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Is M&A activity good or bad for consumers and commercial activity? Are the benefits evenly shared among the bidder, the target, and the combined firm?

Is M&A activity good or bad for consumers and commercial activity? Are the benefits evenly shared among the bidder, the target, and the combined firm? Please base your answer on empirical research in the literature (refer to the journal article summaries from Weston et al and more recent literature)

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