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If markets are efficient, a bidder which offers a price to a target which is above the market price is making an error. Bidder may

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If markets are efficient, a bidder which offers a price to a target which is above the market price is making an error. Bidder may be willing to do this due to over-confidence of the bidding firm's management, which may think it knows more than the market. Which theory of MA is this referring to? Efficiency Synergy Hubris Agency Explanations

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