.000 ja nee 8%

8,79%

ING Groep NV Allianz of Canada Inc. 10/11/2004 228.193.030 ja nee 0%

1,69%

ING Groep NV VSP Tatry AS 6/6/2005 35.000.000 ja nee 0%

-0,91%

InnoConcepts NV Tooling and Engineering Alliance 1/5/2006 7.500.000 ja nee 5%

10,39%

Koninklijke Ahold NV ICA Ahold AB 12/9/1999 1.981.591.770 ja nee 22%

-9,52%

Koninklijke Ahold NV US Foodservice Inc. 3/7/2000 3.754.301.800 ja nee 18%

-7,52%

Koninklijke Ahold NV Grand Union's 56 stores and 8

sites 11/28/2000 139.480.800 ja nee 0%

1,78%

Koninklijke BAM NBM NV HBG Hollandsche Beton Groep

NV 6/11/2002 709.600.000 ja ja 279%

12,30%

Koninklijke DSM NV Roche Holding AG's vitamin

business 9/3/2002 1.750.000.000 ja nee 41%

2,34%

Koninklijke DSM NV NeoResins 12/14/2004 515.000.000 ja ja 11%

2,29%

Koninklijke KPN NV SNT Groep NV 2/14/2000 42.000.000 ja ja 1%

-16,63%

Koninklijke KPN NV Spectet 10/28/2000 92.967.820 ja nee 0%

-10,02%

Koninklijke KPN NV Telfort NV 6/28/2005 1.120.000.000 ja ja 1%

5,47%

Koninklijke KPN NV TDINL BV 6/2/2006 69.000.000 ja ja 0%

3,17%

Koninklijke Nedlloyd NV P&O Nedlloyd Container Line

Ltd 2/2/2004 485.000.000 ja nee 161%

-8,13%

Koninklijke Numico NV Efamol Ltd 11/13/1998 22.843.430 ja nee 1%

-2,56%

Koninklijke Numico NV Rexall Sundown Inc. 5/1/2000 1.638.540.000 ja nee 26%

1,45%

Koninklijke Numico NV Valio Oy's infant meal production

business 5/24/2004 57.000.000 ja nee 1%

-2,07%

Koninklijke Numico NV Mellin SpA 2/28/2005 400.000.000 ja nee 8%

-0,70%

Koninklijke Numico NV EAC Nutrition Ltd. A/S 11/14/2005 1.215.640.830 ja nee 21%

-0,52%

Koninklijke Numico NV Golden Circle Ltd's baby food

business 6/19/2006 12.837.520

ja nee 0%

-1,94%

(5)

-5-

Aankoper Overgenomen bedrijf Datum Waarde van

de deal (EUR) Zelfde industrie?

Binnen- landse

transactie?

CAR

Koninklijke Philips

Electronics NV InterTrust Technologies

Corporation 11/13/2002 363.855.500 nee nee 2%

3,73%

Koninklijke Philips

Electronics NV Stentor Inc. 8/5/2005 224.674.800 nee nee 1%

-2,87%

Koninklijke Philips

Electronics NV Lifeline Systems Inc. 1/19/2006 622.950.000 ja nee 2%

2,56%

Koninklijke Ten Cate NV Southern Mills Inc. 3/9/2004 30.463.200 ja nee 14%

-1,00%

KPNQwest NV Global TeleSystems Europe BV 10/19/2001 645.000.000 ja ja 66%

14,01%

Oce NV Archer Management Services 11/24/1997 52.631.600 ja nee 3%

10,64%

Oce NV Imagistics International Inc. 9/16/2005 624.764.400 nee nee 51%

-3,28%

Ordina NV Devote NV 7/16/2001 16.300.000 ja ja 2%

-0,42%

Ordina NV TVW Group BV 11/25/2003 20.492.000 ja ja 7%

7,02%

Randstad Holding NV Unidad de Mantenimiento Ocupacional Umano Empresa de Trabajo Temporal SA

9/29/2000 139.495.000 ja nee 3%

7,45%

Reed Elsevier plc Colofon BV 1/20/1997 44.016.680 ja ja 0%

-0,51%

Reed Elsevier plc MDL Information Systems Inc. 3/25/1997 239.964.710 nee nee 3%

2,63%

Reed Elsevier plc Chilton Business Group 6/23/1997 443.424.000 ja nee 4%

0,16%

Reed Elsevier plc Editions Masson SAS 5/26/2005 270.000.000 ja nee 3%

-0,40%

Rodamco Europe NV Eroski Sociedad Cooperativa Limitada de Consumo's Valladolid Supermarket

4/23/2002 27.731.650 nee nee 1%

1,85%

Rodamco Europe NV DZ- Donauzentrum Besitz- und

Vermietungs AG 12/22/2003 270.000.000 ja nee 7%

-1,82%

Rodamco Europe NV Stadshart Amstelveen Beheer BV 5/19/2005 296.000.000 ja ja 6%

2,52%

Rodamco North America NV Urban Shopping Centres Inc 9/26/2000 3.981.264.640 nee nee 217%

-4,22%

Sligro Beheer NV VEN Groothandelcentrum BV 7/23/2004 36.500.000 ja ja 6%

9,89%

(6)

-6-

Stork NV SP Aerospace and Vehicle

Systems BV 9/2/2004 3.000.000 ja ja 0%

-1,01%

Stork NV Corrocean Ltd 4/5/2006 4.441.170 nee nee 0%

-0,88%

Telegraaf Media Groep NV Sky Radio BV 2/1/2006 190.000.000 nee ja 19%

5,61%

TNT NV Wilson Logistics Group 6/11/2004 255.316.390 ja nee 3%

-0,01%

Unilever Group Kibon 10/20/1997 800.984.590 ja nee 3%

1,23%

Unilever Group Slim-Fast Foods Company 4/13/2000 2.513.386.520 ja nee 8%

7,52%

Unit 4 Agresso NV Risc Technology France 6/22/2004 15.000.000 nee nee 5%

3,36%

Unit 4 Agresso NV Foundation ICT Solutions BV 12/24/2004 700.000 ja ja 0%

0,22%

United Services Group NV Solvus Resource Group 7/15/2005 585.000.000 ja nee 111%

1,94%

Van der Moolen Holding NV Curvalue BV 5/27/2005 25.800.000 ja ja 16%

6,37%

Vedior NV FunktieMediair Group BV 6/5/2002 9.800.000 ja ja 0%

2,60%

Vedior NV Ma Foi Management Consultants

Ltd 6/1/2004 4.940.450 ja nee 0%

1,48%

VNU NV ITT World Directories 2/18/1997 1.932.278.250 ja nee 58%

1,15%

VNU NV National Research Group 9/15/1997 47.706.400 ja nee 1%

-0,38%

VNU NV Miller Freeman, Inc. 7/18/2000 723.750.140 ja nee 6%

-1,88%

VNU NV Lakerveld 12/31/2004 2.000.000 ja ja 0%

0,18%

Wolters Kluwer NV Waverly Inc. 2/12/1998 347.222.200 ja nee 4%

1,29%

Wolters Kluwer NV Plenum Publishing Corporation 6/10/1998 236.263.740 ja nee 3%

0,25%

Wolters Kluwer NV Loislaw.com Inc. 12/19/2000 101.450.500 ja nee 1%

2,55%

Wolters Kluwer NV ABG Professional Infromation

Ltd's assets 1/17/2002 64.000.000 ja nee 1%

2,85%

Wolters Kluwer NV NDCHealth Corporation's pharmaceutical information management business

8/29/2005 314.500.600 ja nee 7%

-1,58%

(7)

-7-

Tabel 7: Resultaten per groep met behulp van het mean adjusted model

Totale groep Enkelvoudige

aankopers Meervoudige aankopers

N 115 26 89

CAR 1,17% 3,05% 0,62%

t-waarde 2,220* 2,038** 1,206

Binnenlands Buitenlands Binnenlands Buitenlands Binnenlands Buitenlands

N 30 85 8 18 22 67

CAR 3,95% 0,19% 9,14% 0,34% 2,06% 0,14%

t-waarde 3,365* 0,342 4,575* 0,211 1,698 0,265

Zelfde

industrie Andere

industrie Zelfde

industrie Andere

industrie Zelfde

industrie Andere industrie

N 90 25 21 5 69 20

CAR 1,03% 1,67% 3,26% 2,15% 0,35% 1,55%

t-waarde 1,732** 1,452 1,850** 0,805 0,642 1,185

Relatieve

grootte <5% >5% <5% >5% <5% >5%

N 65 50 8 18 57 32

CAR 0,74% 1,72% 2,39% 3,34% 0,51% 0,80%

t-waarde 1,258 1,836** 0,979 1,750** 0,875 0,820

*= statistisch significant op het 95% betrouwbaarheidsniveau;

**= statistisch significant op het 90% betrouwbaarheidsniveau.

(8)

-8-

N 115 26 89

CAR 1,58% 3,57% 1,00%

t-waarde 3,194* 2,668* 2,022*

Binnenlands Buitenlands Binnenlands Buitenlands Binnenlands Buitenlands

N 30 85 8 18 22 67

CAR 4,11% 0,68% 8,68% 1,30% 2,45% 0,52%

t-waarde 3,867* 1,308 4,856* 0,870 2,193* 0,971

Zelfde

industrie Andere

industrie Zelfde

industrie Andere

industrie Zelfde

industrie Andere industrie

N 90 25 21 5 69 20

CAR 1,42% 2,14% 3,86% 2,35% 0,68% 2,09%

t-waarde 2,514* 2,094* 2,455* 0,976 1,264 1,801**

Relatieve

grootte <5% >5% <5% >5% <5% >5%

N 65 50 8 18 57 32

CAR 1,31% 1,92% 2,56% 4,02% 1,14% 0,75%

t-waarde 2,384* 2,168* 1,048 2,458* 2,127* 0,747

(9)

-9-

Tabel 9: Resultaten per groep met behulp van het OLS market model

Totale groep Enkelvoudige

aankopers Meervoudige aankopers

N 115 26 89

CAR 1,07% 2,69% 0,59%

t-waarde 2,260* 1,977** 1,299

Binnenlands Buitenlands Binnenlands Buitenlands Binnenlands Buitenlands

N 30 85 8 18 22 67

CAR 3,73% 0,13% 7,98% 0,34% 2,18% 0,07%

t-waarde 3,879* 0,254 6,073* 0,215 2,077* 0,145

Zelfde

industrie Andere

industrie Zelfde

industrie Andere

industrie Zelfde

industrie Andere industrie

N 90 25 21 5 69 20

CAR 0,93% 1,55% 2,85% 2,02% 0,35% 1,43%

t-waarde 1,757** 1,481 1,783** 0,803 0,727 1,214

Relatieve

grootte <5% >5% <5% >5% <5% >5%

N 65 50 8 18 57 32

CAR 0,94% 1,23% 2,58% 2,74% 0,71% 0,38%

t-waarde 1,737** 1,478 1,088 1,609 1,353 0,439

(10)

-10-

N 95 22 73

CAR 1,19% 3,23% 0,57%

t-waarde 2,151* 2,094* 1,067

Binnenlands Buitenlands Binnenlands Buitenlands Binnenlands Buitenlands

N 27 68 7 15 20 53

CAR 3,87% 0,12% 7,83% 1,09% 2,48% -0,15%

t-waarde 3,671* 0,202 4,399* 0,575 2,167* -0,266

Zelfde

industrie Andere

industrie Zelfde

industrie Andere

industrie Zelfde

industrie Andere industrie

N 74 21 19 3 55 18

CAR 0,85% 2,36% 2,76% 6,25% 0,19% 1,72%

t-waarde 1,369 2,001** 1,564 5,662* 0,344 1,309

Relatieve

grootte <5% >5% <5% >5% <5% >5%

N 53 42 6 16 47 26

CAR 1,18% 1,19% 4,33% 2,83% 0,78% 0,19%

t-waarde 1,855** 1,238 1,478 1,514 1,287 0,181

(11)

-11-

Tabel 11: Resultaten per groep, dataset mét extreme uitschieters

Totale groep Enkelvoudige

aankopers Meervoudige aankopers

N 119 26 93

CAR 1,20% 2,65% 0,80%

t-waarde 1,824** 1,927** 1,067

Binnenlands Buitenlands Binnenlands Buitenlands Binnenlands Buitenlands

N 30 88 8 18 23 70

CAR 3,01% 0,57% 7,65% 0,42% 1,39% 061%

t-waarde 2,608* 0,546 4,927* 0,260 1,063 0,671

Zelfde

industrie Andere

industrie Zelfde

industrie Andere

industrie Zelfde

industrie Andere industrie

N 93 26 21 5 72 21

CAR 1,36% 0,64% 2,77% 2,12% 0,95% 0,28%

t-waarde 1,815** 0,453 1,721** 0,817 1,122 0,173

Relatieve

grootte <5% >5% <5% >5% <5% >5%

N 68 51 8 18 60 33

CAR 1,66% 0,66% 2,68% 2,63% 1,47% -0,41%

t-waarde 1,836** 0,689 1,107 1,536 1,498 -0,367