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Online Extra Table: How 302 Major Mergers Fared


Buyer Buyer Industry Seller Seller Industry Date Value*

($ Mil.) Returns**

Seller Initial Buyer Initial Buyer 1-Year

Millennium Pharmaceuticals Biotechnology Leukosite Biotechnology 10/99 635 51% -9% 195%

Buhrmann Commercial Services & Supplies Corporate Express Specialty Retail 7/99 1,017 14% 26% 129%

Metromedia Fiber Network Diversified Telecommunication Svcs. Abovenet Communications Internet Software & Svcs. 6/99 1,553 31% -12% 114%

Shire Pharmaceuticals Group Pharmaceuticals Roberts Pharmaceutical Pharmaceuticals 7/99 992 24% 0% 109%

Westwood One Media Metro Networks Media 6/99 878 -6% 9% 93%

Devon Energy Oil & Gas Pennzenergy Oil & Gas 5/99 676 15% 6% 68%

Genzyme Biotechnology Biomatrix Biotechnology 3/00 875 14% 9% 68%

Anadarko Petroleum Oil & Gas Union Pacific Resources Group Oil & Gas 4/00 5,440 22% 1% 59%

M&T Bank Banks Keystone Financial Banks 5/00 1,028 29% -4% 54%

James River Paper & Forest Products Fort Howard Paper & Forest Products 5/97 3,163 22% 7% 46%

Suiza Foods Food Products Dean Foods Food Products 4/01 1,462 19% 3% 45%

Northrop Grumman Aerospace & Defense Litton Industries Aerospace & Defense 12/00 3,641 28% -3% 44%

Star Banc Banks Firstar Banks 7/98 7,046 32% -2% 44%

New York Community Bancorp Banks Richmond County Financial Banks 3/01 779 11% 7% 43%

King Pharmaceuticals Pharmaceuticals Jones Pharma Pharmaceuticals 7/00 3,348 -11% -13% 42%

Flextronics International Electronic Equipment & Instruments Dii Group Electronic Equipment & Instruments 11/99 2,405 30% 9% 42%

Praxair Chemicals Cbi Industries Commercial Services & Supplies 10/95 1,440 55% 12% 40%

Rite Aid Food & Drug Retailing Thrifty Payless Holdings Food & Drug Retailing 10/96 1,400 20% -2% 38%

Koninklijke Ahold Food & Drug Retailing Stop & Shop Food & Drug Retailing 3/96 1,800 25% 7% 38%

Spx Electrical Equipment United Dominion Industries Machinery 3/01 954 23% -1% 38%

Avnet Electronic Equipment & Instruments Kent Electronics Electronic Equipment & Instruments 3/01 587 36% -7% 37%

Healthsouth Health Care Providers & Svcs. Surgical Care Affiliates Health Care Providers & Svcs. 10/95 1,200 30% 2% 36%

Reed Elsevier Media Harcourt General Media 10/00 4,379 -2% 9% 35%

Tenet Healthcare Health Care Providers & Svcs. Ornda Healthcorp Health Care Providers & Svcs. 10/96 1,730 14% 2% 35%

Tyco International Industrial Conglomerates Adt Commercial Services & Supplies 3/97 4,092 23% -4% 35%

Northrop Grumman Aerospace & Defense Newport News Shipbuilding Aerospace & Defense 5/01 2,345 -5% -9% 34%

Qwest Communications Intl. Diversified Telecommunication Svcs. Lci International Diversified Telecommunication Svcs. 3/98 4,174 12% 5% 34%

Global Crossing Diversified Telecommunication Svcs. Frontier Diversified Telecommunication Svcs. 3/99 10,910 37% 18% 33%

Viacom Media Cbs Media 9/99 40,410 5% 6% 32%

Cincinnati Bell Diversified Telecommunication Svcs. Ixc Communications Diversified Telecommunication Svcs. 7/99 1,813 15% -17% 32%

Rohm & Haas Chemicals Morton International Chemicals 2/99 4,483 38% -6% 27%

Jones Apparel Group Textiles, Apparel & Luxury Goods Nine West Group Textiles, Apparel & Luxury Goods 3/99 907 13% -24% 27%

Usa Waste Services Commercial Services & Supplies Waste Management Commercial Services & Supplies 3/98 13,218 23% 7% 26%

Aluminum Co. Of America Metals & Mining Alumax Metals & Mining 3/98 2,671 25% -1% 25%

Gannett Media Multimedia Media 7/95 1,711 -4% -7% 25%

Summit Bancorporation Banks Collective Bancorp Banks 2/97 867 11% -4% 25%

Allied Irish Banks Banks Dauphin Deposit Banks 1/97 1,360 25% -1% 25%

Energy East Electric Utilities Rgs Energy Group Electric Utilities 2/01 1,366 8% -5% 23%

Computer Associates Intl. Software Platinum Technology Software 3/99 2,931 144% -1% 22%

American International Group Insurance Sunamerica Diversified Financials 8/98 17,800 20% 0% 22%

Barrick Gold Metals & Mining Homestake Mining Metals & Mining 6/01 2,293 8% -15% 22%

Pepsico Beverages Quaker Oats Food Products 12/00 12,776 12% 7% 21%

Radian Group Insurance Enhance Financial Services Grp. Insurance 11/00 539 2% 0% 21%

Qwest Communications Intl. Diversified Telecommunication Svcs. U S West Diversified Telecommunication Svcs. 6/99 40,294 4% -23% 21%

Tribune Media Renaissance Communications Media 7/96 1,130 16% 2% 21%

Amerisource Health Health Care Providers & Svcs. Bergen Brunswig Health Care Providers & Svcs. 3/01 2,432 -2% -10% 20%

Mgm Grand Hotels, Restaurants & Leisure Mirage Resorts Hotels, Restaurants & Leisure 2/00 3,284 49% -1% 19%

Gannett Media Central Newspapers Media 6/00 2,446 12% 0% 18%

National Grid Group Electric Utilities New England Electric System Electric Utilities 12/98 3,217 10% 4% 18%

Tribune Media Times Mirror Media 3/00 5,636 76% -7% 17%

Kerr-Mcgee Oil & Gas Oryx Energy Oil & Gas 10/98 1,840 36% -3% 17%

America Online Internet Software & Svcs. Time Warner Media 1/00 165,938 11% 1% 17%

Charter One Financial Banks Rcsb Financial Banks 5/97 616 26% 2% 16%

Fifth Third Bancorp Banks Old Kent Financial Banks 11/00 4,924 47% 5% 16%

International Paper Paper & Forest Products Federal Paper Board Paper & Forest Products 11/95 2,700 24% -1% 16%

First Empire State Banks Onbancorp Banks 10/97 872 10% 3% 15%

Cvs Food & Drug Retailing Revco D.S. NA 2/97 2,795 4% 3% 15%

Hilton Hotels Hotels, Restaurants & Leisure Promus Hotel Hotels, Restaurants & Leisure 9/99 3,029 17% -14% 15%

Alcoa Metals & Mining Reynolds Metals Metals & Mining 8/99 4,395 13% 1% 14%

First Union Banks Corestates Financial Banks 11/97 16,805 3% -6% 14%

Public Service Co. Of Colorado Electric Utilities Southwestern Public Service Electric Utilities 8/95 1,260 3% 3% 14%

Cardinal Health Health Care Providers & Svcs. Allegiance Health Care Equipment & Supplies 10/98 4,348 17% -9% 14%

Southern National Banks United Carolina Bancshares Banks 11/96 985 49% -2% 13%

Alliedsignal Aerospace & Defense Honeywell Electrical Equipment 6/99 13,803 10% 6% 13%

Trw Auto Components Lucasvarity Auto Components 1/99 6,630 32% -9% 12%

Laidlaw Road & Rail American Medical Response Health Care Providers & Svcs. 1/97 1,120 20% 9% 12%

Barr Laboratories Pharmaceuticals Duramed Pharmaceuticals Pharmaceuticals 6/01 496 14% 0% 11%

First Bank System Banks Firstier Financial Banks 8/95 NA -2% 2% 11%

Brooklyn Union Gas Gas Utilities Long Island Lighting Banks 12/96 3,013 2% 1% 11%

Scana Electric Utilities Public Service Co. Of N.C. Gas Utilities 2/99 677 26% -12% 10%

Chevron Oil & Gas Texaco Oil & Gas 10/00 35,761 12% -3% 10%

Dominion Resources Electric Utilities Consolidated Natural Gas Gas Utilities 2/99 6,126 4% -6% 10%

International Speedway Hotels, Restaurants & Leisure Penske Motorsports Hotels, Restaurants & Leisure 5/99 610 43% 14% 10%

Canadian National Railway Road & Rail Illinois Central Road & Rail 2/98 2,396 3% 13% 10%

Norwest Banks Wells Fargo Banks 6/98 33,874 -3% -11% 10%

Symantec Software Axent Technologies Software 7/00 929 24% -3% 9%

Borg-Warner Automotive Auto Components Kuhlman Electrical Equipment 12/98 657 39% 5% 9%

Broken Hill Proprietary Metals & Mining Magma Copper Metals & Mining 12/95 1,800 37% 3% 9%

Thomas & Betts Electrical Equipment Augat Electrical Equipment 10/96 515 22% -4% 8%

Physician Sales & Service Health Care Providers & Svcs. Gulf South Medical Supply Health Care Providers & Svcs. 12/97 657 6% -12% 8%

Weyerhaeuser Paper & Forest Products Willamette Industries Paper & Forest Products 11/00 5,274 40% -1% 8%

Interpublic Group Media True North Communications Media 3/01 2,020 -2% -9% 7%

Phillips Petroleum Oil & Gas Tosco Oil & Gas 2/01 7,202 17% -10% 7%

First Union Banks Wachovia Banks 4/01 12,980 4% -6% 7%

Nipsco Industries Electric Utilities Bay State Gas Gas Utilities 12/97 543 22% 0% 6%

Wells Fargo Banks First Interstate Bancorp Banks 10/95 11,600 18% -1% 6%

Northrop Grumman Aerospace & Defense Logicon Aerospace & Defense 5/97 758 25% -3% 6%

Bell Atlantic Diversified Telecommunication Svcs. Gte Diversified Telecommunication Svcs. 7/98 52,846 -1% 5% 6%

Kimberly-Clark Household Products Scott Paper Household Products 7/95 9,400 -3% 7% 6%

Amerada Hess Oil & Gas Triton Energy Oil & Gas 7/01 1,686 46% -5% 5%

Ohio Edison Electric Utilities Centerior Energy Electric Utilities 9/96 1,612 16% -7% 5%

Firstenergy Electric Utilities Gpu Electric Utilities 8/00 4,427 10% -12% 4%

Philip Morris Tobacco Nabisco Group Holdings Food Products 6/00 14,740 4% 1% 4%

Nationsbank Banks Bankamerica Banks 4/98 59,274 2% 4% 4%

Walt Disney Media Capital Cities/Abc Media 7/95 18,920 12% -2% 4%

Texas Utilities Electric Utilities Energy Group Electric Utilities 3/98 7,054 6% -3% 4%

Iron Mountain Commercial Services & Supplies Pierce Leahy Commercial Services & Supplies 10/99 571 9% -17% 4%

R.J. Reynolds Tobacco Holdings Tobacco Nabisco Group Holdings Food Products 6/00 9,793 4% -12% 3%

Total Renal Care Holdings Health Care Providers & Svcs. Renal Treatment Centers Health Care Providers & Svcs. 11/97 1,038 -10% -14% 3%

Union Electric Electric Utilities Cipsco Electric Utilities 8/95 1,200 11% -2% 3%

Travelers Group Insurance Citicorp Banks 4/98 70,006 8% 6% 2%

Keyspan Gas Utilities Eastern Enterprises Gas Utilities 11/99 1,729 13% -4% 2%

Baker Hughes Energy Equipment & Svcs. Western Atlas Energy Equipment & Svcs. 5/98 5,398 13% -3% 1%

Firstar Banks Mercantile Bancorporation Banks 4/99 10,403 17% -10% 1%

Duke Power Electric Utilities Panenergy Gas Utilities 11/96 7,553 4% 0% 1%

Pfizer Pharmaceuticals Warner-Lambert Pharmaceuticals 11/99 93,876 20% -12% 1%

Halliburton Energy Equipment & Svcs. Dresser Industries Energy Equipment & Svcs. 2/98 7,723 17% 3% 1%

Georgia-Pacific Paper & Forest Products Fort James Household Products 7/00 7,374 30% -12% 1%

Kroger Food & Drug Retailing Fred Meyer Multiline Retail 10/98 7,532 14% -1% 0%

Federal Express Air Freight & Logistics Caliber System Road & Rail 10/97 2,453 10% 0% 0%

Union Planters Banks Leader Financial Banks 3/96 523 14% -2% 0%

Gillette Personal Products Duracell International Electrical Equipment 9/96 6,443 28% 1% 0%

General Dynamics Aerospace & Defense Gulfstream Aerospace Aerospace & Defense 5/99 5,198 18% -10% 0%

Qlogic Semiconductor Equipment & Prods. Ancor Communications Communications Equipment 5/00 1,537 15% -29% 0%

Devon Energy Oil & Gas Mitchell Energy & Development Oil & Gas 8/01 3,012 29% -2% -1%

Sbc Communications Diversified Telecommunication Svcs. Pacific Telesis Group Diversified Telecommunication Svcs. 4/96 16,709 19% -7% -1%

Bell Atlantic Diversified Telecommunication Svcs. Nynex Diversified Telecommunication Svcs. 4/96 21,500 -7% 3% -1%

Supervalu Food & Drug Retailing Richfood Holdings Food & Drug Retailing 6/99 883 35% 2% -2%

Weyerhaeuser Paper & Forest Products Macmillan Bloedel Building Products 6/99 2,349 27% -2% -3%

A.H. Belo Media Providence Journal Media 9/96 1,487 46% -13% -3%

Firstar Banks U.S. Bancorp Banks 10/00 20,992 7% -18% -3%

Eaton Machinery Aeroquip-Vickers Machinery 2/99 1,608 58% -8% -3%

National City Banks First Of America Bank Banks 12/97 6,980 20% -13% -3%

Ingersoll-Rand Machinery Hussmann International Machinery 5/00 1,472 117% 3% -3%

Bp Amoco Oil & Gas Atlantic Richfield Oil & Gas 4/99 26,611 14% -4% -4%

At&T Diversified Telecommunication Svcs. Mediaone Group Media 4/99 55,795 18% -6% -4%

Washington Mutual Banks Dime Bancorp Banks 6/01 4,990 4% -5% -4%

Banc One Banks First Chicago Nbd Banks 4/98 28,784 4% -7% -4%

Invitrogen Biotechnology Dexter Chemicals 7/00 1,444 12% -14% -4%

Scottish Power Electric Utilities Pacificorp Electric Utilities 12/98 7,760 9% -3% -4%

Koninklijke Ahold Food & Drug Retailing Giant Food Food & Drug Retailing 5/98 2,636 11% 6% -4%

Pride International Energy Equipment & Svcs. Marine Drilling Energy Equipment & Svcs. 5/01 1,917 -3% 0% -5%

Exxon Oil & Gas Mobil Oil & Gas 12/98 77,213 18% 1% -5%

Dana Auto Components Echlin Auto Components 5/98 3,505 0% -8% -5%

International Paper Paper & Forest Products Champion International Paper & Forest Products 4/00 6,185 28% -6% -5%

Roadway Road & Rail Arnold Industries Road & Rail 8/01 539 10% 11% -5%

Lsi Logic Semiconductor Equipment & Prods. C-Cube Microsystems Semiconductor Equipment & Prods. 3/01 823 57% -1% -5%

National City Banks Fort Wayne National Banks 1/98 706 6% 4% -6%

Doubleclick Internet Software & Svcs. Abacus Direct Commercial Services & Supplies 6/99 922 26% -1% -6%

Associated Banc-Corp Banks First Financial Banks 5/97 1,060 2% 0% -6%

Kerr-Mcgee Oil & Gas Hs Resources Oil & Gas 5/01 1,206 34% 1% -6%

Williams Gas Utilities Mapco Oil & Gas 11/97 2,532 30% -4% -6%

Charter One Financial Banks St Paul Bancorp Banks 5/99 1,143 11% -2% -6%

Aegon Insurance Transamerica Insurance 2/99 9,714 29% 0% -7%

Patterson Energy Energy Equipment & Svcs. Uti Energy Energy Equipment & Svcs. 2/01 1,356 6% -2% -7%

Cisco Systems Communications Equipment Stratacom Communications Equipment 4/96 4,000 29% 2% -7%

American General Diversified Financials Uslife Insurance 2/97 1,684 13% 2% -7%

Dow Chemical Chemicals Union Carbide Chemicals 8/99 8,899 30% -2% -7%

Valero Energy Oil & Gas Ultramar Diamond Shamrock Oil & Gas 5/01 4,117 20% 2% -8%

Csx/Norfolk Southern Road & Rail Conrail Road & Rail 10/96 8,280 13% -12% -8%

Valspar Chemicals Lilly Industries Chemicals 6/00 737 119% -2% -8%

Albertson's Food & Drug Retailing American Stores Food & Drug Retailing 8/98 8,290 23% -3% -8%

Phone.Com Internet Software & Svcs. Software.Com Internet Software & Svcs. 8/00 6,387 29% 0% -8%

Webmethods Internet Software & Svcs. Active Software Software 5/00 1,183 12% -11% -8%

3com Communications Equipment Chipcom Communications Equipment 7/95 775 51% 3% -8%

Illinois Tool Works Machinery Premark International Insurance 9/99 3,370 42% -7% -8%

Suntrust Banks Banks Crestar Financial Banks 7/98 9,411 18% -8% -8%

Boeing Aerospace & Defense Mcdonnell Douglas Aerospace & Defense 12/96 13,343 18% 5% -8%

Unilever Food Products Bestfoods Food Products 5/00 18,273 17% -11% -8%

International Game Technology Hotels, Restaurants & Leisure Anchor Gaming Hotels, Restaurants & Leisure 7/01 878 -2% -7% -9%

Devon Energy Oil & Gas Santa Fe Snyder Oil & Gas 5/00 2,354 17% 4% -9%

Fleet Financial Group Banks Bankboston Banks 3/99 15,615 10% -9% -9%

Transocean Sedco Forex Energy Equipment & Svcs. R&B Falcon Energy Equipment & Svcs. 8/00 5,618 17% 5% -9%

Houston Industries Electric Utilities Noram Energy Gas Utilities 8/96 2,205 25% -4% -10%

Chemical Banking Banks Chase Manhattan Banks 8/95 13,000 4% 0% -10%

Cendant Commercial Services & Supplies Galileo International Commercial Services & Supplies 6/01 2,899 7% 10% -10%

Triad Hospitals Health Care Providers & Svcs. Quorum Health Group Health Care Providers & Svcs. 10/00 1,153 3% -10% -10%

Chase Manhattan Diversified Financials J.P. Morgan Diversified Financials 9/00 36,346 1% -16% -10%

Citizens Bancshares Banks Mid Am Banks 5/98 654 -3% -6% -11%

International Paper Paper & Forest Products Union Camp Containers & Packaging 11/98 4,912 27% -5% -11%

J.C. Penney Multiline Retail Eckerd Food & Drug Retailing 11/96 2,555 19% -1% -11%

Cooper Tire & Rubber Auto Components Standard Products Auto Components 7/99 586 54% 1% -12%

Litton Industries Aerospace & Defense Avondale Industries Energy Equipment & Svcs. 5/99 504 19% 0% -12%

Banc One Banks First Usa Diversified Financials 1/97 7,300 39% -4% -12%

Hercules Chemicals Betzdearborn Chemicals 7/98 2,135 82% -12%


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