Cross-border mergers and acquisitions (CBM&As) activity has become an important vehicle for firms’ internationalization and corporate restructuring over the past three decades. Despite the huge volume of global CBM&A activity, however, there are few books which carefully explore the strategies, motives, and consequences of global mergers and acquisitions.
This book discusses and synthesizes the theoretical literature on the motivation and performance of international merger activities. Focusing on the UK as a top acquiring country in the European Union, the authors explore the recent trends in cross-border mergers and acquisitions, motives for cross-border mergers and acquisitions, the mergers integration process, home and host countries’ macroeconomic consequences on mergers and acquisitions, and shareholder’s wealth effects on CBM&A.
This book explores and sheds much-needed light on the UK CBM&A market, what drives it, and what lessons can be learned for other regions around the globe.
Part I: Overview and Literature Review of CBM&As 1. An Overview of Cross-border Mergers and Acquisitions 2. Theoretical and Empirical Literature: Cross-border Mergers and Acquisitions 3. Thirty Years of Cross-border Mergers and Acquisitions and Value Creation: A Review and Future Directions Part II: Trends, Patterns, Motives and Determinants of UK CBM&As 4. Trends, Patterns and Drivers of UK Cross-border Mergers and Acquisitions 5. Motives for UK Cross-border Mergers and Acquisitions 6. Macroeconomic Determinants of Cross-border Mergers and Acquisitions: Evidence from the UK Part III: Integration and Performance 7. Managing Post-Acquisition Integration Process: An Examination of Accounting Task Integration 8. Short-run Performance of Cross-border Mergers and Acquiring Firms 9. A Study of the Changes in Operating Performance of the UK Cross-border Mergers and Acquisitions 10. Conclusions