The Limited Competition Hypothesis:
If the takeover market is competitive, the acquisition itself will be a zero net present value project. That is, acquiring firms will experience no abnormal stock returns when they finance an acquisition with cash. On the other hand, if the competition is limited for privately held targets, bidding firms can experience positive stock returns because the likelihood of underpayment is high. Alternatively, bidder returns can be positive if the acquisition creates synergy gains and the gains are bidder-specific.
what is the null hypothesis and the alternative hypothesis from the above?