We study the listing target status impact on the announcement period of French acquirers, and we examine the sustainability of short term wealth creation in the long term. Unlisted-target acquisitions are wealth creating relative to listed-target acquisitions. Besides, in the long-term, acquirers of unlisted targets outperform acquirers of listed targets and realize superior abnormal stock returns. Acquirers of unlisted targets realize superior changes in post-acquisition operating performance, particularly for a low relative deal size ratio. Announcement period abnormal returns are positively related to post-acquisition operating performance. Therefore, shortterm gains are sustainable on the long-term and the market can predict change in operating performance.
