Due to the high number of mergers and acquisitions each year, a series of studies have focused on such transactions over the past few decades. In empirical capital market research, there are numerous studies examining stock price reactions to corporate announcements. Fabian Wesemann investigates the question of what price effects can be observed from the announcement of acquisitions and whether takeover offers result in positive or negative impacts for the shareholders of the companies involved in the transaction. For this purpose, the author compares the expected and actual returns of the individual stock prices of the companies involved in a transaction in an empirical study, analyzing the effects of the event in question, specifically the price effects of the takeover offer.