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Determinants of Acquisition Completion: A Relational Perspective

Ruth V. Aguilera () and John C. Dencker ()
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John C. Dencker: Department of Business Administration College of Business University of Illinois at Urbana-Champaign

No 1106, Working Papers from Departament Empresa, Universitat Autònoma de Barcelona

Abstract: The strategic literature on relatedness in the cont ext of mergers and acquisitions (M&As) is extensive, yet we know little about whether or how relatedness has an influence on the announcement to completion stage of the M&A process. Drawing on research on intra-industry competition and relational capabilities, we seek to shed light on the relatedness debate by examining the strategic forces that affect the completion of an announced related M&A, accounting for financial and organizational factors. We also explore additional strategic forces that might amplify or attenuate the negative effect of relatedness on deal completion. We test and find support for our hypotheses using longitudinal data from a sample of the largest M&A announcements in the world from 1991 to 2001.

Date: 2011-07, Revised 2011-07
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Published in Working Papers at the Department of Business, July pages 1-50

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