From a dyadic to a triadic perspective: Divestiture research implications for understanding pre- and post-acquisition processes

Oleksandra Kochura, Nicola Mirc and Denis Lacoste
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Nicola Mirc: TSM - Toulouse School of Management Research - UT Capitole - Université Toulouse Capitole - UT - Université de Toulouse - CNRS - Centre National de la Recherche Scientifique - TSM - Toulouse School of Management - UT Capitole - Université Toulouse Capitole - UT - Université de Toulouse

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Abstract: Acquisition and divestiture studies remain surprisingly disconnected, although both fields address corporate restructuring modes that are tightly linked. Acquisitions entail buying a business that another company divests or even, in many cases, a subsequent sale of formerly acquired activities. In this paper, we adopt a seller perspective, explore cross-fertilization areas, and identify important complementary and challenging insights that divesture research can bring to acquisition research. Focusing on sell-off, a major divesture type that is considered symmetrical to an acquisition, we discuss how divestiture research can shed novel light on pre- and post-acquisition stakeholders and processes. We propose two ways in which a divestiture perspective invites rethinking: 1) regarding actors, by stressing the need to consider triadic (divester–target–acquirer) rather than dyadic configurations (target–acquirer) and 2) regarding processes and time, by enlarging the temporal horizon of acquisition by the divestiture process, which precedes but also sometimes endures beyond the acquisition period. We contribute to acquisition research by providing a fresh look at stakeholder and process perspectives and identify important future research avenues.

Keywords: Mergers & acquisitions; Divestitures; Pre-acquisition process; Post-acquisition process; Corporate restructuring (search for similar items in EconPapers)
Date: 2022-10
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Published in European Management Journal, 2022, ⟨10.1016/j.emj.2022.10.003⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03854006

DOI: 10.1016/j.emj.2022.10.003

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